The Best Career Decision I Ever Made?

Going Out On My Own And Setting Up A Law Firm

That was more than 15 years ago now and I’ve never once regretted it.

I get asked all the time by solicitors who are curious about going solo - “Should I do it?”

The truth is, starting your own law firm isn’t for everyone.

But if you’re seriously considering it, there are four key pre-requisites I believe that you need to think about before you make the leap.

1. Do you have the right entrepreneurial mindset?

Running your own law firm isn’t just about practising law - it’s about running a business.

If you can’t see yourself as a business owner first and foremost and a lawyer second, solo practice probably isn’t for you.

A good friend once told me that running your own firm was like being strapped into a continuous rollercoaster.

They were right.

You need resilience, adaptability, and a strong stomach for both the highs and the lows.

2. Do you have six months of clear planning and execution time?

Setting up a law firm shouldn’t be rushed.

It takes time.

You’ll need at least half a year to plan and execute the myriad of things that go into creating a law firm.

This includes a short business plan and a realistic budget.

Those documents won’t just sit in a drawer - they’ll show you what’s really involved in making your law firm work.

3. Do you have six to twelve months of financial reserves?

Here’s the blunt truth - cashflow and workflow rarely match up evenly in a law practice.

The people who promise to send you work often don’t.

Clients do not pay on time.

The overheads are high.

The bills tend to come in all at once.

And when you get a bad month or two (and you will), having six to twelve months’ worth of financial reserves is essential to smooth the finances out.

Having such funds could be mean the difference between sleeping at night and lying awake worrying about bills or worse.

4. Do you have a seriously good marketing plan?

We’re not in the old days anymore.

The legal profession is shifting fast and AI is reshaping practice areas and business models in real time - and for sole practitioners as well.

Without a future-focused marketing plan that brings in work from multiple sources and converts leads into paying clients, you simply don’t have a financially viable law firm.

The days of easy money in law are gone.

You need smart, strategic, and sustained marketing to build a practice that lasts.

And guess what you are the law firm’s chief marketing officer.

Personally I think your marketing plan is more important than your business plan - that is how important I think one is.

Paul Ippolito - Consultant For Solo Lawyers Setting Up, Launching and Growing Their Own Legal Practices

Are You Ready To Take The Leap Of Faith?

Going out on your own can absolutely work and work well.

It certainly did for me as well as for lots of people I have advised and mentored over the years.

But it should never just be a blind leap of faith.

It should be a considered, careful, and well-executed process. Lawyerly so.

I know this firsthand.

Setting up my own law firm remains one of the best professional decisions I’ve ever made.

That’s why we’ve put together a coaching program designed specifically for lawyers thinking about going solo.

Reach out to me so we can have a chat how a solo law firm might work out for you.