17 Oct Starting Your Own Law Firm after Law School: 5 Reasons Why It’s a Good Idea
Law students are often presented with two choices once they graduate. The conservative choice is to keep sending out resumes in the hopes of finding a job. The less conventional option is to stop chasing after that dream company and just make one yourself.
Sounds a little crazy? You’d be surprised. Many people associate success with having your own business. In fact, many people associated with success are, indeed, business owners and entrepreneurs. This is why so many attorneys pursue their own law practice – a choice which, in turn, opens up more job opportunities.
Here are five reasons why becoming a solo practitioner is the right choice for you.
1. You can’t find a job.
This is a very common reason why many lawyers pursue solo practice. Having your own law firm is often a better alternative to having a big, fat blank on your resume after you graduate.
And if you ever decide to quit solo practice down the road and return to being an employee, you can proudly tell potential employers that you managed your own business, you built a solo practice from the ground up, and that your services were still in demand even though you were just a fresh graduate.
2. You just want to do your own thing.
This is one of the best reasons to start your own firm fresh out of law school. While most people want to do it for the money, respect, or personal reasons, you may be one of those who just want to do things their own way. Taking this route is perfectly fine. In fact, it’s actually one of the best reasons to pursue a solo practice.
3. You will be one of the few attorneys in your area.
Do you live in a small town with just one or two local law firms? If your answer is yes, you should definitely put up a law firm and offer your services. Being one of the only lawyers in town is somewhat like being the only doctor in town – people need certain professionals, and they will most likely turn to you (and keep returning) since they only have a few options.
4. You have support from a group of attorneys.
Lawyers often decide to start a law practice with a group of their trusted peers who later on turn into their new “partners.” If your friends from law school have the same vision as you do or the same drive, they can help you make your law firm plan a reality.
5. You have wealthy friends and family.
A lawyer who’s planning to strike it out on their own probably has a pretty hefty financial backing from their family and some well-off friends who are willing to support their firm. If you know someone who owns a company and can send you a lot of work annually, they can also provide a strong foundation to start building your client base.
All great law firms (and there are tens of thousands of successful law firms in the country) had to start somewhere small. If you decide to pursue a law practice with wet ink on your bar card, be prepared for many obstacles along the way. Things might be difficult at first but with the right attitude and proper business management, you’ll surely be on your way to success.