Many lawyers dream of calling the shots at their own firm. They see the promise of greater autonomy and flexibility and the potential for higher earnings. But getting the timing right can mean the difference between success and failure.
With bills to pay and an office to run, a fledgling firm can sink fast if there are too few clients to cover the overhead. Here are several points to consider before diving in.
Who’s coming with you?
A handful of big clients goes a long way towards helping a new firm get traction. When an established partner or associate leaves a big firm it’s common that their top clients will follow suit.
Only you can know what your relationship is like with your top paying clients. If you’re not yet confident that they’ll jump ship with you, it might be worth your while to continuing fostering the relationship and building their trust.
Are you leaving in good standing?
Often, the best referrals come courtesy of your previous employer in the form of small cases too minor for a larger firm to handle. While it may seem counterintuitive, sometimes the best time to quit and go solo is when things are going great at your current firm.
The right time to leave is when senior partners and colleagues are willing to support you. Not when they’re hoping the door hits you on the way out!
Be prepared to sell
Founding your own firm is an entrepreneurial venture. You’ll be a business owner not only an attorney. Doing great legal work is just the tip of the iceberg. You’ve got to be proactive in growing the firm.
Along with taking the lead on marketing and sales, you’ll need to handle all the grunt work generally completed by secretaries or paralegals. At least until you’ve got sufficient business rolling in to hire support staff or additional associates.
Understanding the stress
Not everyone is built for handling the pressure of launching their own firm. Being the boss offers a world of benefits and opportunity, but only if you’re up for the challenge and desire the lifestyle that goes with it.
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