There are many different routes an attorney can take to build a rewarding career. Some attorneys choose life at a large law firm, others choose government work/life balance or small firm work, and still others choose to start their own law firm. Responding to the call of entrepreneurship and setting up a law firm is in the blood of many lawyers. This is one of the main reasons many things become lawyers in the first place. The ability to shape your own career and decide which cases to take on fulfills the deepest professional desires of every solo lawyer.
If being a solo attorney is so rewarding, what are the reasons so many attorneys continue to choose to “take it from the man”? Let’s examine the top 5 reasons why lawyers don’t start a law firm.
1. Fear. Although a lawyer may be dissatisfied with his work or career path, there is nothing safer than knowing that the paycheck will be deposited every two weeks in his account. There are good reasons to fear not having clients and failing. Successful independent attorneys take these fears and use them to motivate themselves. The professional accomplishment seems to be worth the risk.
2. Debt. The average attorney graduates from law school with huge amounts of educational debt. Debt only mounts further after earning first associate’s rank as attorneys convince themselves that they deserve the lifestyle that law school guarantees. Don’t fall into this trap! Pay off those student debts ASAP. If you think you might have the desire to go solo, then live as one!
3.Family. The burden of supporting a family is an important consideration before going it alone. A lawyer does not make the decision only for himself, but for the whole family. Everyone has to be on the same page or there will be resentment in the future. Ultimately, if you have the desire to start a law firm, then work-life balance can improve family life more than money from a big company.
4. Lack of energy. If a lawyer doesn’t like her work but doesn’t have the energy to start a law firm, this is a good reason not to start a law firm. If you don’t have the energy to put into building a law office, you won’t be successful. Look for a new job; do not start a law office.
5. Happy with a great business life. This emotion can be unbelievable for most lawyers, but it is possible. There are some lawyers who really like working for a big firm. They “take it from the man” with a smile on their face. If you fall into this category, God bless you.
Before you decide to start a law firm, take the time to consider all the aspects involved in starting a law firm. If you’re obsessed with any of the above reasons, don’t start a law firm. If you’re ready for an adventure that will change your life, then it’s time to go it alone.