Posted by Jay Kamlet on Jun 15, 2017
Why choose independent law practice?
Many lawyers work long hours for large firms and bring more work home with them. However, all of that dedication and work is not always enough. Making partner can be an elusive dream, and years of long hours can lead to burnout. Independent law practice offers another option.
Here are just a few reasons to choose independent law:
You are your own boss
You can work when you want and around your schedule. Setting your own hours means you have time for life outside of work, and you also can choose how to best meet client needs.
You also have more flexibility and freedom to choose the type of work and clients that best suit you. When you have the ability to focus on work you enjoy, it can lead to a greater sense of satisfaction with your career.
You can make more money
As an associate in a law firm, your salary remains largely fixed unless you climb the ladder. When you work for yourself, your earning potential is entirely up to you. You set your fee scale and the number of hours you want to work, and you can hire help as your business grows to increase caseload.
In addition, operating a solo or small law firm costs less. With lower overhead and operating expenses, you can take home a higher percentage of the fees you bill.
As a business owner, you can deduct expenses like rent, business travel, meals, Internet, phone, vehicle maintenance and more. A tax advisor will help you determine which expenses you can deduct to help maximize your small business profits.
Starting an independent law firm can feel overwhelming at first, simply because it’s not the model you’re accustomed to. However, for many solo lawyers, a sense of freedom and satisfaction settles in almost right away. You can take charge of your own destiny.
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