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Should you start your own law firm or join one?

start your own law firmOptions for a new lawyer to consider

According to the American Bar Association, more than 46,000 men and women graduated from law school in 2013. That means that every graduate who passes the bar needs to consider whether to join a firm or start his or her own solo practice. Fortunately, options for new lawyers are numerous and, with today’s technology, starting your own firm is not as challenging as it may have been several years ago.

More opting for solo law practice

In 2012 and 2013, more than 1,000 law school graduates elected to go into practice for themselves in spite of the naysayers. Today, starting your own practice is a good idea for a number of reasons, including:

  • Office help when you need it
    Office-sharing resources can be one affordable way to help you start your own law firm. These spaces come with conference rooms, a receptionist and sometimes freelance paralegal professionals to help with research. The built-in community of other business owners can also be a boon for earning referrals and building your new law business.
  • Readily available home resources
    Nearly everyone has a home computer and Internet access. For many solo lawyers, that means they can conduct most of their business from the comfort of a home office.
  • Increased networking opportunities
    More attorneys who are electing to start their own practice find that promoting their practice on social media including LinkedIn, Twitter and even Facebook is attracting new clients. Websites and e-mail allow solo practitioners to communicate with prospective clients with relative ease.
  • Bigger doesn’t have to be better
    Many people assume that a larger practice has resources that are not available to them if they decide to go it alone. Let’s face it, having a ready-to-use conference room, fax machine and a secure area for files is not something many people have in their homes. Fortunately, many of these issues can be addressed when you use services like those offered at LawBank. We provide all the amenities you need to make your practice a success without the need to sign on with a big law firm. We also help keep your overhead costs down by providing these services at a rate you can afford.

Today, being a successful attorney no longer has to mean signing on with a big law firm and working 80 hours a week to gain recognition. Many who are electing to start their own firms are finding a great deal of success, particularly those who focus on niche areas of law. If you are one of the thousands of law graduates who are considering starting your own practice, contact LawBank and find out how we can help you start your business, grow your business and save money.

Source of stats: American Bar Association (PDF)

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