Posted by Jay Kamlet on Dec 15, 2016
Autonomy, freedom are top benefits of running your own law practice
In the past several years, more lawyers have chosen to work for themselves than for a big law firm. There are many benefits of choosing the entrepreneurial lawyer path, including:
Choose Your Own Clients
As an independent lawyer, you choose the clients that suit your preferred practice area. There is a great amount of autonomy involved in running your own law practice. The freedom to choose your clients will help you hone in on your passion, your niche area of law and the types of cases you enjoy most.
Rather than working on cases assigned to you, you can choose the type of work that you want to do. That sets you up for greater satisfaction and success in your law career.
Potential to Earn More Money
As an independent lawyer, money earned from clients you take on will go straight to you. At a big firm, fees from your cases are allocated according to the firm’s needs. From overhead costs to administrative staff, a larger portion of your rate will go somewhere other than your salary in a big firm.
It has been suggested that independent lawyers can make 25 percent more than their counterparts who work for a large firm. Additionally, as an independent lawyer you have the option to take on more work than you may have been assigned at a firm, further increasing your potential to increase your salary.
Control of Costs
Of course, you will be running a business, which means you will have some costs. Office space, insurance, technology, marketing and more will all need to be factored into your budget. However, as the business owner, you have the power to choose where to invest your resources. Shared office space, cloud technology and more can help you trim costs and retain more of the money you earn.
Contact us to learn more about the benefits of choosing to work as an independent lawyer. We offer coworking space for lawyers at two locations in Denver. Our professional, collaborative environment can help you launch and grow a successful law practice.