Go big or go small? The benefits of independent law practice
Both new and seasoned lawyers wonder if alternatives to big law will pay off in terms of income and personal satisfaction. The benefits of independent law practice might sway you to launch your own law firm after all.
These benefits include:
Flexible hours
As an independent practitioner, you set your own hours. You don’t have the pressure of pleasing partners or making partner, and you can set your billable hour target at a comfortable level.
Clio reports that lawyers at smaller firms work significantly fewer hours than those at big law firms:
“One of the key factors impacting how many hours a week a lawyer typically works is the size of their practice. Lawyers at small- and medium-sized firms work an average of 42-54 hours per week. Lawyers at large firms work an average of 66 hours per week.”
If you have discipline and focus, you can set regular office hours and stick to them as a solo attorney. In addition, you have the power to shift those hours as necessary to accommodate a client or a personal responsibility. You can even take a vacation once in awhile and have a few hobbies.
Freedom to grow at a sustainable pace
Big law firms tend to have more rigid growth tracks for associates, and that path can take years. As an independent lawyer, you can grow your firm at a pace that fits your goals and your desired lifestyle.
You might start small, with a handful of clients, and then create a strategy for growth that feels right for you.
When you feel ready for growth, The Modern Firm offers these steps for preventing overwhelm and lawyer burnout:
- Outsource and automate
- Find vendors that specialize in law firms
- Make time for budgeting and planning
- Measure success and benchmarks
- Learn how to say no
Planning ahead and pulling in others who can support your work will help assure comfortable growth without logging more hours.
Greater lawyer work-life balance
You get to decide what takes priority in your life, and you can communicate to clients how you plan to operate. Once clients understand that you don’t work Friday afternoons because of your daughter’s hockey games, or because you take Chinese classes those days, it will become the norm.
Yes, you might need to field occasional emergency calls or work an evening or two, but setting expectations early and often can prevent work life from seeping into personal time.
Control over culture
On a related note, as a law firm founder, you get to create a brand-new firm culture that doesn’t have to follow traditional models. You can align every part of your business with your personal values in a way that leads to greater career and life satisfaction.
Choice of clients and practice areas
Autonomy over business choices ranks high among the benefits of independent law. As an associate in a big law firm, you might have to work with clients and practice areas for years that don’t ignite a professional passion for you.
As an independent lawyer, you have much more control over the type of work you do and for whom.
Collaboration over competition
Finally, for those of us who want a lot less drama in our lives, independent law offers another unique benefit: positive work relationships.
Many (not all) big law firms have a reputation for cutthroat tactics and culture, both inside and outside the firm’s walls. That kind of high-tension environment can drain even the toughest lawyer.
As an independent lawyer, however, you can cultivate a network of collaborators rather than seeing everyone else as competition. Lawyers with complementary practice areas can become your biggest source of business and mutual support. Even better, you get to choose how and when you enter into these collaborative arrangements.
Are there any cons?
Sure. As with any major life decision, choosing independent law practice comes with a few downsides to consider before you make the leap:
- In some cases, lower earning potential (balanced with a better quality of life for many)
- Financial burden during start-up phase
- Potential isolation (finding a community of likeminded peers can help)
- Pressure to find clients and build business (again, a strong network helps)
- Infrastructure, hiring, tech and business processes all fall to you (opting for a shared office can ease this burden)
Bottom line, know that you will be running a business that requires administrative work in addition to practicing law. If you have the chops, resources and support network for that, then independent law practice can become a great alternative to big law.
Curious to learn how other independent lawyers stay connected and grow sustainably? Schedule a tour of one of our collaborative office spaces for lawyers in Denver or Las Vegas.
