Starting your own law firm is an achievable dream
While the big law firms can become grueling treadmills for young and aspiring lawyers, only a select lucky few will rise to the top to become wealthy equity partners. More lawyers are starting to practice independent law and achieving more satisfaction in their work.
There are a few main benefits of starting an independent law firm:
Marketing and client acquisition is easier than ever
In the old days, going out on your own was terrifying because clients had to come from your existing network or you had to spend a lot of money on traditional advertising and wait. Today, there are multiple online resources and marketing techniques that allow even solo lawyers and small firms to quickly gain new clients.
Take home what you bill
Associates and even partners are large law firms bill 2 to 3 times what they actually take home after all of the expenses and profit sharing are distributed. Independent lawyers can keep more of what they earn, after taxes, overhead expenses, payroll and marketing. There are ways to minimize those business operating expenses as well, including using shared office space and other shared resources.
Perhaps the greatest benefit is the ability to control your own schedule. You no longer are bound to your desk for 12 hours on the weekend in an effort to impress a partner who may or may not drop in. Instead, you have complete control and only have responsibility to your clients.
LawBank is a leading co-working space for entrepreneurial lawyers. With two shared office and co-working spaces in Denver, lawyers can greet clients, grow a network, access technology and share ideas. For more information, please contact us.