Congratulations, new lawyer! You’ve made it out of school and now you’re ready to take the next step in your professional future by seeking out a law firm. Before you apply to all the places creating buzz among your colleagues, you might want to consider starting your own firm. This may sound like a daunting prospect, but there are many advantages to striking out on your own.
You work for yourself. You (and your partner, if you choose to have one) get to keep the profits you make and, because you’re your own boss, you have some flexibility with your schedule. Whether you need to start later in the morning after a difficult evening or want to take the afternoon off for parent-teacher conferences, this kind of power over your work life can lead to greater job satisfaction and the ability to seize your ideal work-life balance.
You decide who to hire. Do you need a full-time legal assistant or a part-time one? Is there a need for an accountant throughout the year or just at tax time? With your own firm, you interview, evaluate and hire to fit your needs.
You choose where you work. This choice goes beyond picking a coastal town or a remote mountain village. When you start your own firm, you decide if you want to practice from inside your home, in an office, virtually, etc. Co-working spaces like LawBank can offer the best of both worlds: a flexible office arrangement with a network of professional peers.
You set the fee. Maybe you don’t like keeping track of all the hours you spend working and prefer to set a flat fee. Or perhaps you’re working on a real estate case, and fees billed after completion are more suitable to you and your client. No matter what the circumstances, you are free to adjust your fees and billing according to your needs and client needs.
You pick the clients you want to work with…and only those clients. Working at a big law firm means being ready for anything, for better or for worse. When you start your own firm, you have the final say in which clients you take on, and you can focus on the areas of law that you enjoy the most. Avoid boredom and misery by choosing interesting clients that need help in areas where you’re passionate. You’ll be happier, the client will get the assistance they need, and your work will shine.
To learn more about independent law practice and to build a network of legal peers in a co-working space dedicated to lawyers in Denver, contact us.