Taking the next step in your law career: law partner or law founder?
Seasoned lawyers eventually need to consider where they ultimately want their career to lead. For many, the question boils down to becoming a law partner or law founder. How do they choose?
The partner track
Traditionally held up as the only career track for serious lawyers, many professionals have worked their way toward partner in a large law firm. In the modern landscape, however, other options exist.
One main alternative? Launching a new law firm. In fact, many current law partners choose to leave existing firms in favor of creating their own endeavor.
As Forbes reports:
“A staggering 39% of law firm partners state that setting up their own law firm is their current career ambition. It’s a stark statistic when you consider the blood, sweat and tears it takes to make partner in many of today’s firms.”
After the investment of time and effort, why would a partner leave a firm? The reasons vary from person to person, but common themes include:
- Lawyer burnout
- Overwhelming workload
- Unrelenting stress
- Poor leadership
- Unhealthy firm culture
- Too much emphasis on work and not enough on self care
- Lack of autonomy
This Reuters article highlights these reasons and more, as shared by ex law firm partners.
The independent track
The Reuters article mentions several law partners who started entirely unrelated careers, from nursing to running a flower shop, after leaving a big law firm. It doesn’t touch on the number of people who leave to start their own law firm or law-related business.
In our experience, seasoned lawyers and ex partners have what it takes to go independent and launch a successful law firm. They know the law and they know what clients need. They also know what the legal industry needs in terms of creating a much better work-life balance.
Reuters quoted one woman who left law to create a better balance. She said:
“When we make the workplace more family friendly, we win in the long run. Greater retention. More productivity in the hours attorneys do work. Even the male attorneys who would traditionally fit the work-around-the-clock model are changing because they have life partners who are successful professionals — so those attorneys are not as willing to work to exhaustion either.”
Ending that “work-around-the-clock model” becomes a more realistic goal as an independent lawyer.
Changing the law firm model
Independent lawyers who launch their own firms have the power to change the paradigm. Whether they operate a solo practice or hire a team of attorneys and staff, they can create a healthier law firm culture by:
- Setting limits on working hours and unplugged hours
- Establishing remote or hybrid work routines
- Communicating with clients about expectations
- Eliminating the pressure to work long hours in pursuit of a partner track
- Acknowledging each attorney as a whole person
- Making time for hobbies, interests and pursuits outside of work
- Working to become part of a community
- Collaborating with likeminded business partners
The traditional model quite simply doesn’t work for many lawyers in 2022. As a whole, society and business have begun to examine what it means to live a successful and complete life. For many, that means working less and placing self care higher on the priority list.
For lawyers experiencing burnout, but who still enjoy what they do, creating a new type of law firm could bridge the gap.
LawBank has created collegial communities for lawyers in Denver and Las Vegas. At our four locations, law firms of all sizes come together in a shared office environment that supports professionalism, law firm growth and work-life balance. We also work with large law firms that wish to maximize their existing real estate. To learn more about becoming part of the LawBank community, reach out to us.
