When you are a new lawyer just starting out, the possibilities are endless. You probably feel overwhelmed and don’t know where to start. Maybe you already have a job lined up, but many new lawyers are not so lucky: They have to decide whether they want to join a firm or start their own practice.
Here are some questions that might help you make the decision:
How many firms are in your particular location? If you are from a big city, there may be room for another practice in a particular focus area. However, if you hope to practice in a small town, there might not be enough clients to support another firm.
Are you confident enough to start seeing clients on your own, or would you prefer to have other lawyers around for advice? Some new lawyers work well by themselves while others need the guidance of more experienced lawyers. It is personal preference, and it all depends on how confident you are in your abilities as a new lawyer. Perhaps you need a year or two of guidance before you feel confident enough to start your own practice. Alternatively, a co-working space where you can work alongside more experienced lawyers and ask questions might bridge the gap for you.
Do you have a good amount of savings? It will take a few months until you start to bring in some income as an independent lawyer, so you need to have plenty of money saved up. You need to be able to support yourself while you are working on building your business.
Many lawyers prefer to join a firm, but more and more lawyers are starting their own practices. If you think your location can handle another firm and you are confident enough in your abilities, independent practice might be the right choice for you.
Contact us to learn more about starting your own law practice in Denver. We offer central co-working space and flexible office leases for independent lawyers.