You’ve reached a point in your life where you feel that starting your own firm will be the best path for you to take. You’re ready to leave Big Law, which is both an exciting and daunting prospect. Here are some tips to improve your chances of success:
1) Get yourself ready psychologically and physically
When you start your own firm, you need to make changes from a Big Law mentality, where you were striving to make partner in a competitive hierarchy. You need to adjust mentally and emotionally to the fact that you’re now striking out on your own, and you also need to take care of yourself physically to maintain the stamina it takes to run a business. You need strength, resilience and the right attitude.
2) Save up money
You need to make sure you have enough money saved up before you start your own firm. Imagine yourself going for several months without any income. Would your savings be enough to cushion you?
3) Don’t go it alone
Consult with your spouse and other trusted loved ones about whether this decision is the right move for you with the right timing. Your spouse especially needs to know what’s coming financially and the risks involved.
Reach out to other lawyers who have started their own firms and get advice from them. Build up a list of people who could spread the word about your new firm and provide you with referrals. Leave your current firm on a positive note: give advanced notice, thank your colleagues for their time and role in your career and maintain contact with your connections at the firm.
4) Create new connections and maintain an online presence
Make new contacts and attract potential clients through LinkedIn and other social media platforms. In addition, maintain a professional web presence that includes a high-quality website.
For lawyers making the mid-career move, starting a new firm isn’t without its risks. But it can also be a fulfilling experience. Don’t hesitate to contact us for additional advice and assistance with launching your new firm successfully. Our attractive and comfortable office spaces are ideal for lawyers going solo in their career.
For more information on starting and running your own law firm, check out our free e-book: Are You Ready to Go Solo?