Developing your small law firm vision
Many aspiring lawyers have dreams of being a part of a big-name law firm. However, there are several disadvantages to working for these large firms that make the prospect of solo practice more appealing. If you do want to work as an independent lawyer, develop your small law firm vision.
To put things into perspective, consider that less than 20 percent of law grads enter the workforce for large firms. An even smaller number remain employed with them. It makes sense to think about starting a solo practice when the odds of beginning your career in one of these big law firms seem low.
Additionally, big law firms might offer significantly higher pay, but work weeks tend to be around 80-90 hours, and working conditions can vary greatly. In independent law practice, lawyers are able to set their own hours and enjoy a far better sense of autonomy.
How do you start an independent law practice?
Starting your own law firm can be immensely rewarding, but it can also prove difficult. It requires that you know basic business skills and have an entrepreneurial drive.
You should have a coherent vision for your business and the trajectory that you want it to follow. Developing a coherent vision will allow you to market to prospective clients who believe your firm is tailored to their needs. Choosing one or two niche practice areas can also help hone in on your preferred client base and can help you target your marketing efforts.
What type of business will you need?
When choosing the type of business that best suits your needs, there are two major concerns: personal liability and taxes, which vary depending on your business classification. Some examples of your options are partnerships, LLCs, sole proprietorships, or Law Corp. Spending time with an accountant or small business advisor will help you ferret out the best option for your business.
While working from home can be cheaper. However, renting office space can be beneficial for a number of reasons.Working in a shared office environment can help you avoid tedious isolation, and many entrepreneurs find a better working routine within an office environment. Networking and collaboration also happen more naturally when you work alongside a familiar group of fellow business owners.
Welcoming clients for meetings in a professional environment also sends the message that your firm is established and trustworthy. With added amenities, such as a receptionist and secure files, a shared office space makes a lot of sense for many independent lawyers.
Please contact us to learn more about our shared office space for lawyers in Denver. We offer private offices, suites and coworking spaces at two locations in Denver.