How to make a smooth transition to independent practice from BigLaw
Fear of the unknown and dreading start-up pains might keep some lawyers from finally making the leap into running their own firm. Fear not. You can ease your transition to independent practice by laying some groundwork that will boost your success.
Leave on good terms
We know. Some days, storming out in a huff sounds incredibly tempting, but resist the urge. Even if things feel tense with your current firm, you will help your future practice by remaining civil and leaving on the best terms possible.
Your departure from BigLaw, if done well, can help you establish a reputation for professionalism that can bolster your independent practice brand. In addition, many of your colleagues could become potential collaborators, or even competitors, in the future. Leave the door open for maintaining positive, respectful relationships with them.
Reach out
Your network will become one of your most important resources as a law business owner. Before you leave your BigLaw firm, schedule informational meetings with people in your contacts list who can offer start-up advice, connect you with potential referral sources and support you as you prepare to go solo. Let people know that you are exploring options for your next career move.
After you leave your current firm, you should connect with as many people as possible. Ideally, meet with people in-person and individually. Share your plans for growing your law practice and what niche you plan to serve. Ask for help, but also remember to offer ideas for how you can help your contact. These meetings should set the tone for an ongoing business relationship based on mutual support and shared goals. As an independent practitioner, you have the freedom to develop partnerships and collaborations that expand your reach, so establishing relationships early can open up new opportunities.
Build community and access the right tools
Beyond individual networking, where you work as an independent lawyer can help set the tone for your practice. While setting up a home office might carry you through the first few months in practice, many new independent lawyers find isolation a challenge.
Leasing office space only partially solves that problem, because you will still be removed from others in the building. Opting for space in a shared office environment puts an end to isolation and helps you develop a strong network right away.
In addition, a shared office comes with the equipment and admin support you need without added overhead costs.
Best practices that help promote law firm success
In addition to cultivating the right relationships and securing professional office space, use the checklist below to help ensure your new law firm’s success:
- Invest in technology that streamlines operations (case management software, client communication tools, etc.)
- Devote time each week to marketing your business
- Don’t forget that you are a brand as well as your business; look for ways to communicate your personal expertise
- Outsource functions like accounting and marketing to help you focus on core business
- Create a strong firm culture centered on client service and keep the client’s needs top of mind
- Set realistic financial goals and seek small business advice on financial planning, budgeting, health insurance, funding and more
- Seek out learning opportunities that help you hone your practice (make the most of your CLE requirements, but also think strategically about what will help your practice grow)
- Read as much as you can about business and running a law firm (or listen to podcasts)
- Find a mentor who can coach you as a small business owner
Finally, remember that you are not the first to hang a shingle. Many lawyers before you have found tremendous success in independent practice. Look to them for inspiration, and don’t be afraid to ask for advice and guidance.
Ready to learn more about LawBank’s shared office options and networking opportunities for independent lawyers? Schedule a tour of one of our three locations today.
