If you have experience within law and are interested in pursuing it in the long term, then it might be time to set up your own law firm. And once you have a professional business plan in place that documents your startup lifecycle strategy, there’s no reason why it can’t become a success.
However, the decision to start your own firm is one that shouldn’t be taken lightly. To be successful within the industry, you need to have the revenue in place (either through a loan or money that you have saved) and will need to put significant time and effort into it. But if you are ready for the challenge, then it can be a very fruitful and rewarding venture in the long term.
Here are 7 key reasons why you should set up your own law firm:
1) You Can Specialize in The Area of Law You’re Interested and Experienced In
No matter where your experience lies, whether it is in family law, corporate law or criminal law, you can create a law firm around it. This flexibility is very appealing to lawyers that want to focus on one area in particular – rather than a combination of different types.
No longer will you be constrained to practice a certain type depending on where you work. Now, you can build your law firm around an area of law that you are interested in. This is perhaps the most common reason why so many lawyers start a firm of their own.
2) You Can Choose When/Where You Work
Following on from the above, two more elements that will be flexible are – when you work and the location you work from. In the past, it’s likely that you compromised on these because you worked for a bigger law firm with constraints.
But now, you’re the boss and you are in control of this! So you can decide exactly where the office is based around the country and the specific hours that you work. Although this might feel like a daunting prospect at first, with the right planning and organization, it could be a benefit that you appreciate.
3) You Will See The Money the Firm Makes
In some cases, when you work for a big firm you hardly see the money that it makes from each case it takes on. However, when you start up your own law firm, you’ll see the value of working with each client.
Getting a bigger share of the profits, you won’t have to deal with a hierarchical structure. From there, you can start to grow your business and hire more staff or take on more complex cases.
4) You’re in Charge of Hiring Staff
When you work for a larger firm, you don’t have any control over who you work with. This may have led to work dissatisfaction, which had an effect on the service that you delivered clients. However, this will soon become a thing of the past as your business starts to find its feet.
As the owner of your law firm, you have the opportunity to hire staff that aren’t only experienced in law and reliable, but that will fit into your law firm perfectly.
You can also decide exactly how many staff members you’ll require – which could differ depending on whether you are starting out as a solo practitioner or looking to have a bigger team. Some people may also choose to partner with another lawyer, rather than go into this venture on their own.
5) You Have Greater Control Over The Cases
Another prominent reason why so many people opt to start their own law firm is that it gives them control over the cases they work on. You’ll no longer have to take on cases that you deem to be baseless – now you can ensure that you’re offering a service that’s useful and relevant to your clients.
Previously, it’s likely that you had to work on cases simply because you were directed to do so by your superiors. But now, you will have the choice as to which clients you represent. Becoming so much more than just numbers on the rota, your law firm will be seen as a reputable and trustworthy business.
6) Your Previous Clients Will Want Work with You
If you have years of experience working in law, chances are you have a catalogue of happy and loyal clients. Once you start your own law firm, there’s a high chance that these clients will follow you as they are familiar with what you have to offer. The basis from which you can grow your company, these clients can provide you with useful testimonials and reviews.
However, it’s important to realize that it’s likely that not all of your clients will follow through when the time comes. Therefore, it’s a good idea to try and appeal to as many new clients as possible from the outset. Any clients that you’ve previously worked with that do follow you will then be a bonus.
) You’re Craving a Challenge
As aforementioned, starting your own law firm is a challenge. And one that many people aren’t fully prepared for. But if you are ready for the challenge and want to push yourself, then it can be a decision that will transform our life.
Not only will you have to market yourself and network at events so that you can acquire new clients, but you will have to ensure that you’re delivering excellent services to each of them. All this while adding a touch of your personality may be overwhelming to some.
But by sitting back, reevaluating and taking on the fear you’ll recognize that the end result is worth it.
Those are just 7 of the key reasons why you should set up your own law firm. No matter where you’re located in the world, where your experience lies and what cases you take on, your law firm stands a chance of becoming one of the most competitive within the industry.