Breaking Away: 4 Reasons to Start a Solo Law Practice
The lawyer profession is at an 8% growth between now and 2026. This means there is no better time to become a lawyer.
If you always wanted to be a lawyer or have a career in law, it’s important to navigate your options and know the best way to establish yourself as a lawyer.
An example of this is deciding if you want to start a practice with a partner or want to start your own practice.
Starting a solo law practice isn’t for every lawyer, but there are many benefits.
Here are 4 reasons to start a solo practice.
1. You Have Support From Other Attorneys
It’s common for a lawyer to start a law firm with a partner. If you followed this path, you likely developed many connections with other lawyers. Those connections will benefit you when you start a solo practice.
All lawyers have their strengths and weaknesses. You could have a lawyer as a mentor.
Maybe another one is in a different niche than you. For example, if you’re a personal injury lawyer but your colleague is a family lawyer, he/she can refer clients to you since you’re in different legal branches.
2. You Have Devoted Clients
Your clients are everything to the success of your law firm.
If you already have a group of devoted clients, you already have a backbone to your law firm. If you’re a fresh lawyer and don’t have the security of a client network, it may be best to join a partnership before forming a solo practice.
3. You Have Experience/Knowledge Owning a Business
More goes into owning a law firm beyond just getting clients and helping them win their cases. You’re running your own business all alone.
You have to know the legalities of owning a legal business, get the right classification, and other responsibilities such as finding an office and hiring staff.
If you have previous experience or at least a strong knowledge of business ownership, then this part won’t be a real challenge. Otherwise, you may want to form a partnership before forming a solo practice.
4. You Specialize in a Specific Practice
There are legal niches, and then there are legal niches that people are seeking.
These niches are those that not many lawyers go after. If you’re forming your first law firm, see if you have experience and an interest in any specific niches that are well-desired.
Examples include patent law, corporate law, and real estate law.
Form Your Solo Law Practice Today
Are you a fresh lawyer? Or are you already established in a partnership? Deciding to go and open a solo law practice and break away from your partner is not an easy decision.
These are common reasons it’s worth it to start your own practice and other signs that you should stay in a partnership.
If you decide to start your own law practice, you shouldn’t go in unprepared. We offer both tools and training to help you grow your business.