The size of the legal service market in the United States alone is over $101.8 billion.
This means that there’s a favorable business environment for every lawyer in the country to grow in the legal field.
Whether you’re fresh out of school or just got laid off from your day job, starting your own company can be scary.
That’s the same case with starting a law firm!
You’ll work for long hours in the beginning, and the client list might take a while to grow. You’ll also need a sizeable amount of money for the initial capital investment, as well as knowledge on how to launch a successful start-up.
But with so much investment needed, is starting your own law firm really worth the trouble?
Here are five advantages of starting your own law practice:
1. Job Security
Even the highest ranking officials in a law firm are always worrying about keeping their job. At any point, you can be called in and let go.
But with your own firm, you won’t have to worry about being laid off because you’re the boss!
2. Financial Freedom
In the beginning, things might be hard in terms of cash flow because you may not know the correct strategies of getting clients.
However, with a good marketing strategy and quality services, owning a law firm will give you the financial freedom that you simply can’t get with a day job.
3. You Can Choose Your Cases
With your own law firm, you can choose the type of clients you want to work with. You can also choose the type of projects you want to work on without having to answer to anyone. Plog & Stein, for instance, only works on cases involving family law.
Gone are the days of taking undesirable cases just because your boss said so!
4. No More Big Firm “Politics”
Most of the challenges that come with working in a big law firm have little to do with the job itself. They often revolve around navigating the politics that exist in the working environment.
Not only do you have to deal with the competition, but also the ambiguities surrounding things like the referral process and the quest for partner status.
But with your own firm, you can make the rules and shape the culture of your organization. You can also eliminate inequities in the working environment and create a fair, positive, and transparent environment.
5. Flexible Working Hours
Initially, you may have to work long hours to make ends meet, especially if you don’t have enough seed capital to hire a sizeable workforce.
But when the business picks up, you’ll be free to choose when and how much you want to work. You’ll be able to take random off days on a moment’s notice whenever you need to.
And, if you start a virtual firm, you’ll be free to work from anywhere whenever you choose.
Starting a Law Firm Is Quick and Easy
Starting a law firm isn’t as hard as you might think. All you need is a prime location for your office, the necessary office supplies and systems, a library, the necessary business permits and licenses, and most importantly, a killer name for your firm.
The necessities list might be long, but the rewards are well-profound.
For more business insights and ideas, check out our latest legal small business blogs.