3 Terrific Reasons for Starting a Law Firm

3 Terrific Reasons for Starting a Law Firm

Currently, there are more than 1.35 million lawyers in the United States. Becoming a lawyer is considered a highly respectable career, though it takes years of hard work before you get there.

If you’ve done it, got your law degree, and worked for someone else’s law firm, this article is for you. Now that you have some experience under your belt and you’re feeling confident, it’s time to consider starting a law firm for yourself.

You may think the idea is crazy, but it could benefit you more than you know.

Keep reading to learn why opening your own law firm is an excellent idea.

1. More Freedom in the Workplace

After taking a job at someone else’s law firm, you’ll soon realize how little freedom you have.

You will have to abide by all of the firm’s policies, which may mean coming in and staying until specific times and taking on a certain amount of clients.

Instead, starting your own law firm means you get to decide when you work, where you work, and how long you work. You choose how many clients you take on at once, which also allows you to take on more clients if you wish.

You also get to choose the location of your law firm, so you can work in a place you enjoy going to every day.

2. Ability to Choose Your Coworkers

Getting a job often means working with coworkers that you don’t particularly like. However, if you’re the boss, you get to decide who you hire as your colleagues.

You may want a partner in your endeavor, in which case you would both be hiring employees. You’ll want to consider hiring administration support to keep up with all your law firm supplies and legal papers and a paralegal to keep your cases up-to-date.

Then, you can continue to grow your business from there. Click here to learn more about getting your law firm organized.

3. Bigger Profit Margins

When you work at someone else’s law firm, you don’t always know how much a client pays or what percentage you’ll get from taking on their case.

There are hierarchical structures in place that prevent you from getting as much money as you could be. When you open your own law firm, you’ll be able to track all your finances and receive all the funds, meaning there will be bigger profit margins.

However, it’s important to note that law firms that have been established for longer periods of time are more likely to have higher-paying clients.

When just starting out, you may not be making more money than you once did. It will take persistence and dedication to establish your law firm as one that is credible, but once you do, you’ll be receiving all the profits.

Make the Dream of Starting a Law Firm a Reality

Starting a law firm can seem a bit daunting, whether you have minimal experience as a lawyer or have been a lawyer for many years. Opening a business of any kind is a risk, but with that comes great rewards.

Take the chance and consider starting your own law firm today. This guide can help convince you it’s time, but that is when the real work begins.

For more business-related content, browse through our collection of articles.