This is the age old question and my friend, Chuck Newton, addresses it in his new post, “Why Do Not More Young Lawyers Start Their Own Law Practices.”
Yes, coming from me this may sound like a promotion for Solo Practice University. But it’s not. Chuck has no skin in the game. He has no product or service to sell. He does, however, have years of experience building a legal empire complete with massive overhead, numerous partners and associates and support staff, then by choice deconstructing the empire and reconstructing it as a home-based solo practice. He also has a very talented daughter graduating from law school in a year (and another one wanting to go to law school) and is actually encouraging her to go solo even though she already has suitors in this depressed market. How’s that for being sincere about what he writes!
Chuck tackles the usual, unnecessary overhead, etc. But he hits the bullseye when it comes to facing the hurdle called ‘lack of experience.’
As for the lack of experience argument, that is more daunting. Just understand that business knowledge and practice knowledge are not learned in law school. They are learned by doing. Another way of saying it is that the only way a lawyer is going to learn is to just dive into the practice and practice area and start doing. I understand that thought is not overly enjoyable, but my point is that it is not any more enjoyable working for someone else. All most law firms do anyway is to throw a young attorney into the pool and command them to swim. It is not as if they first put them through some private course of study on swimming. Sure, there are more experienced hands around should a new attorney need them, but those hands are available whether or not the attorney is with an existing firm. In fact, a lawyer probably has more access to such knowledge and experience if not associated with one firm, and if the lawyer is just willing to ask.
Asking is the key. Associating with those who will offer assistance to you as a peer in the professional food chain is important. I’ve written often about the subject of finding good mentors, good programs, networking and coming to the party fully engaged and understanding you are not a beggar. Networking as a peer is far superior then networking as someone ‘unemployed’ or underemployed or not even working in the professional field at all while waiting for the market to change.
In this market, lawyers are being forced to actually be entrepreneurs from the getgo or foresake their degrees while drowning in student loans. You still have choices. And one of those choices is taking a very hard, objective look at what solo practice really entails in today’s environment and what tools you already have available or can get a low-to-no cost. It’s also asking yourself how hard you are willing to work and how much you trust yourself to make the right decisions when it comes to asking for help. Ignore the negative and positive hype. Disregard the myths. Look at the actual work and true costs for you personally to be a solo today. Do NOT compare yourself to others and their unique situations. Strip away the fear and fantasy, really strip it away to bare bones. Now when you create your list of pros and cons what does your list look like? Is Chuck right?