5 Reasons NOT to Start Your Own Practice
Category : Law Firm Management
Debating whether or not to start your own law firm? As I discussed in a previous post, there are a number of issues to consider when deciding whether or not to hang a shingle. You may have already decided that going out on your own is right move for you, but if you’re on the fence, here are a few reasons NOT to start your own practice:
#1 When You’re on Your Own, You’re on Your Own
At a firm, you can turn to experienced attorneys when you need advice on a matter. As a solo practitioner, you’re going to have to handle these matters on your own—or cultivate mentor relationships with attorneys from other firms. If you’re planning on going solo straight out of law school, this may prove especially difficult.
#2 Crazy Hours
Face it—you’re going to have to work some long hours if you start your own business. During the startup phase in particular, you’ll need to work weekdays, weekends, holidays and plenty of nights, too. Once the business is up and running, you may be able to scale back on the hours, but if you have no one else to cover cases, it will still be difficult to get away for a vacation.
#3 It’s Expensive
Starting your own business is not cheap. You’ve got to pay for malpractice insurance; the phone bill; legal research; accounting software; maybe even an office and a few employees. All of these expenses add up, and it may be more than you’re willing or able to pay.
#4 Risk and Debt
With those kinds of costs, your income will probably be pretty limited or even nonexistent for a while after just starting out. If you’ve got student loans and/or a family to take care of, the potential reward may not be worth the risk. Especially considering that, according to a recent survey, solo practitioners and two-person firms rank lowest in terms of billing efficiency. At only a 39% efficiency rate, most solo practitioners and two-person firms are getting paid for less than half of the time they work. Yikes.
#5 Difficult Clients
You’re going to get some clients who are a pain to deal with. They might fight the bill, micromanage, or email you with 50 different questions every day. Or even worse, you might wind up with an angry client who sues you, complains to the bar, or otherwise makes your life miserable. Whatever it is, rest assured not every client will be a walk in the park.
However, if after reading all this you DO decide that opening your own practice is the right move for you, having the right technology will help ensure success. JurisDOC can help your practice run more smoothly with our legal document assembly software that makes it easier and faster for law firms to generate pleadings and other legal documents. JurisDoc also tracks hours, generates invoices and tracks payments, so you can spend your time doing what you do best.
You can start with free use of JurisDOC, and see how it can be useful in your practice—saving time and turning that time into money. Find your free trial at https://www.jurisdocpro.com/download.