9 Awesome Reasons for Starting Your Own Law Firm

The U.S Bureau of Labor Statistics reported that the job outlook for lawyers by 2028 would be at 6%. With the vast untapped market in the growing legal industry, starting your law firm is a timely decision. Most attorneys considering solo law practice crave autonomy. 

The benefits of starting your own law firm go beyond independence. If you’re ready to start a business in the legal industry, a law firm is a significant venture. Here are the top reasons for starting your own law firm.  

1. Be Your Own Boss

On average, lawyers working in a law firm have to input at least 40 hours of work each week. Most law firms will necessitate you to be in the office so that partners and clients can see the company’s commitment. Needless to say, lawyers rank highly on overtime working. 

You can establish your solo law practice and liberate yourself. Being your own boss allows you to make decisions that help you have a work-life balance. You can choose to work at home or even get to the office when meeting a partner. 

2. Choose Your Ideal Clients 

Attorneys have interests, which determine the type of law they would want to practice. Custy Law Firm has this attorney who specializes solely on business disputes, wrongful death, transportation, and personal injury in Indiana and Illinois. You can only have the freedom to choose clients when you start your own law firm.  

3. Starting Your Own Law Firm Allows You to Practice More than Law

Employment in a law firm limits what you can do besides law. In such a setting, your central role is serving clients. However, establishing your law firm allows you to try out different businesses.

You can have a running law firm as your primary business and still start another venture. With the right procedures and systems in place, your growth will be notable. 

4. Pocket the Money You Make

In 2018, the reported median salary for lawyers was $120,910. While it’s undeniable being a lawyer is one of the most paid occupations, owning your law firm will transform your financial destiny. If you run your own practice, you will pay yourself based on the client’s billings.

The liberty further allows you to invest the money in your firm as you wish. As such, you can invest in additional services to bring your company more cash. 

5. You Won’t Have to Worry About Job Insecurity 

 Your good position in a law firm doesn’t offer you immunity against being laid off. An employer can decide to terminate your contract without a second thought. Despite the law being a high-ranking career, you can’t boast of job security as long as you’re working under someone.

With your law firm, you won’t live dreading a termination letter. You’ll only need to be aggressive enough to market your services. 

Starting Your Own Law Firm Can Kickstart Your Growth in the Industry 

Working in a law firm is a great place to start once you graduate. However, you need to think about starting your own law firm as you gain experience. Your law business will make your name renowned within the legal sector. 

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