Given a choice between equity partnership in a small firm (nine attorneys, but one is a managing partner who doesn't really practice) or owning a successful solo practice, what would be your choice and why? I'm on track for partnership within a few years at my injury law firm, but I'm currently being pushed to start my own firm with the assistance/consulting of a non-attorney who controls enough referral sources and has enough firm/business management knowledge for us to succeed.

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My decision has been to stay with a small (7 Atty) firm. I certainly have enough work to go solo and my staff would follow me, but having lived through some lean years in transactional, I find comfort in a varied income stream for the practice.

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What’s the pot look like if you become a partner? Are you going to be the workhorse that makes all the money as the newest partner, or do the others actually earn?

Going solo can be stressful, but you have the advantage of knowing what comes in is what you earned without any freeloaders. However, it’s also nice being a partner where you can “just practice law” and let someone else deal with HR, accounting, office lease, etc.

I’d tend to lean towards partnership provided you really like the other partners and they won’t freeload. However, if you’re gonna end up watching your fees go to someone else then I’d go solo.

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