I’ve had a great career as a solo for the past 25 years - it’s hard to believe that it has been 25 years! I’m 67 now… and thinking of retirement. Anyone else out there also thinking of retirement? Is it better just to close the door or “fade away” with a few clients? Does anyone ever stop “being a lawyer”? Does one lose the edge by retaining just a client or two?

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Best to latch onto another firm as “of counsel” and have them work your cases while you reap the benefits of all those referrals fees and jump onto cases whenever you feel like it

likesmartfunny

How did you start your firm? I’m 32 and thinking of switching practice areas to trusts and estates, but I’m worried it’s too late for me. I’d love to own my own firm one day.

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Why do you think it’s too late? And great area to go into.

Alternatively, you can bring in a junior partner, have them work your cases, and keep half of the profits

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That’s a good idea, but I’m finished being an employer and dealing with the administrative headaches and expenses. I have been thinking about the of counsel idea for a while, and it is attractive. I’ll lose some clients due to conflicts, but I think my clients will understand.

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It’s not too late to switch fields. It’s all about the money. Are you really good in your field? Can you get your own clients? If your “book” of clients or your ability to attract them is enough to provide adequate income, the world is yours. You can get a position in a firm with terms you want because you bring certain expertise and future income. You can start your own firm for the same reasons. It never hurts to save every nickel you earn for the start-up time of a new firm or for general savings and retirement. Good luck!

likesmart

Starting your firm with a small book it’s a business big big risk. I have seen attorneys who had small practices who only employed one legal assistant to do all the paperwork. I have also seen firms that hired over one hundred lawyers and staff go belly up! I currently practice personal injury and this field can be very competitive but at the same time you can grow as big as you want as long as you have enough billboards along the highway. I am risk intolerant this Is why i have been working with other law firms. I have been in practicing law for almost 18 years. Do you have any words of advice for someone tired of working for big firms and big firm culture?

Let me know if you’re in California 😅

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Sadly not-

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OP - what practice area are you in?

I have had my own practice in Family Law in MA for many years. Let me know if you'd like to chat if you're in MA.

If youre in my state id be happy to discuss inheriting your practice. I want to go solo but would ideally buy someone out

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