When do you know that you are ready to go solo?
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I started solo right out of being barred. I was getting crappy offers where I knew I could do better. I was getting 130k offers, and I did 400k my first year as a solo. It’s all about knowing your worth sometimes.
You know a lot people do too? Lie. I know plenty of people who have bigger dicks than you and didnt come in first making that money. Sorry, I don't buy your bs. What a jerkoff to start being a condescending snarky asshole. I asked a genuine question, you responded in a way that assures me you didn't make shit. You're probably in your parents basement barely making $100k.
I graduated with my JD in 2012. Worked for someone else until 2019. The feeling built over years. Frustrated. Annoyed. Finally couldn’t take it anymore so I made the leap.
Haven’t looked back since.
I had a corporate law background, so that’s where I started. I’ve added 2 new areas in the past 4 years. I only added on when client demand made it worth it.
Took lots of CLE then dove in. When a new issue comes up, learn about it, then do it. Just keep growing.
Well, I certainly didn't plan to go solo -- I just found myself needing to do it. I planned some and sought guidance/mentorship, but I learned a lot through experience (including mistakes).
My experience was unique, but Im not sure anyone is ever really "ready" for any major lube change (getting married, having a child, moving cities/jobs, it going solo). At some point, you just have to make the decision to jump in.
My odd path to solo practice:
I went solo right out of my clerkship for a state court judge. Planned to go biggish law in tax, but love & marriage to a farmer in a rural area changed everything.
Never wanted to be solo, but it was the only option available at the time
I researched and made plans during my clerkship, and opened my office a month after the clerkship ended.
I just hung out my shingle and took most everything that came through the door. (Big bonus: I required refundable retainers for almost everything, so I didn't have big problems getting paid.)
While I did not plan to go solo, it ended up working for me.
Full disclosure:
* My law office opened in 1997. Costs were lower then, and so were my income expectations.
* I got undergraduate and law school scholarships and thus had no student loans. My new husband had a home and job (farmer), so we didn't need my income to survive.
I did have significant learning curves with practicing in a new state (law school in NC, classes in NJ, law practice in rural South Central PA) and all the areas of law (rather than just the corporate & international tax on which I focused on law and B-school).
Also, dove into full-time step-parenthood (husband was a widower with 2 elementary-age children), so work-life balance was fun.
Nevertheless, though I didn't plan on a solo practice, I'm glad I did it.
I believe that I would have benefited from a form job to reach me the ropes, but I eventually got out of the knots I stumbled into.
Bottom line:
DO NOT wait for the "perfect" time to go solo.
If you want to do it, plan then take the leap.
You are asking the right questions; I have faith that you'll be great at it!
Coach
Candidly not everyone is cut out to be a solo. And that’s ok.
I am a product of planning before I leapt. Conversely I have a good law school friend who was literally forced to launch and fly in a week when they had “his” clients and his firm fired him - and they now have multiple offices.
The planning stage of going solo is borne out of frustration that builds up - you have a reputation and repeat clients that you should get credit for financially. But you don’t. You try and have a partner conversation with your firm, but it goes nowhere or receive indefinite promises of “let’s talk about it next year”.
Finally, after you continue to bring in sizable bacon and you’re still not getting elevated/remunerated, you plot your escape. What clients will follow you? What are your launch costs? How much do you need to save up before money starts coming in? Do you need an office? What support (staff or software) will I initially need? All of these are individual and unique questions.
Finally, and in going with my first point, there’s never a perfect time to go solo. I launched solo literally a month out before my fourth child was born - but I had done the groundwork and knew that clients were going to follow. And I also had a brand in my practice and state, as well as various referral networks that were personal to me, so work still would come in the door naturally while the launch ramped up.
My only question now, in launching my own firm, is why didn’t I do it earlier. But that again may not be the same for everyone - I do my own bookkeeping/invoicing (not tax work) for instance.
Coach
Absolutely. I had a clear point 5 years into practice where I could’ve launched my firm but didn’t. Looking back I’m glad I didn’t do it then - I ended up at a small firm where I learned more about small firm life/practices, as well as expanded into an adjacent practice area as I learned from other attorneys at the small firm. I now represent several publicly traded clients because of this patience
https://www.linkedin.com/posts/james-kamanski-53060a8_lawyers-law-startups-activity-7083473810590486528-hYUR?utm_source=share&utm_medium=member_desktop
Thats sounds good until you realize you're in the same firm for 3 years, have settled over 2m in atty fees and still dont have ppl calling u to represent them......and i was lead atty and all. Not sure what the issue is tbh. Tons of happy clients and some upset ones, cannot win em all.