When would you say you know you're ready to open your own firm? Any advice for me in pursuing it?

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As soon as you have a game plan for bringing in clients. I wouldn’t blindly go solo without having some sort of strategy for business generation.

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When you’re consistently bringing in clients for someone else’s firm and you’re mostly capable of handling a case start to finish.

You don’t need to be a master of every single component of a case, but you should be able to do the critical parts on your own before branching out. Intake, appropriate medical treatment, knowing case value, knowing when it’s the right time to file (if necessary), and lien negotiations are some of the most critical parts of PI cases; unfortunately, too many attorneys leave those tasks to case managers and end up not actually knowing how to run cases properly.

You need experience, clients, and money. If you’ve worked for a PI firm for a few years and have consistently generated your own referrals, you’re in a good position. Before I went out on my own, I asked solo attorneys about their savings goal before opening. Answers ranged from $10K to $100K. To be truly comfortable and not worry about settling cases prematurely, I would say you need at least $50K saved up.

That’s a great position to be in. You can just focus on building your clientele then. I still think getting some experience is good.

You definitely have to build up a strong network and that can take some time. Building a strong network will ensure that you have multiple avenues of referrals coming in. It can really help you to get your name out there.

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