Start-up law practices do succeed

Carolyn Elefant suggests that more lawyers are successful starting new practices than we might think.

With many hours “in the saddle” (persistence), foresight (creating a strategic plan) and some good luck, it’s quite possible.  As large firms get larger, there is a growing number of lawyers wanting to remain in a smaller environment, willing to break away from the security of the corporate-type environment. They need not only one or more clients willing to follow them, they need a capital base to support them in the initial 3 to 6 months while they get an assignment, do the work, bill for the completed work and then get paid.  They also need a strategic business plan that defines their goals, the nature of their new law practice and where/how they’re going to attract new clients.

With this, they can stay in business. Success is to be defined by each one, personally. This can include the power to make your own decisions, a designated income flow, etc. But, however you define success, it is possible given the above-listed factors.

Categorized in: Management