BigLaw vs opening your own firm? Forum

[legaleagle9]

From what I have read researching about life after law school, BigLaw is usually said to be one of the only ways to make the big bucks.

My question is: Is opening your own firm frowned upon, compared to trying to get into BigLaw.

I understand that opening your own firm takes times to grow, build a reputation, relationship with clients, ect.

But cant a person who opens his own Family Law Firm or Personal Injury Firm be just as successful, if not even more successful then BigLaw associates after some times?


p.s. I'm quite knew to all this research so go easy on me!

Thanks

[powerlawyer06]

Before everyone jumps on you (trust me they will). I think the answer to this is yes but in most cases no. Opening you own firm is hard work and the average law school graduate knows little about actually practicing law and/or running a business. So your chances of success are slim unless you gain a ton of experience and contacts before you decide to strike it out on your own. Even then, many solo practitioners never grow their firms above one or two lawyers and never truly make a decent amount of money. However there are those that are successful and are able to grow their firm and make serious cash.

I can say honestly that my wealthiest law clients (I work in finance) are the guys that started out as solo practitioners but grew their firm to a substantial size (10+ lawyers). They are usually reporting 300k+ but they run a ton of their personal expenses through the business so they are probably realizing 500k of income. They don’t work as hard as my corporate lawyer clients and they seem to be less stressed. The one common trait they all share is they are awesome networkers who found a business niche and exploited it. I don’t know a single one who is under the age of 40 either. I think it takes time to really make your practice a success.

These are just my own anecdotal observations. Take it for what its worth.

[fatduck]

start a biglaw firm

best of both worlds

[Danteshek]

I had a serious discussion about this with my father a few days ago. The bottom line is that there are no shortcuts. You need to apprentice yourself to a lawyer who is really going to take an interest in you. You are unlikely to get that level of mentorship in a large law firm. I would recommend finding a smaller firm where the lawyers will help you develop into a true professional. Then, in five or six years, you can strike out on your own.

[XxSpyKEx]

Before everyone jumps on you (trust me they will). I think the answer to this is yes but in most cases no. Opening you own firm is hard work and the average law school graduate knows little about actually practicing law and/or running a business. So your chances of success are slim unless you gain a ton of experience and contacts before you decide to strike it out on your own. Even then, many solo practitioners never grow their firms above one or two lawyers and never truly make a decent amount of money. However there are those that are successful and are able to grow their firm and make serious cash.

I can say honestly that my wealthiest law clients (I work in finance) are the guys that started out as solo practitioners but grew their firm to a substantial size (10+ lawyers). They are usually reporting 300k+ but they run a ton of their personal expenses through the business so they are probably realizing 500k of income. They don’t work as hard as my corporate lawyer clients and they seem to be less stressed. The one common trait they all share is they are awesome networkers who found a business niche and exploited it. I don’t know a single one who is under the age of 40 either. I think it takes time to really make your practice a success.

These are just my own anecdotal observations. Take it for what its worth.

Last summer, I met a couple attorneys who started their own firm (it was 3 of them that started the firm). The firm is now around 35 attorneys. All the founders are filthy rich. One of them owns an island. But they also didn’t attempt to start the law firm right out of law school (they had clients/contacts from their previous employment), and they were obviously more successful than the average start-up law firm.

[PurplePirate]

start a biglaw firm

best of both worlds

+1000

[legaleagle9]

Before everyone jumps on you (trust me they will). I think the answer to this is yes but in most cases no. Opening you own firm is hard work and the average law school graduate knows little about actually practicing law and/or running a business. So your chances of success are slim unless you gain a ton of experience and contacts before you decide to strike it out on your own. Even then, many solo practitioners never grow their firms above one or two lawyers and never truly make a decent amount of money. However there are those that are successful and are able to grow their firm and make serious cash.

I can say honestly that my wealthiest law clients (I work in finance) are the guys that started out as solo practitioners but grew their firm to a substantial size (10+ lawyers). They are usually reporting 300k+ but they run a ton of their personal expenses through the business so they are probably realizing 500k of income. They don’t work as hard as my corporate lawyer clients and they seem to be less stressed. The one common trait they all share is they are awesome networkers who found a business niche and exploited it. I don’t know a single one who is under the age of 40 either. I think it takes time to really make your practice a success.

These are just my own anecdotal observations. Take it for what its worth.

Last summer, I met a couple attorneys who started their own firm (it was 3 of them that started the firm). The firm is now around 35 attorneys. All the founders are filthy rich. One of them owns an island. But they also didn’t attempt to start the law firm right out of law school (they had clients/contacts from their previous employment), and they were obviously more successful than the average start-up law firm.

hmm nice. just curious, what kind of practice was it?

[Cupidity]

I'll say it, because shockingly, no one else has.

For every lawyer who starts a solo firm and becomes filthy rich, there are a hundred who go broke paying rent on their office and trying to eat while waiting to make a profit. Don't start a firm until you have sufficient legal experience, capital, and connections that you can create a thriving practice, and suffer through a few years of minimal cashflow before you start to make anything liveable.

[EdmundBurke23]

I've actually taken this option very seriously too (fyi - 0L here).

The problem for me is that I'm really interested in doing patent litigation and also want to (1) get into academia or (2) hang up my own shingle after six to seven years of biglaw. Not interested in becoming partner anymore.

Patent litigation doesnt' seem to be that big of a barrier to getting into academia, since what really matters is a consistent stream of scholarship after law school.

But I'm not sure how much my firm experience in a patent litigation team would help me strike out on my own, since associates usually don't get as much exposure to overseeing the entire litigation process.

[shmoo597]

I've actually taken this option very seriously too (fyi - 0L here).

The problem for me is that I'm really interested in doing patent litigation and also want to (1) get into academia or (2) hang up my own shingle after six to seven years of biglaw. Not interested in becoming partner anymore.

Patent litigation doesnt' seem to be that big of a barrier to getting into academia, since what really matters is a consistent stream of scholarship after law school.

But I'm not sure how much my firm experience in a patent litigation team would help me strike out on my own, since associates usually don't get as much exposure to overseeing the entire litigation process.

looooooooooooool.

[Danteshek]

I've actually taken this option very seriously too (fyi - 0L here).

The problem for me is that I'm really interested in doing patent litigation and also want to (1) get into academia or (2) hang up my own shingle after six to seven years of biglaw. Not interested in becoming partner anymore.

Patent litigation doesnt' seem to be that big of a barrier to getting into academia, since what really matters is a consistent stream of scholarship after law school.

But I'm not sure how much my firm experience in a patent litigation team would help me strike out on my own, since associates usually don't get as much exposure to overseeing the entire litigation process.

looooooooooooool.

My God.

[bk1]

I'll say it, because shockingly, no one else has.

For every lawyer who starts a solo firm and becomes filthy rich, there are a hundred who go broke paying rent on their office and trying to eat while waiting to make a profit. Don't start a firm until you have sufficient legal experience, capital, and connections that you can create a thriving practice, and suffer through a few years of minimal cashflow before you start to make anything liveable.

This cannot be emphasized enough.

Of course it is possible to be successful and of course people do it. However, they are not the norm and you won't even have a reliable estimation of whether you can be successful at it until much further down the road.

[Anonymous User]

Most of the attorneys around here seem to have started out working in a nearby big city at a midlaw firm for 5-6 years before starting their own firm.

[lisjjen]

Most of the attorneys around here seem to have started out working in a nearby big city at a midlaw firm for 5-6 years before starting their own firm.

+1

From everyone I've talked to that's opened their own firm, they said not to skip working for someone else for awhile. One elderly gentleman from Texas phrased it well. "Think of the first 5 years out of law school like a medical residency - you aren't done learning yet. Why would you skip out on all the valuable knowledge you could absorb in a firm and then use in your own practice?"

[Kohinoor]

I've actually taken this option very seriously too (fyi - 0L)

--ImageRemoved--

[splitmuch]

I work for a 3 lawyer firm that essentially settles everything ( so costs aren't super high) and we clear about 8 mil a yr in revenue.

[TheStrand]

How are you going to pay your law school loans and pay for start up and overhead? Also, graduates know next to nothing about legal practice coming out of law school.

[Anonymous User]

HLS 2L here strongly considering this option. Before the standard response, no, I didn't strike out at OCI, and am actually going to be working at a v50 this summer.

My thoughts? Life is way too short to spend any significant amount of time doing something you hate. I want to have client contact. I want to take cases and clients whose causes I actually care about, and reject those that I don't. I want to be able to work from home when I need to work from home, or vacation when I need to vacation. I want to go to court. I want to market how I want to market.

The big law associate happiness scale doesn't go from hate it to love it, it goes from hate it to tolerate it. I want more out of my degree and my life than striving to reach tolerating my job.

It won't be easy, but damn, I'd rather bankrupt my bank account trying to take ownership of my life rather than bankrupt my soul working big law.

[Moxie]

HLS 2L here strongly considering this option. Before the standard response, no, I didn't strike out at OCI, and am actually going to be working at a v50 this summer.

My thoughts? Life is way too short to spend any significant amount of time doing something you hate. I want to have client contact. I want to take cases and clients whose causes I actually care about, and reject those that I don't. I want to be able to work from home when I need to work from home, or vacation when I need to vacation. I want to go to court. I want to market how I want to market.

The big law associate happiness scale doesn't go from hate it to love it, it goes from hate it to tolerate it. I want more out of my degree and my life than striving to reach tolerating my job.

It won't be easy, but damn, I'd rather bankrupt my bank account trying to take ownership of my life rather than bankrupt my soul working big law.

You are the only person on this board who would say this.

[delusional]

HLS 2L here strongly considering this option. Before the standard response, no, I didn't strike out at OCI, and am actually going to be working at a v50 this summer.

My thoughts? Life is way too short to spend any significant amount of time doing something you hate. I want to have client contact. I want to take cases and clients whose causes I actually care about, and reject those that I don't. I want to be able to work from home when I need to work from home, or vacation when I need to vacation. I want to go to court. I want to market how I want to market.

The big law associate happiness scale doesn't go from hate it to love it, it goes from hate it to tolerate it. I want more out of my degree and my life than striving to reach tolerating my job.

It won't be easy, but damn, I'd rather bankrupt my bank account trying to take ownership of my life rather than bankrupt my soul working big law.

0L thinks you're cute.

[Anonymous User]

HLS 2L here strongly considering this option. Before the standard response, no, I didn't strike out at OCI, and am actually going to be working at a v50 this summer.

My thoughts? Life is way too short to spend any significant amount of time doing something you hate. I want to have client contact. I want to take cases and clients whose causes I actually care about, and reject those that I don't. I want to be able to work from home when I need to work from home, or vacation when I need to vacation. I want to go to court. I want to market how I want to market.

The big law associate happiness scale doesn't go from hate it to love it, it goes from hate it to tolerate it. I want more out of my degree and my life than striving to reach tolerating my job.

It won't be easy, but damn, I'd rather bankrupt my bank account trying to take ownership of my life rather than bankrupt my soul working big law.

You are the only person on this board who would say this.

You're probably right. I won't lie -- I'd love to get rich and have bottles and models (ok sans the models, since I have a wonderful SO) -- but I'd rather do it on my terms, not on someone elses.

I'm convinced that the reason people get so "omg you're crazy don't do it" on these boards is 10% because it's hard, 30% because its scary, and 60% because they're too brainwashed to even question the path that law schools push you down.

0L thinks you're cute.

Well thank you!

[delusional]

You're probably right. I won't lie -- I'd love to get rich and have bottles and models (ok sans the models, since I have a wonderful SO) -- but I'd rather do it on my terms, not on someone elses.

I'm convinced that the reason people get so "omg you're crazy don't do it" on these boards is 10% because it's hard, 30% because its scary, and 60% because they're too brainwashed to even question the path that law schools push you down.

Uh, no, it's because I am aware that people don't want to be "helped" or "saved". And your own terms means that you not only decide the terms but are responsible to see them through. Try making payroll a few weeks in a small office and tell me you want your "own terms".

[Anonymous User]

You're probably right. I won't lie -- I'd love to get rich and have bottles and models (ok sans the models, since I have a wonderful SO) -- but I'd rather do it on my terms, not on someone elses.

I'm convinced that the reason people get so "omg you're crazy don't do it" on these boards is 10% because it's hard, 30% because its scary, and 60% because they're too brainwashed to even question the path that law schools push you down.

Uh, no, it's because I am aware that people don't want to be "helped" or "saved". And your own terms means that you not only decide the terms but are responsible to see them through. Try making payroll a few weeks in a small office and tell me you want your "own terms".

Who said anything about helping or saving people? Wanting to choose what cases I take has nothing to do with helping or saving anyone. You should pepper up that reading comprehension before you actually get to law school.

I would love to do some work advising startups, work some soft ip cases, do some criminal defense/post conviction work, whatever interesting civil cases come my way, some entertainment law, etc. Obviously, I'd have less leeway at the beginning to turn down clients and cases, but I'd have no leeway in big law.

I also appreciate your mini lecture on having the responsibility to see my terms through. I guess my "I pick the terms and then take a nap" groundbreaking law firm concept is out the window. Damnit.

[delusional]

You're probably right. I won't lie -- I'd love to get rich and have bottles and models (ok sans the models, since I have a wonderful SO) -- but I'd rather do it on my terms, not on someone elses.

I'm convinced that the reason people get so "omg you're crazy don't do it" on these boards is 10% because it's hard, 30% because its scary, and 60% because they're too brainwashed to even question the path that law schools push you down.

Uh, no, it's because I am aware that people don't want to be "helped" or "saved". And your own terms means that you not only decide the terms but are responsible to see them through. Try making payroll a few weeks in a small office and tell me you want your "own terms".

Who said anything about helping or saving people? Wanting to choose what cases I take has nothing to do with helping or saving anyone. You should pepper up that reading comprehension before you actually get to law school.

I would love to do some work advising startups, work some soft ip cases, do some criminal defense/post conviction work, whatever interesting civil cases come my way, some entertainment law, etc. Obviously, I'd have less leeway at the beginning to turn down clients and cases, but I'd have no leeway in big law.

I also appreciate your mini lecture on having the responsibility to see my terms through. I guess my "I pick the terms and then take a nap" groundbreaking law firm concept is out the window. Damnit.

I still think that it was a reaosnable interpretation of this

I want to take cases and clients whose causes I actually care about,

Regardless, I know nothing about law, but I know a little about small offices and being your own boss. You can take it or leave it, I guess. You don't make your own hours. You work while you pee. Who is going to buy your toilet paper and mop your floor when it's just you and a secretary? Are you going to be happy spending your time trying to find a neighboring business to share a trash pickup with, instead of doing legal work you don't like?

[Anonymous User]

You're probably right. I won't lie -- I'd love to get rich and have bottles and models (ok sans the models, since I have a wonderful SO) -- but I'd rather do it on my terms, not on someone elses.

I'm convinced that the reason people get so "omg you're crazy don't do it" on these boards is 10% because it's hard, 30% because its scary, and 60% because they're too brainwashed to even question the path that law schools push you down.

Uh, no, it's because I am aware that people don't want to be "helped" or "saved". And your own terms means that you not only decide the terms but are responsible to see them through. Try making payroll a few weeks in a small office and tell me you want your "own terms".

Who said anything about helping or saving people? Wanting to choose what cases I take has nothing to do with helping or saving anyone. You should pepper up that reading comprehension before you actually get to law school.

I would love to do some work advising startups, work some soft ip cases, do some criminal defense/post conviction work, whatever interesting civil cases come my way, some entertainment law, etc. Obviously, I'd have less leeway at the beginning to turn down clients and cases, but I'd have no leeway in big law.

I also appreciate your mini lecture on having the responsibility to see my terms through. I guess my "I pick the terms and then take a nap" groundbreaking law firm concept is out the window. Damnit.

I still think that it was a reaosnable interpretation of this

I want to take cases and clients whose causes I actually care about,

Regardless, I know nothing about law, but I know a little about small offices and being your own boss. You can take it or leave it, I guess. You don't make your own hours. You work while you pee. Who is going to buy your toilet paper and mop your floor when it's just you and a secretary? Are you going to be happy spending your time trying to find a neighboring business to share a trash pickup with, instead of doing legal work you don't like?

Clients and cases I care about doesn't really equate to saving people.

As for your questions, at some point you do make your own hours. Not for awhile, of course, but when you establish yourself. I have no illusions that I'd be working when I want or taking month long vacations two weeks after setting up my practice.

There are suites and buildings of suites, some full of other lawyers, that probably include toilet paper. I can mop my own floors if necessary...thank God I wasn't coddled growing up. And yes, I'd much prefer to have to find a business to share trash pickup with than have to sift through legal trash on my desk for 12 hours a day.