Law Firm Marketing: More Attorneys Choosing Entrepreneurship
A New York Times article last week noted a growing trend among attorneys in their mid-20s to early 40s: opening up their own shops in lieu of pursuing the partner track in larger law firms.
According to the article, a growing number of young attorneys want more control over their time and many are choosing to go it alone or with a like-minded colleague rather than be at the mercy of large law firm layoffs or what has become a slower slog to partnership.
The article profiled five new law firm start-ups and revealed some of the lessons learned from hanging out one’s own shingle:
- To reach profitability more quickly, run a lean operation
- Network at every possible opportunity
- The best clients are the people you would want to socialize with, not just anyone who walks through the door
- Challenge the status quo when it comes to billing practices – one firm charges a flat rate and bills upfront for third party services
- Create a realistic budget
- Effective time management is critical
- Learn to handle uncertainty – your monthly income is likely to be cyclical until you are well established
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