Should I open my own firm? Forum

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Should I open my own firm?

Post by Anonymous User » Fri Dec 14, 2018 3:03 pm

Hey all- So I was laid off several weeks ago and I have been trying to aggressively network/ interview. I am in real estate but I do not seem to have the necessary experience for some of these positions. I have around 4-5 years of experience and some firms are looking for 10 years. So after each interview usually I am met with the inevitable response of thanks for coming in but we are looking for someone with more experience.

At this point I have been thinking of opening my own firm. I have a close relative in big law who is willing to start referring me business and assist with some of the costs at the beginning. What do you all think? On the one hand it seems very daunting to me to open my own firm; however, on the other hand it could be a rewarding experience and I could learn a lot.

I honestly do not even know where to begin if I were to open my own firm. If you have any reading material with regard to opening a new law office please feel free to copy and paste below.

If you are a successful solo out there I would like to hear your thoughts. But all of your opinions are welcome.

Thank you.

Anonymous User
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Re: Should I open my own firm?

Post by Anonymous User » Fri Dec 14, 2018 4:13 pm

Are you willing to relocate? I think my firm is hiring mid level real estate associates.

tyroneslothrop1

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Re: Should I open my own firm?

Post by tyroneslothrop1 » Fri Dec 14, 2018 4:58 pm

Opening your own firm is a huge undertaking. Do you have clients? Realistically, who is going to hire you? Seems much more practical to just get another job rather then trying to open your own firm because you happened to get laid off. 4/5 years are the prime lateral years although certainly its more difficult where you've been laid off.

SFSpartan

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Re: Should I open my own firm?

Post by SFSpartan » Fri Dec 14, 2018 5:55 pm

utlaw2007 has a really helpful thread (I'm not a solo, so this is based on the feedback of others that are) on going solo floating around here. I'd start there.

Edit: Not calling what you do "shitlaw" despite the title of the thread, which can be found here: http://www.top-law-schools.com/forums/v ... 4&t=210075

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BeeTeeZ

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Re: Should I open my own firm?

Post by BeeTeeZ » Sat Dec 15, 2018 2:21 am

Real estate practice involves a lot of networking. If you're networking yourself into interviews you're not qualified for, you're probably pretty good at networking.

If you can effectively network (looks like you can), have *some* referral base from which to build (sounds like you do), and can survive a year without turning a profit, I say bet on yourself and go solo. That's my two cents.

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Ohiobumpkin

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Re: Should I open my own firm?

Post by Ohiobumpkin » Sat Dec 15, 2018 1:16 pm

I opened my own firm. Here is my two cents. Unless you are interested in owning and managing your own business (which is what a law firm is, a business), I would not recommend opening your own firm. I have wanted to start my own business since high school, and I have an independent streak. I find it miserable to work for someone else as a subordinate. Especially in your first year or two, you will be your own accountant, marketer, networker, secretary, and you will have to practice law. Having a mentor is a huge factor for success as well. Also, having a source of referrals is a giant leg up. You should plan on not making a profit your first year, and I definitely would talk to your spouse/partner about what to expect and get his/her buy-in.

I love running my own firm, but it definitely is not for everybody. If you have the drive, personality, vision, and network of support, you can (but by no means will certainly) have a successful law practice.

Books I would recommend include Solo by Choice, How to Start and Build a Law Practice, The E-Myth Attorney, and a solid book on marketing.

Best of luck!

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