I cannot believe it has been over a year since I started my own law firm. As mentioned in a few prior articles, about a year ago, I decided to quit my job and begin my own legal practice. I would be lying if I said I wasn’t scared to take this drastic step and forge my own path into self-employment. In fact, I distinctly remember sitting on the train on my way home from my last day of my job at another firm feeling absolutely petrified about my decision to begin my own shop. However, I can honestly say that the past year has been one of the most fulfilling and enjoyable times of my life. Since many readers of this column may be considering their own move into self-employment, I wanted to share some reflections on my first year of running my own law firm.
The main thing I want to convey to anyone thinking about starting their own firms is that success as a solo or small firm practitioner is a lot more achievable than you think. Most of the people I know who have started their own law firms either had a client base to start with or had a spouse who has a job or some other income source upon which they could rely. However, I had zero clients when I started my firm, and although I had side hustles that I could rely on for some money, those gigs did not provide all of the income I needed.
Nevertheless, I got my first clients a few weeks after I opened the firm, and I made a modest amount of money that first month. Several months into self-employment, I was earning a respectable amount of money, and right now, my firm is humming. Take it from me, if you believe in yourself and put in the work to be successful, you will be able to make a living by running your own law firm.
Another thing that is important to convey to anyone thinking about starting a firm is how fulfilling and enjoyable starting a law firm can be. While working at a firm, I hated commuting. It never made sense to me that I had to be in the office whether I had work to do or not, and it seemed like I wasted a lot of time due to the inefficiencies of working for a firm. I also disliked doing work at the office, since I didn’t have the comforts of home while at work. As weird as it sounds, I would sometimes wait to get home to complete work-related tasks because I was more comfortable there.
Now that I run my own firm, I do not waste any time on traveling unnecessarily. If I have to be at a meeting or a court appearance, I know I need to travel, but I don’t take time out of my day just to be present at an office when I don’t need to be there. Furthermore, working from home has added a lot of joy to my life. Watching the news or Netflix in the comfort of my own home while completing legal tasks has made working almost not feel like work at all, and this has made me a lot happier.
Another perspective I have from my first year of self-employment is that there are a lot of negative perceptions about people who start their own firms. Some folks seem to think that people must have started their own firms out of necessity, since they lost their jobs or did not have other opportunities. Other times, people think that self-employed attorneys might not be doing well financially, since they do not earn a salary like many other legal practitioners.
In reality, these perceptions are mostly false. For many people, opening a law firm is the realization of a long-held dream, not a move out of desperation. For me, self-employment has been an aspiration ever since I started practicing law, and I was not forced into self-employment by any stretch.
In addition, you can make a comfortable living running your own law firm, even shortly after you start your own shop. Whereas many law firms have high fixed costs, smaller firms do not have as much overhead. Since smaller firms usually charge similar rates as other non-Biglaw shops and have fewer expenses, it is easy to see how self-employment can be a lucrative proposition.
The most important point I want to convey while reflecting on my first year of self-employment is that anyone reading this article can start their own law firm. Most of the time when I speak with lawyers about starting a law firm, the other attorneys relate that they once aspired to do the same but have obligations that keep them from doing so now. This includes familial responsibilities, a comfortable life in their current roles, and an array of excuses as long as my arm. I always feel like these folks are trying to justify to themselves why they didn’t take the plunge to start their own firms.
However, take it from me, if you have ever thought of starting your own law firm, you should go ahead and do it. Being successful as a self-employed attorney is more achievable than you think, and you can live a comfortable life through self-employment within months of opening your shop. In addition, there are a number of issues with working at a law firm, and the benefits of being your own boss are well worth the risks of starting your own shop.
Jordan Rothman is a partner of The Rothman Law Firm, a full-service New York and New Jersey law firm. He is also the founder of Student Debt Diaries, a website discussing how he paid off his student loans. You can reach Jordan through email at jordan@rothmanlawyer.com.