Thursday, July 28, 2016
The blog Law.com interviewed several recent law grads who decided to hang a shingle for a variety of reasons ranging from they couldn't find a traditional law firm job in a tough economy to enjoying the freedom and entrepreneurship represented by working for oneself. These newly minted solo practitioners offer advice to others who are contemplating a similar career path including everything from the importance of effectively managing your law school debt to using incubators and other experiential learning opportunities while still in law school to develop key legal skills before attempting the solo life.
Let’s face it, the Big Law life isn’t for everyone. Some 4.4 percent of law school graduates—or about 1,900 each year—launch their own firms, according to the National Association for Law Placement, which last ran the numbers in 2014.
In talking to young lawyers who went into business for themselves during the past few years, Law.com found that some had no choice: They couldn’t find a place at a law firm, where hiring from top-tier schools has improved since the recession but generally not from lower-ranked schools. Some of the recent graduates we talked to did find a law firm job; but they didn’t like it. Others were realizing ambitions—they preferred the flexibility and autonomy of running their own practices, plus the close interaction with clients.
The solo career choice is not easy, they said, but added that practice incubators, which provide office space and support for young solos, can ease the pain.
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Continue reading here.