4 Benefits of Owning Your Own Firm

No matter what stage you’re at in your career, you may occasionally wonder whether you want to open your own firm. Working for a larger practice gives you the advantage of an existing client base, a variety of new cases, and access to mentors, but if you’re the entrepreneurial type or just ready to benefit directly from years of experience, owning your own firm has some attractive benefits. Let’s take a closer look at four of them.

1. Choose the Niche That Inspires You

Owning your own firm gives you the opportunity to call all the shots. No more being a “door lawyer.” Larger firms typically serve a wide range of areas, from family law to personal injury and criminal defense. Some of these disciplines may not be in your wheelhouse, although you took the necessary courses in law school. But when you’re working for someone else, you can’t always pick your cases.

As the owner of your own firm, you choose the cases you take and the clients you want to work with. Being able to set the stage to do your best work can make your firm not only stand out but turn you into an authority in your field.

2. Control the Workflow

When you own your firm, you direct the office workflow. You can: 

  • Dispense with old practices that never worked at your past jobs
  • Implement new technologies instead of being limited by the “tried and true” ones
  • Adopt tools that make compliance easier

As client needs change and technology advances, you can accommodate them immediately. There’s no need to go through multiple departments for approval, only to be vetoed by senior partners in the end. 

3. Establish a New and Positive Culture

Culture is an essential part of any business, and when you own your own firm, it’s important to prioritize it. If your team loves what they do, it increases morale and sends a positive vibe to clients as well. Show your employees and clients that you value them and it can translate into the type of positive culture that grows a business. 

4. Build Stronger Relationships

With a small to mid-sized firm, it’s easier to build strong and lasting relationships with your team and clients alike. Even when caseloads are high, you can stay on top of everything with the right practice management programs, resulting in higher morale and increased client loyalty.

Conclusion

Although most new college graduates join existing law firms, a small percentage establish themselves as sole practitioners before transitioning to firm ownership. Others spend years working for a larger firm before taking that big step. While it may not be for everyone, those who welcome the thought of running a successful business may want to explore it further.

Of course, marketing that firm will be a huge part of your success. Whether you need our help or just want to take advantage of the resources we provide, we’ll be your biggest cheerleaders along the way. Check out all of our resources here, and if you’d like to learn more about working with us, click here to book a pressure-free call today.

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Spotlight Branding

Spotlight Branding is a content marketing and branding firm for lawyers and other professionals. Our goal is to help you create an online presence that positions you as a credible expert in your field, keeps you connected with your network in order to stay top of mind and increase referrals, and to become more visible online so prospects can find you!