Setting up a law firm is not easy. There are a number of stumbling blocks that an attorney would face. More or less, these drive many lawyers to simply go off and work for others instead of starting their own firm. Many young lawyers become lowly-paid employees when they could actually set up their own firm and earn more. I guess it is safe to say that setting up one's own firm is easier said than done. If it were easy, then everyone would have done it already. These lawyers are faced with certain stumbling blocks that hinder them from easily setting up their own firm. That something, which stands in the way of some attorneys setting up their own firms, is what we will be taking a closer look at.
First, there is lack of capital. It is a problem that besets anyone else who is planning to set up any firm. You have to have money in order to set up a law firm. Do not let the small town firms fool you, because even they need a lot of money to get started. There are certain traditions to be upheld, and that includes situating the legal offices in addresses that are respectable. Even the rental amount that would be required to lease a space in these respectable addresses is quite substantial. Your office should also have its own staff in the form of legal secretaries and clerks. Staffing means you need money. That means the attorney should have at least several months' rent and salary payments set aside.
You would probably have to wait for quite a while before the clients start coming to your offices. All in all the necessary start up capital requirements are huge. Many attorneys can't afford them, and they are therefore forced to continue working 'for others' even when they'd prefer to have their own firms. Another factor that can make it hard for an attorney to set up his own law firm is the rather complicated nature of the legal services industry's workings. The legal service industry is rife with established fraternities that has a say as to who gets which case, and this is something that newcomers find hard to break.
Simply put, the 'big boys' tend to end up taking all lucrative cases (and many of the smaller ones as well). The new lawyers are still starting out, and they would have a hard time trying to establish themselves because they do not have enough draw or reputation to attract even the smaller clients. Attorneys who set up their own firms have to ready to spend considerable periods of time building reputations, before they can start attracting clients. That is scary for many people, hence the decision not to set up firms (even when they happen to have the capital necessary to do so).
Yet another factor that can make it hard for an attorney to set up his own firm is lack of confidence. A law firm is, for all intents and purposes, meant to be a business enterprise. There are certain risks involved. Many law firms have closed down because of the inability to attract enough clients to sustain business. The owners then move on to work for others. This is not something that many attorneys want to experience. Therefore, these lawyers decide to just play it safe. Even if they have enough money to start their own firm, and their reputation is stable enough to attract clients, they still refuse to set up their own law firm.
First, there is lack of capital. It is a problem that besets anyone else who is planning to set up any firm. You have to have money in order to set up a law firm. Do not let the small town firms fool you, because even they need a lot of money to get started. There are certain traditions to be upheld, and that includes situating the legal offices in addresses that are respectable. Even the rental amount that would be required to lease a space in these respectable addresses is quite substantial. Your office should also have its own staff in the form of legal secretaries and clerks. Staffing means you need money. That means the attorney should have at least several months' rent and salary payments set aside.
You would probably have to wait for quite a while before the clients start coming to your offices. All in all the necessary start up capital requirements are huge. Many attorneys can't afford them, and they are therefore forced to continue working 'for others' even when they'd prefer to have their own firms. Another factor that can make it hard for an attorney to set up his own law firm is the rather complicated nature of the legal services industry's workings. The legal service industry is rife with established fraternities that has a say as to who gets which case, and this is something that newcomers find hard to break.
Simply put, the 'big boys' tend to end up taking all lucrative cases (and many of the smaller ones as well). The new lawyers are still starting out, and they would have a hard time trying to establish themselves because they do not have enough draw or reputation to attract even the smaller clients. Attorneys who set up their own firms have to ready to spend considerable periods of time building reputations, before they can start attracting clients. That is scary for many people, hence the decision not to set up firms (even when they happen to have the capital necessary to do so).
Yet another factor that can make it hard for an attorney to set up his own firm is lack of confidence. A law firm is, for all intents and purposes, meant to be a business enterprise. There are certain risks involved. Many law firms have closed down because of the inability to attract enough clients to sustain business. The owners then move on to work for others. This is not something that many attorneys want to experience. Therefore, these lawyers decide to just play it safe. Even if they have enough money to start their own firm, and their reputation is stable enough to attract clients, they still refuse to set up their own law firm.
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