Factors That May Make it Hard for an Attorney to Set Up His Own Law Firm370595

Unfortunately, there are a number of factors that would make it difficult for an attorney to set up his own law firm. As a result, many attorneys choose the easier option, which is to be an employee as they work for others. As a result, they end up being employed and earning very little when they could actually set off on their own. 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. Some things simply get in the way, preventing these lawyers from setting up their own firm. That is what this article is meant to discuss further: the stumbling blocks the lawyers face.

Lack of capital is the first thing that an attorney would have to face when he plans to set up his own law firm. If you set up a law firm, it will cost you. You'd be surprised to learn that small town firms actually cost a lot of money. There are certain traditions to be upheld, and that includes situating the legal offices in addresses that are respectable. Even if you are only renting a space in such an address, it would cost you a lot. Then the legal offices have to be staffed (at least with secretaries and legal clerks). Staffing means you need money. The attorney should set aside enough money that will cover rental payments and salary payments for several months.

Attracting clients to your office and signing up your services would take quite a while. As far as initial capital goes, you need quite a sizable sum of money to get your firm started. Since many attorneys cannot meet these requirements, they have no other choice but to work for others instead of working for themselves. Yet another factor that makes the aspiring law firm founders is the complications that are inherent in the legal service industry. 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.

All the cases ' both big and small ' will be given by the 'big boys'. New lawyers trying to find their footings (who lack 'reputations') can end up being shunned even by the smallest of the 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. Many new attorneys decide not to push through with their own law firm because they are daunted by this side of the business. Even those who have more than enough capital buckle down because of this.

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 lawyers have set up their own firms but, due to the lack of clients, they end up closing down and going off to work for others instead. This is not something that many attorneys want to experience. That is why they simply decide not to set up their own firms, even if they have enough capital or they are already known in legal circles.

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