The Difficulties Faced By Any Attorney Looking To Start Up His Own Firm7536539

When an attorney sets out to start his own law firm, he is bound to tangle with a number of factors that would make things hard for him. As a result, many attorneys choose the easier option, which is to be an employee as they work for others. Many young lawyers become lowly-paid employees when they could actually set up their own firm and earn more. This just goes to show that setting up a law firm is not so easy. If it were, then there would be as many law firms now as there are lawyers. These lawyers are faced with certain stumbling blocks that hinder them from easily setting up their own firm. In this article, let us look into what those things are that prevent the lawyers from easily setting up their own firm.

First, there is lack of capital. It is a problem that besets anyone else who is planning to set up any firm. Setting up law firms costs money. Even those small town firms cost substantial sums of money to set up. There are certain traditions to be upheld, and that includes situating the legal offices in addresses that are respectable. Renting office space in such 'addresses' can be hard for someone who doesn't have much money. You would also have to hire secretaries and legal clerks to staff your office. You have to have money so you can hire staff. If you are starting your own firm, make sure that you have already saved up enough money that will be used to pay several months' worth of rental and salary payments.

Attracting clients to your office and signing up your services would take quite a while. So you would need quite a large capital investment when you start your own firm. 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 complexities of the legal services industry is hard to break through, considering there are strong fraternities in place already.

All the cases ' both big and small ' will be given by the 'big boys'. 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. Before the clients start coming in, the new lawyer should invest a lot of time and effort in building his name and reputation up. This is the daunting part among many attorneys, even when they have enough money as start-up capital. Thus, they decide not to start their own firm.

Yet another factor that can make it hard for an attorney to set up his own firm is lack of confidence. When you set up a law firm, you are setting up a business enterprise. Risks are part of it, and they are quite huge too. 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. Not many attorneys are willing to subject themselves to this level of humiliation. 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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