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. It is on account of these factors that we see many attorneys opting to work 'for others' all their lives. It is also on account of these factors that we often see many young attorneys struggling to find lowly-paid employment, yet they could just as well 'set up their own firms.' Granted, it is not something that can be easily done. Otherwise, all lawyers would have had their own firms by now. At least, there is something that stands in the way of many attorneys setting up their own firms. That is what this article is meant to discuss further: the stumbling blocks the lawyers face.
It emerges that one factor that can make it hard for an attorney to set up his own law firm is lack of capital. If you set up a law firm, it will cost you. You need a substantial amount, even if you are only starting what seems to be a small town law firm. Tradition dictates that legal offices should be found in addresses that are respectable and prominent. Even if you are only renting a space in such an address, it would cost you a lot. Your office should also have its own staff in the form of legal secretaries and clerks. These cost money. The attorney should set aside enough money that will cover rental payments and salary payments for several months.
After all, you cannot expect to have clients the moment you open your offices. It would take a while. The capital requirement when you start your own firm is quite enormous. 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 affects the ability of these lawyers to start their own firm is the intricacies 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.
You can expect all the cases to be in the hands of the 'big boys'. Even the small cases are going to be theirs. Since new lawyers are still relatively unknown and still don't have enough reputation, even the smallest clients won't give them the time of day. Before the clients start coming in, the new lawyer should invest a lot of time and effort in building his name and reputation up. 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).
If there is another compelling reason for an attorney not to push through with his own law firm, it would be the lack of confidence on his part. When you set up a law firm, you are setting up a business enterprise. There are going to be huge risks. We have seen people set up their own firms, only to end up not attracting any clients (which pushes them to eventually close down and go looking for employment again). Many lawyers do not want to be humiliated or embarrassed in this manner. So they opt never to set up their own firms, even when they happen to have built reputations and accumulated the sums of money necessary to do so.
It emerges that one factor that can make it hard for an attorney to set up his own law firm is lack of capital. If you set up a law firm, it will cost you. You need a substantial amount, even if you are only starting what seems to be a small town law firm. Tradition dictates that legal offices should be found in addresses that are respectable and prominent. Even if you are only renting a space in such an address, it would cost you a lot. Your office should also have its own staff in the form of legal secretaries and clerks. These cost money. The attorney should set aside enough money that will cover rental payments and salary payments for several months.
After all, you cannot expect to have clients the moment you open your offices. It would take a while. The capital requirement when you start your own firm is quite enormous. 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 affects the ability of these lawyers to start their own firm is the intricacies 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.
You can expect all the cases to be in the hands of the 'big boys'. Even the small cases are going to be theirs. Since new lawyers are still relatively unknown and still don't have enough reputation, even the smallest clients won't give them the time of day. Before the clients start coming in, the new lawyer should invest a lot of time and effort in building his name and reputation up. 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).
If there is another compelling reason for an attorney not to push through with his own law firm, it would be the lack of confidence on his part. When you set up a law firm, you are setting up a business enterprise. There are going to be huge risks. We have seen people set up their own firms, only to end up not attracting any clients (which pushes them to eventually close down and go looking for employment again). Many lawyers do not want to be humiliated or embarrassed in this manner. So they opt never to set up their own firms, even when they happen to have built reputations and accumulated the sums of money necessary to do so.
About the Author:
Searching for drug attorney Reno ? Get instant legal advice by visiting www.joeygilbertlaw.com. Gilbert's work values are dedication and persistence which have helped him acquire every goal and challenge set in front of him. He has practiced law since 2004 in numerous areas; however, he aims at on criminal and civil trial practice and specific areas of sports and entertainment law.
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