Thinking of Going Solo? Six Essential Steps to Starting Your Own Legal Practice

Contrary to what TV dramas would have you believe, most lawyers in the US do not work at intrigue-filled Big Law firms. In fact, 63% of attorneys work for solo or small firms. A slight majority of that group, 32%, are solo practitioners. 

Solo lawyers commonly report being happier with their professional lives, more satisfied with their mental health, and enjoying more positive attorney-client relationships than their counterparts at large law firms.  

However, just because you can hang your own shingle doesn’t mean you should. Because the ramifications of any legal mistake can be severe, most lawyers will tell you it’s a good idea to get some experience and mentoring under your belt before striking out on your own.  

The need for that valuable experience is the primary reason only 1% of law school graduatesnopen a solo practice. In fact, nearly 67% of all solo practitioners are 40 years old or older.  

Working at a firm before flexing your entrepreneurial muscles can give you time to: 

• Find the practice area you enjoy most 
• Grow your legal knowledge and expertise 
• Work on client management skills  
• Learn how a firm should (and shouldn’t) run 

Starting a solo practice isn’t easy, but it’s not impossible, and it can be quite rewarding. With the right preparation and tools, you can be your own boss sooner than you think. 

Step 1: Identify your target market and practice areas 

It can be tempting when opening a solo practice to take any case that walks in the door just to keep the money coming in. That’s a choice that will cost you in the long run.  

If you’ve left a firm, odds are good you’ve already thought about the types of legal matters you want to work on, but it’s still worthwhile to ask yourself: 

• What practice area am I good at? 
• Is the area I’m good at one that I enjoy? 
• Do I have a solid network in my chosen practice area? 
• Who is my ideal client? Do I know how to approach them? 
• How competitive is the market for that type of practice? 

Answering these questions can help you determine how feasible opening a solo practice really is. For example, if you’re in a city with a lot of firms or attorneys practicing in the niche you’ve chosen, do you have enough name recognition to compete on your own? If not, are there related practice areas you can logically include or add on?

Step 2: Create a business plan 

Every good business plan has two components: the theoretical and the practical. 

The idealistic part of your business plan includes the mission statement, vision, and values that guide your work. It establishes the culture of your business, your standards for client service, and what you want to be known for professionally.  

People who avoid these steps because they view them as “fluff” miss a key opportunity to build confidence in what they have to offer. Setting your vision and values is more than a feel-good exercise—it gives you the conviction you need to be your own brand and to survive writing the practical part of your business plan. 

The practical side of a business plan should include: 

• Revenue forecasts and goals 
• A monthly budget that includes all overhead and admin salaries (if applicable) 
• Cash flow forecasts and statements 
• The key performance indicators (KPIs) you’ll use to track performance 
• Services you’ll offer and your fee structure 
• Marketing plans 

Getting past this critical step is easier if you have a realistic understanding of what you need to bring in to support your lifestyle and a firm belief in the value you have to offer. If you need help with this step, professional associations often have a list of resources and people willing to mentor you.