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. 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.' 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. At least, there is something that stands in the way of many attorneys setting up their own firms. Let us take a look at what those hindrances are that is making things hard for them.
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.
After all, you cannot expect to have clients the moment you open your offices. It would take a while. As far as initial capital goes, you need quite a sizable sum of money to get your firm started. 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. 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'. It will be difficult for the new lawyers to gain any footing in the legal industry because even the small clients won't consider them for their cases. 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).
Lack of confidence is another factor that makes a new attorney take a step back. When you set up a law firm, you are setting up a business enterprise. There are going to be huge risks. 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. Many lawyers do not want to be humiliated or embarrassed in this manner. 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.
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.
After all, you cannot expect to have clients the moment you open your offices. It would take a while. As far as initial capital goes, you need quite a sizable sum of money to get your firm started. 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. 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'. It will be difficult for the new lawyers to gain any footing in the legal industry because even the small clients won't consider them for their cases. 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).
Lack of confidence is another factor that makes a new attorney take a step back. When you set up a law firm, you are setting up a business enterprise. There are going to be huge risks. 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. Many lawyers do not want to be humiliated or embarrassed in this manner. 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.
About the Author:
Searching for criminal defense attorney Sparks ? Get instant legal advice by visiting www.joeygilbertlaw.com. Gilbert's work ethics are dedication and persistence which have helped him attain every goal and challenge set in front of him.
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