Thinking about hanging a shingle

[Anonymous]

I know, I know, I know.

So I went from Biglaw to Smalllaw a few years ago and am doing fine. Not making biglaw money, but have more control over my hours and am making a decent salary. I just feel like I could be doing what I'm doing--I already do tons of business development and bring in work--and keep more of the money. Yes, I will have my own overhead, but....just tired of practicing with these people. If they offered me partnership, I would not take it. They are fine people, but not interested in owning a business with them.

Crazy? Not crazy? DH's job is very stable and we have a good cash cushion.

If you went solo, what were your reasons and are you happy you did?

[Anonymous]

Best decision I ever made. I left a small firm with big firm hours several years ago. I still wake up every now and then and pinch myself. I make more money and work less. My stress level is so much lower. I really can't allow myself to dwell on why it took me so long to leave. Too painful. I had a few really short months, but I blew past my old salary in 6 months. Even in the recession, I make the same or more than what I made at my old place.

[Anonymous]

Anonymous wrote:Best decision I ever made. I left a small firm with big firm hours several years ago. I still wake up every now and then and pinch myself. I make more money and work less. My stress level is so much lower. I really can't allow myself to dwell on why it took me so long to leave. Too painful. I had a few really short months, but I blew past my old salary in 6 months. Even in the recession, I make the same or more than what I made at my old place.

Thanks for this response! What was your timeline on planning to leave? i.e. did you plan for 3 mos, 6 mos, just walk out the door one day and wing it? Did you get office space right away or work at home?

[Anonymous]

I totally envy people who do this. I am too scared to leave the security of a weekly paycheck. But it sounds like you are well-prepared and can rely on your DH's income if necessary during the startup phase. So why not do it? Good luck!

[Anonymous]

Anonymous wrote:I totally envy people who do this. I am too scared to leave the security of a weekly paycheck. But it sounds like you are well-prepared and can rely on your DH's income if necessary during the startup phase. So why not do it? Good luck!

OP here. I think I just need to make a timeline, make a plan, and go for it. Just would like to talk to some people who have made the leap and survived!

[Anonymous]

DC Bar offers a class on hanging your own shingle.

[Anonymous]

This is the original PP. I had made a timeline. I planned to submit notice at the end of the calendar year and open my doors at the beginning of the coming calendar year I originally planned to have a virtual office and work from home. What ended up happening was that my then employer did something to really upset me and it was just the last straw. I ended up giving my notice months earlier than anticipated and leaving months ahead of schedule. I had 3 VERY lean months -- like I went from my 100K + pay checks to making less than $500.00 per month, but month 4 my pay checks kicked back up to my previous amount and more. I have never looked back. I still think sometimes about my job before and how I could not do the things I am doing in my personal life now at my old job.

[Anonymous]

My friend just did it from Biglaw to In House where he was laid off. His story sounds similar to the PP except a few months in he joined forces with a couple of other people. Their practice areas complement each other. He says that he has a target he was to hit each month to really make it work and so far he has been successful. He recently rented office space downtown (oh and he got an automatic promotion to partner!) He seems very very happy with his decision.

[Anonymous]

Anonymous wrote:I know, I know, I know.

So I went from Biglaw to Smalllaw a few years ago and am doing fine. Not making biglaw money, but have more control over my hours and am making a decent salary. I just feel like I could be doing what I'm doing--I already do tons of business development and bring in work--and keep more of the money. Yes, I will have my own overhead, but....just tired of practicing with these people. If they offered me partnership, I would not take it. They are fine people, but not interested in owning a business with them.

Crazy? Not crazy? DH's job is very stable and we have a good cash cushion.

If you went solo, what were your reasons and are you happy you did?

Sounds like you already know you aren't going to make partner..

[Anonymous]

Anonymous wrote:

Anonymous wrote:I know, I know, I know.

So I went from Biglaw to Smalllaw a few years ago and am doing fine. Not making biglaw money, but have more control over my hours and am making a decent salary. I just feel like I could be doing what I'm doing--I already do tons of business development and bring in work--and keep more of the money. Yes, I will have my own overhead, but....just tired of practicing with these people. If they offered me partnership, I would not take it. They are fine people, but not interested in owning a business with them.

Crazy? Not crazy? DH's job is very stable and we have a good cash cushion.

If you went solo, what were your reasons and are you happy you did?

Sounds like you already know you aren't going to make partner..

Not sure what you mean by that. I'm not up for partner yet, but judging by my book of business, they will certainly offer it to me when my year is up. But again, I don't think I have an interest in buying into this particular partnership.
On these lawyer posts, there is always someone snotty who comes along and says "you aren't partnership material" like that has some singular meaning in every type of partnership. I have a book and I have enough cash to buy in, and that's pretty much all it takes for the bunch I'm with. IN some firms you can make "partner" with no business. It just depends. "Making partner" isn't what always what people seem to think it is, even in BIGlaw.

[Anonymous]

I'm a CPA and often have the same thought...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I know, I know, I know.

So I went from Biglaw to Smalllaw a few years ago and am doing fine. Not making biglaw money, but have more control over my hours and am making a decent salary. I just feel like I could be doing what I'm doing--I already do tons of business development and bring in work--and keep more of the money. Yes, I will have my own overhead, but....just tired of practicing with these people. If they offered me partnership, I would not take it. They are fine people, but not interested in owning a business with them.

Crazy? Not crazy? DH's job is very stable and we have a good cash cushion.

If you went solo, what were your reasons and are you happy you did?

Sounds like you already know you aren't going to make partner..

Not sure what you mean by that. I'm not up for partner yet, but judging by my book of business, they will certainly offer it to me when my year is up. But again, I don't think I have an interest in buying into this particular partnership.
On these lawyer posts, there is always someone snotty who comes along and says "you aren't partnership material" like that has some singular meaning in every type of partnership. I have a book and I have enough cash to buy in, and that's pretty much all it takes for the bunch I'm with. IN some firms you can make "partner" with no business. It just depends. "Making partner" isn't what always what people seem to think it is, even in BIGlaw.

OP, disregard him/her. It was just a snotty comment made by one of those people who feel the need to be nasty to everyone around them.

[Anonymous]

Would you be able to retain the business you have developed, or would you be starting from scratch?

Do you have a contract that prevents you from "taking" those clients?

If you are entrepreneurial and can manage the business and development side as well as the legal side, there is little risk, particularly if you can start with clients in hand.

[Anonymous]

I have a friend who did this and is doing very well, living the life she wants to live - making more money while putting in less time, and enjoying her kids. She is a single mom, so from my point of view has a lot of guts - and is experiencing the glory that goes along with that.

Sounds like a plan to me!

[Anonymous]

Anonymous wrote:Would you be able to retain the business you have developed, or would you be starting from scratch?

Do you have a contract that prevents you from "taking" those clients?

If you are entrepreneurial and can manage the business and development side as well as the legal side, there is little risk, particularly if you can start with clients in hand.

Most of my clients will probably go with me. I am the only person in my firm who does my exact speciality. There is no contract preventing me from taking them.

You guys are really giving me something to chew on here. I need to do some cost projections . . . .