Unfortunately, there are some factors that would make it difficult for an attorney to set up his law firm. More or less, these drive many lawyers to go simply off and work for others instead of starting their firm. There are so many young lawyers who then end up underpaid, earning very low incomes when they can have their law firm. I guess it is safe to say that setting up one’s firm is easier said than done. If it were easy, then everyone would have done it already. These lawyers are faced with certain stumbling blocks that hinder them from quickly setting up their firm. That is what this article is meant to discuss further: the stumbling blocks the lawyers face.
First, there is that problem that is faced by everyone who’s looking to start any enterprise: lack of capital. Money is needed to set up a law firm. Even those small town firms cost substantial sums of money to set up. For one, as a matter of tradition, legal offices are always expected to be in ‘correct’ addresses. The rental of even a small space in these respectable addresses does not come cheap, either. You also need to have staff ‘ legal secretaries and clerks ‘ on your offices. Staffing means you need money. The attorney should set aside enough money that will cover rental payments and salary payments for several months.
You would probably have to wait for quite a while before the clients start coming to your offices. The capital requirement when you start your 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 firms. Another factor that can make it hard for an attorney to set up his law firm is the rather complicated nature of the legal services industry’s workings. The complexities of the legal services sector are hard to break through, considering there are great fraternities in place already.
If there is another compelling reason for an attorney not to push through with his law firm, it would be the lack of confidence on his part. When you set up a law firm, you are establishing a business enterprise. There are certain risks involved. Many lawyers have set up their firms but, due to the lack of clients, they end up closing down and going off to work for others instead. This is not something that many attorneys want to experience. Therefore, these lawyers decide just to play it safe. Even if they have enough money to start their firm, and their reputation is stable sufficiently to attract clients, they still refuse to set up their law firm.