So you've decided to start a law firm. If you're like most, you may have decided to start a solo practice as opposed to a partnership. After all, a solo practice is easy to set up and you have no one to answer to but yourself.
However, there may be situations in which it is worthwhile to find partners.
With all the attorneys and recent grads deciding to go solo, it shouldn't be too difficult to find a partner. Here are five reasons why you may want to consider starting a partnership as opposed to going the solo practice route:
- A Sounding Board. When you practice by yourself, you may run into situations where you get stuck or are not sure which arguments will work best. By having another attorney to talk to, you can help talk through your ideas and receive constructive feedback about how to overcome these obstacles.
- Two's Company. One of the unspoken difficulties of starting a solo practice is dealing with the solitude. Even if you don't speak everyday or frequently with those in your partnership, knowing that there are other people working just as hard as you are can ease the mind.
- Referrals. If you strategically pick the right partners in complimentary practice areas, you may be able to generate referrals for each other.
- Size Matters. Unfortunately, many still hold a negative impression of solo attorneys. With multiple names on your letterhead, you may look more legitimate to potential clients.
- Save Money. Just as a large family can save by shopping at Costco or Sam's Club, multiple partners can save money on resources like printers, secretaries, electricity, etc., by sharing an office. But be careful, as some ways to split costs with fellow attorneys can get you into trouble.
Partnerships may not be for everyone. In fact, many attorneys may have started a solo practice just to get away from others. But if you are open to having partners, you should consider these reasons for forming a partnership.
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