Now might be the best time to start a boutique law firm
Thinking of going out on your own, or starting something up with a few lawyer friends? The down economy may present a great opportunity, according to Law360.
What’s bad for the big guy could be good for the little guy: Companies that typically outsource law work to big firms may want a discount and choose a lawyer with discounted rates. Entrepreneurial lawyers and boutique firms can typically negotiate lower because they have lower overhead.
And the lowest overhead of all is no overhead: With people getting used to Zoom meetings, attorney Nicole Gueron, who started a firm, said lawyers could get away with having no physical office space, at least for a while.
It’s easier than ever to start up a firm: Firms used to require a crazy amount of infrastructure, even excluding office space. Now almost everything can be stored on the cloud or Clio software.
It worked in 2008 and 2009, when the financial crisis led to an increase in lawyers starting smaller practices. But lawyers who have ventured out on their own have a warning: Be sure you’re ready for the business and networking side of things as much as you are the law.