Earning a law degree is no small feat. If you’ve graduated from law school and passed the bar exam, congratulations! However, many brand-new attorneys find themselves reeling, even lost after reaching these milestones. Having been so focused on achieving those goals throughout undergrad and post-grad studies, clerking, internships, and summer vacations — if they took any, that is — they may not have seriously considered life after law school.
Should you sign on with an established law firm or hang out your shingle as a solo attorney? That’s often the million-dollar question for recent law school grads. Today we’re exploring the pros and cons of each.
The Benefits and Drawbacks of Working for a Large Firm
Being hired by a large, prestigious law firm is a heady experience. It’s exciting to finally step into the big leagues, after having dreamt for so long about seeking justice in that corner office.
One of the major benefits of being employed by an established firm is, undoubtedly, the salary. You aren’t going to be making as much as the partners are, but you’ll know what dollar amount to expect in every check. This can be a huge relief and sense of security, particularly if you have been living paycheck to paycheck (or ramen to ramen) during your student days.
Additionally, say the experienced lawyers at ljacobsonlaw.com, you’ll get guidance and mentorship by working for a large firm. As you are just starting out, the daily duties of a lawyer can be overwhelming. In a firm, you’ll have the help of more senior attorneys, as well as that of paralegals, legal secretaries, and interns.
There are many careers that allow a person to do their job, then clock out and go home; being a lawyer isn’t usually one of them! However, when you are working for a law firm, your responsibilities are generally pretty cut and dried. You won’t have to worry about making sure the copier has enough toner, the rent is paid, or the tweets are being replied to.
The downsides to a law firm job? You might just be a cog in the machine, toiling away without a whole lot of recognition or reward. The big dogs could take credit for your hard work. And you’ll be left as low man on the totem pole, at least until you’ve paid your dues.
Ultimately, working at a firm means working for someone else. This can be a double-edged sword, of course. If you’ve got a great boss, you’ll be golden. If your superiors aren’t so super, however, you could end up a miserable employee indeed.
Should You Consider Starting Your Own Firm?
Those who choose the profession of attorney are often determined, headstrong, and committed. In other words, they make excellent entrepreneurs. There is also something very appealing about working for, and making a name for, yourself.
But make no mistake: the operative word here is “work.” Yes, all new attorneys are going to have their nose to the grindstone, as much as in law school if not more so. As a solo practitioner, however, you will be burning the candle not just at both ends but in the middle too.
Remember that when you start your own practice, you’re not just wearing your lawyer hat. You’re also going to be receptionist, bookkeeper, marketing director, social media guru, office manager, and janitor. That means a lot of duties that you might not be very comfortable with — or good at — and it’s those roles that have the potential to sink your practice if you flub them up.
Your salary isn’t going to be guaranteed. If you are successful in the long run, yes, you’ll probably make a lot of money. But it may take a long time to get there. Not in it for the money? Great. Just make sure you are earning enough to keep the lights on and pay your student loans.
On the plus side, being your own boss is incredibly rewarding. Not being micromanaged or monitored is another big perk. Without that built-in support system, you’ll have to rely on your own wits (and external supports like mentors and colleagues, not to mention friends and family). Beating the odds by yourself will bring you unbelievable confidence and experience.
Don’t discount the importance of freedom, either. As your own boss, you can take the cases you want to and leave the rest. There will be no one handing you a file folder and saying “Here, this is yours. Get crackin’.” If necessary, you can take time off. Making your own decisions can be risky, but it also can result in remarkable rewards.
At the End of the Day…
Whether to go it alone or work for a large law firm can be a monumental decision. It is a wise idea to speak with fellow law school grads, especially those a year or two ahead of you who have already grappled with this choice. But at the end of the day, only you can make that decision for yourself. In your heart, you likely have an idea of which path is the best one for you to take.
Do you have any advice for recently minted attorneys? Have you been in this conundrum, whether as a lawyer or any other professional? Let us know how you decided which way to go, and how it worked out for you, by leaving a comment below!