Ready for launch: key considerations when setting up your own legal practice

So: you’re finally ready to leave the world of traditional law behind to set up your own law firm. You’ve been dreaming of the autonomy, the flexible working hours – not to mention building a practice that’s tailored to your vision, your ambitions. However, starting your own law practice comes with some challenges that can be underestimated. Understanding these potential headaches – and considering alternatives like fee-share law firms – can help you to make the right decisions when taking the first step towards the practice you’ve always wanted.

Understanding the business side, not just client service

One of the biggest burdens for lawyers leaving a traditional firm is the business management side of running a law practice. In a conventional law firm, operational tasks like accounting, IT, marketing, and office management are handled for you. As a solo practitioner, you either take on these responsibilities or hire support.

You can plan for these additional responsibilities by creating a detailed business plan before launching. The plan will need to contain budget for professional services support, investment in efficient practice management software, and consider your revenue goals. This ensures your law practice starts on solid financial footing and reduces the risk of burnout.

Comply or die

Compliance is critical when setting up your own law firm in England. The Solicitors Regulation Authority (SRA) enforces strict rules regarding client money, professional indemnity insurance, and professional conduct. No-one wants to be the subject of an SRA investigation, least of all a new practice that’s still finding its feet.  

Asa experienced lawyer you will already understand your SRA obligations, but as a solo practitioner it’s now your job to implement robust systems for client funds, deadlines, and documentation. Many lawyers find that joining a fee-share law firm helps mitigate compliance risks while maintaining independence, as infrastructure and professional support are already in place.

Building your pipeline: attracting clients

Building a client base is one of the biggest challenges for new law firms. In a traditional firm, much work comes from referrals and established client networks. For your own practice, you must actively market your services to attract clients.

It’s important that you build a professional website before you launch. Then, maintaining an active LinkedIn presence, networking within the legal community and leveraging past professional relationships will help to keep you top of mind with potential clients. It’s important that this is all mapped out in a marketing plan to keep you on track and generating consistent work.

Balancing the benefits

Despite the challenges, starting your own law firm offers substantial benefits. You gain control over the clients you work with, the cases you take on, and your working hours. You can focus on a niche area of law you’re passionate about and create a work culture that suits your style.

However, with flexibility and autonomy come additional responsibilities. Considering and addressing the operational burdens laid out above in advance of the launch of your practice will vastly increase your chances of success.

For lawyers seeking independence without the operational headaches, fee-share law firms present an attractive option. These models allow lawyers to run their own practice under a supportive infrastructure. Compliance, marketing, and administrative tasks are managed, while you maintain autonomy over your clients and cases. Essentially, fee-share law firms offer the freedom of a solo practice with built-in safety nets. If this article has inspired you to find out more about escaping the constraints of the traditional model, get in touch.