There are as many reasons for law firm ownership as there are law firms. Are you:
- Fed up with your law firm taking credit for your hard work, or reaping financial rewards while you bill thousands of hours?
- Tired of wasting your talent on uninspired work and unpalatable clients?
- Sick of being told to be patient, and wait your turn for advancement and more responsibility?
- Unemployed or looking to reenter the legal profession after a long absence but haven’t been able to find a job in legal?
- Not at all entrepreneurial and business-minded but still curious about what tihs law firm ownership thing is all about?
- Feeling guilty about missing out on your kids growing up or dumping your home responsibilities on your partner’s shoulders because your current position is too demanding?
- Struggling to repay loans and save for your kids’ college on a miserly salary?
- Remorseful at having settled for a JD-adjacent position instead of using your law degree to change the world?
- Mad as hell that you’ve been passed over again and again for promotions and new opportunities at your firm because of your gender, your race or both?
- Frightened at what the future holds with a recession on the horizon and your law firm delaying start dates and engaging in layoffs?
- Excited about the possibilities that artificial intelligence holds for law practice, and eager to see how to use it to build a law firm?
Maybe it’s finally time to make 2024 the year you start your law practice.
You won’t be alone.
In the wake of the pandemic, declaring ownership of one’s talent isn’t a moment but a movement. Workers across all industries have re-examined their priorities, precipitating “the big quit” — 4 million people in April 2021 alone, according to Labor Department statistics. Now it’s time for lawyers to do the same.
And some lawyers may not even have a choice. With the economy teetering on recession, law firms and companies are starting up another round of layoffs and deferring start dates. Who knows if your job will still be around in six months. Plus, this past year, generative AI has swept through legal, already taking a noticeable bite out of the associate leverage model fueling big law.
The best time to start was yesterday. The next best time is right now:
- Generative AI is creating new opportunities for first movers, and helping lawyers master new practice areas and automate faster and less expensively.
- The Creator Economy — where creators maintain ownership and control of their talent — is thriving across all industries and has a spillover effect in the legal profession.
- With affordable digital marketing options and social media, it’s easier than ever to stand out as a one-in-a-million lawyer, rather than one of millions of lawyers.
- Legal technology advances are facilitating remote work, document automation and sophisticated legal research are booming, enabling lawyers to serve clients faster, better and cheaper. It’s never been more affordable than now to start your own firm.
- Law firm ownership is affording women and lawyers of color opportunities to thrive and create new, innovative law firms that advance diversity and equality in the legal profession;
- Relaxation of regulation of non-lawyer firm ownership rules is creating additional opportunities for lawyers. You can start a traditional firm, a hybrid with another professional or a national virtual practice. The possibilities for new business models are endless.
Join me for a free webinar, Make 2024 the Year You Start Your Law Practice. We’ll discuss:
- Why the time is right to start your own law practice;
- The financial and personal benefits of owning rather than loaning your talent;
- A whole new world of business models for new law firms;
- How generative AI has changed the way law firm owners practice, and what’s to come;
- What you need to start and what it may cost;
- Basic ethics considerations (including this module to qualify for CLE)
- You ask, I answer – my responses to your Q&A and
- How MyShingle can help you achieve your goal of starting a law firm in 2024 (or even by the end of the year!)
Date – DECEMBER 7, 2023
Time – 3 PM ET
The webinar is FREE, simply click here to register.