A combination of economic factors, coupled with a desire for a better work-life balance, are causing some well-established large firm partners to seek the flexibility of a smaller or solo practice, according the an April 13th Lawyers USA article by Correy Stephenson.
Technology today makes it relatively easy and affordable to replicate big-firm operating systems -- including practice management software, intranets, websites, and contact management databases -- in a small firm environment. Attorneys can stay "LinkedIn" to maintain contact with a seamless network of former co-workers, clients and friends.
Clients enjoy the benefit of high-powered legal talent at significantly reduced rates. In fact, this is a key differentiating factor that the newly untethered big-firm alum has to offer prospective clients. Almost half (46%) of private practitioners choose a solo practice, and 76% of law firms have five or fewer attorneys according to 2000 stats from the American Bar Foundation, making it essential for the new firm to stand apart from its competitors.
Emphasizing success at a well respected firm, along with a list of impressive representative matters, will help the entrepreneurial small firm lawyer build their client list despite today's tough market outlook.
Monday, April 20, 2009
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