Solo or Big Firm, A Choice by Design: Choosing the Path Where Success Aligns

My legal career resembles the hiking trails that I often choose to traverse with twists, turns, rocks in my shoe, inclines and descents, a lot of sweat, a few steep switchbacks for good measure, a spectacular view at the top, and of course nothing ever goes as planned.

Up until a few months ago and for much of my legal career, I ran my own successful solo Entertainment and IP Law boutique firm, the Law Offices of Natasha S. Chee, working on film, TV, music, and video game projects with amazing creatives. After much consideration I joined a firm of over fifty attorneys, Donahue Fitzgerald LLP as Senior Counsel in their Entertainment, Music, and IP practice group, with an excellent reputation of serving world-renowned clients. Transitioning from a solo practice to joining a larger law firm has been both exhilarating and challenging. While solo practice may offer autonomy, entrepreneurship, and complete control over your business, larger firms may provide camaraderie, support, and resources. Each situation includes its own set of challenges and rewards. Like those “Choose Your Own Adventure” books that I read as a child, I will explore the advantages of each setup and offer guidance on deciding which adventure to follow.

Advantages and Disadvantages of Managing a Solo Firm

Solo practice has many appealing advantages, such as being your own boss and thus having complete control over your practice – from the practice area, the clients you work with, the number of hours you work, and the freedom to make decisions without needing approval from anyone. Running your own firm ensures direct interaction with clients and handling a case from inception to final result, which can foster strong relationships and client loyalty. There can be an efficiency in managing everything yourself. Being flexible is another benefit, allowing a lawyer to pivot to practice areas that are of interest. Successful solo practitioners can potentially earn more than their counterparts in larger firms, as they keep all the profits from their practice. And no one is stopping you from working wherever you choose.

Before you imagine yourself drafting an agreement on the beach, let’s go over the risks associated with opening a solo practice, because they are plentiful. The biggest concern is uncertainty and financial risks, because as a solo you are wholly responsible for overhead costs, managing cash flow, administrative duties, client acquisition, and the list goes on. As a solo practitioner, you wear many hats – head marketer, sole rainmaker, one-person billing department, and office manager – and oh yeah, the actual lawyer too. You will be responsible for following business requirements, getting your own insurance, hiring staff, building a website, etc. This can be overwhelming and you may find yourself spending a disproportionate amount of time on non-billable tasks, which equals less cash flow. Also, you have to build a strong network of mentors and colleagues because you will need to co-counsel, phone a friend, or refer out cases. You also need to be strategic in marketing, branding your firm, and advertising your skills for clients to find, choose, and hire you. Being solo may hinder your ability to take on larger and more complex cases. On the flip side you may scale up too quickly and suddenly find yourself underwater if the cases fizzle out. Running your own firm may increase the pressure to succeed, which could lead to burnout.

Solo practice is best suited for lawyers who have that independent entrepreneurial spirit and mindset, those who understand that running a law firm is not just practicing law, but that it is also a business, and are comfortable with weathering storms while waiting for the sun to shine.

Advantages and Disadvantages of Working in a Larger Firm

There are many advantages to working in a larger firm, including extensive resources, administrative support, a built-in network of colleagues, a stable salary with great benefits, and a corner office with a spectacular view. The larger firm support may allow you to focus more on practicing law and less on administrative tasks, though the extent to which that is true will depend on the skills of your support staff and your role within the firm. Larger firms often have structured mentorship programs and opportunities for professional development, such as practice group meetings, firm retreats, and sponsored events, where you can benefit from the guidance of experienced attorneys and the steady availability of learning opportunities.

Working at a reputable larger firm can bring caché and enhance your professional credibility while providing opportunities to work with influential clients and peers. The stability provided by a larger firm, including competitive salaries, bonuses, and benefits, can alleviate personal stress for people who may not be able to stomach the financial ebbs and flows of a solo practice.

Working within the hierarchical structure of a larger firm often means less autonomy, especially as a more junior attorney. Decisions must go through multiple levels of approval, and you may not have control over the types of cases you work on, depending on your experience and ability to generate your own work. Larger firms have high billable hour requirements and performance expectations, which can lead to long hours and a stressful work environment. While larger firms offer opportunities for specialization, they may also pigeonhole attorneys into specific practice areas, limiting your ability to diversify your practice and explore different areas of law. The demands of a larger firm can also impact work-life balance and lead to mental health issues.

Larger firm practice is best suited for lawyers who crave stability, the prestige and backing of a larger firm, and having a built-in network of colleagues, at the same time understanding their place within the puzzle and being comfortable with having less autonomy.

Start Your Own Practice or Join a Firm

When deciding whether to start your own practice or join a firm, I recommend assessing your risk tolerance, career goals, work-life balance preferences, business acumen, and financial situation. If you have an entrepreneurial spirit and are comfortable with risk, starting your own practice could be rewarding beyond measure. Looking back on my years building my own law firm business brings me a great sense of accomplishment. However, if you prefer financial stability, want to focus on practicing law instead of running a firm, and enjoy the comradery of co-workers, joining a firm might be more ideal.

Consider your long-term career goals and ask yourself what you value most – autonomy and building a business, or stability, mentorship, and opportunities to work within a team. Evaluate your financial situation and future earning potential, as solo practice can lead to higher earnings, but also comes with financial risks, especially in the beginning, whereas in a larger firm the seemingly high salary may not be a direct correlation to the amount of effort you are putting in.

My experience in both solo practice and a mid-size firm environment has given me a unique perspective on this decision. As an attorney, I have always been committed to challenging myself while maintaining impeccable service to my cherished clients. I have been fortunate to have found a firm that supports my entrepreneurial spirit and autonomy, while providing the resources and guidance to take on larger and more complex cases.

In sum, transitioning from a solo practice to a larger firm, or vice versa, requires careful consideration of the advantages and disadvantages of each. By evaluating your priorities, and being mindful of what brings joy to your practice as a lawyer, you can choose to design a path where success aligns.