A Benefit of Going Solo Versus The Advantages of Becoming a Partner in a Law Firm
[00:00:00] If you have a solo practice in a niche transactional area, at what level of revenue do you become attractive to a law firm to hire you as a partner? Assuming you have developed a significant book of revenue, what is the advantage of becoming a partner and sharing the revenue with a law firm?
So the only best benefit of solo is, you can refer business to other practice areas.
You can attract larger matters. Meaning larger matters and clients.
You get support. Meaning, better associates, better secretarial staff. Maybe nicer offices.
Then you also get comradery with other attorneys.
Those were some of the benefits. Now, some people would want to always be with a group of other attorneys and that's important to them. Others wouldn't and whatever you think is in your best interest is really what you should be doing. But I've met people with multimillion dollar books for business that are happy to accept much less money. Many times a law firm will do a lot of the management for you so they'll do HR. They'll do do all the things that you don't want to [00:01:00] do and that will help you or make your life easier. Some people want that, other people don't. So it's just up to you, but, if you're in that position and asking those questions, there may be no benefit.
