Government work? While reading Mr. Benikov's How to Start a Law Practice, I couldn't help but resonate with those government lawyers who get a steady (albeit modest) paycheck along with health benefits. Of course there is a part of me that wants to go out on my own, but the security of working for someone else is definitely alluring. Those government lawyers don't have to worry about marketing, what kind of office furniture says, "I'm successful but also frugal," what kind of legal entity they should form, whether to lease downtown or maybe somewhere cheaper, etc.
For me, it might make sense to sacrifice some autonomy for some added stability and here's why. First, I'm married with a kid. While I'm not terribly risk-averse, I understand the pressure of starting a firm wouldn't just affect me, it would affect my family. Second, without going into too much detail, good health insurance is a must and while we currently get benefits through my wife's employer, that won't be the case forever. Once I graduate, she plans on working less. Third, my personality doesn't necessarily scream, "sole practitioner." I cringe at the thought of marketing, business cards, asking for referrals, and basically all things "sales." I'm getting an advanced degree in "not business" because I'm not interested in business.
However.
If after three years of practicing, I feel confident in my field and there appears to be a good market opportunity, I'm going to want to start my own firm. The key for me is that confidence. I can't even begin to think about running my own firm yet because I can't even imagine knowing the law well enough to represent someone. Heck, I don't even know what kind of law to practice yet. Though it's not recommended, I could see myself waiting five or even ten years to start my own practice. Kids will be in school, we'll be living comfortably, and even more importantly, I'll have five to ten years of experience in a given field of law. That's what I want. I want to make mistakes before my name is on the door, not after.
So, there are two things that I'll absolutely need before I start my own firm: a Ricoh ScanSnap
iX1600, and some confidence. I'm really enjoying our class and I look forward to reading your posts. Have a wonderful day!
Sorry to hear about the flu hitting your family - hope everyone's feeling better now! I totally get the appeal of government work, especially with a young family to consider. That stability and those benefits are hard to beat when you're juggling kids and career. But I like your long-term thinking too - building experience and confidence before potentially starting your own firm down the road seems smart. Keep pushing through those classes, and maybe invest in some hand sanitizer along with that fancy scanner!
ReplyDeleteKnowing yourself and the level of risk and uncertainty you are willing to tolerate is important. Just don't get caught in "lifestyle creep." Even government jobs allow you to have some of the nicer things in life, such as a new car, vacations beyond camping at state parks, consumer goods purchased on credit cards, etc. All of that is hard to give up (or afford) three or ten years down the road when you decide to open your own practice.
ReplyDeleteIf your aspirations include, even down the road, opening your own law firm, the key ingredient is low overhead. Not having a car payment or large credit card debt, having a modest rent or mortgage payment, etc., will aid you in a big way when you decide to leave a regular paycheck behind and go out on your own.
It is natural for new law grads to think they've sacrificed for years to get their degree, so now is the time for rewards. That is fine if you secure a good job that pays well, and you never plan to work for yourself. However, most lawyers eventually end up in solo or small firm practice. You can prepare for that likelihood or structure your life (and overhead) in a way that makes that transition harder or even impossible. Low overhead = maximum freedom and flexibility.
And don't forget repayment of student loan debt. The more you sacrifice early on and the faster you pay them off, the less you will pay in interest and the greater freedom you will have to pursue your career goals.
I completely get this having been both an employer and an employee. Our family used to own a restaurant and the buck stopped with us at all times even when we were sick or had other issues going on outside the restaurant. We no longer own the restaurant and my husband now works for the government and while he may never out-earn me, I will NEVER get the benefits he gets with his job and am very thankful to have that the health insurance benefits his job affords our family. And you are so right about needing that security while your kids are little. I think you have the right attitude and I wish you the best of luck!
ReplyDeleteI totally agree with your last point Brice - getting out there and actually representing clients immediately after graduating seems impossible right now. I give a lot of credit to the people who are able to start a practice right away. I'm not sure I could. And I think what you said makes a lot of sense - it definitely seems like the safer route to learn the practical aspects of legal work before setting out on your own. Although the idea of being your own boss is very tempting, I'd also like to have the experience and knowledge to do the work the best I can.
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