Going it Alone vs Working for Legal Inc.

Deciding between working for a firm and starting your law practice seems like a big choice; both options come with pros and cons. I thought Benikov broke down these differences and found his insights helpful.

One of the key advantages of working for a firm, according to Benikov, is the extensive support system. For example, firms often have dedicated staff to handle tasks like accounting and billing. Benikov mentioned that he once struggled with QuickBooks, only to realize that attorneys at firms don’t have to worry about this because they have a finance person to handle it. I thought this was a good point because managing everything on your own can be incredibly time-consuming and stressful.  I would guess this is amplified ten-fold when you try to start a law practice right out of school - you are having to learn how to run a legal career and business simultaneously.

Another interesting aspect Benikov touches on is the range of logistical support firms provide. They often have assistants, research help, and even their print departments. This means attorneys at firms can focus more on their clients and less on administrative tasks. Plus, firms typically offer great benefits, from health insurance to retirement plans. Benikov shares stories of attorneys who have their meals and travel expenses covered by the firm - not something to expect if you are working as a one-man shop. Benikov seemed to suggest that it’s these little perks that can make a big difference in your work-life balance.

However, going solo has its own set of challenges. Benikov points out the ethical pitfalls that solo practitioners can face, especially if they’re new to the field. Without the safety net of a firm's ethics committee, solo attorneys must navigate these tricky waters independently. I thought this was an important point because it highlights the added responsibility and risk associated with running your practice.

Financial stability is another significant concern. Benikov stresses that having enough capital is crucial for any new business, including a law practice. Solo practitioners need to be good at managing their finances to keep their practice afloat. If not, the risk of running out of money is very real. This reminded me of how important it is to be realistic about your financial skills and whether you’re ready to take on that kind of responsibility.

Isolation is another downside of solo practice that Benikov mentions. Working at a firm means you’re surrounded by colleagues, which can lead to valuable interactions and professional growth. Solo practitioners, on the other hand, might feel isolated, even if they spend a lot of time in court or belong to professional networks. Benikov talks about how important it is to know whether you thrive in a collaborative environment or if you’re comfortable working alone. Personally, I find the idea of working alone appealing, but I could see how the more social extroverts among us might see this as a down-side.

Overall, as with any decision in life, choosing a law practice path comes with trade-offs. Large firms offer a lot of support (especially for a new attorney), great benefits, and a sense of prestige, which can be very fulfilling. On the other hand, solo practice gives you independence and the potential for higher profits, but it also requires strong self-management skills and resilience. I found Benikov’s insights here provide a fair look at both paths and allow us to make a more informed decision on where to take our legal careers.