Should I stay or should I go now? That is the question even the least ambitious lawyers will ask from time to time. This is true no matter what side of the fence you’re on. You could be a solo looking to move on to a firm, or vice versa. Building a firm could be a lifelong dream or due to a matter of convenience. No matter what the reason, having your own business and shaping your own destiny is a worthwhile goal. Being able to find ways to make money, serve clients, and build a competitive and helpful staff can be an excellent way to sharpen your skills.
However, there are times when that one job could be calling to you. It could be a matter of hours, of salary, or of convenience. You could be asked for help by a friend or an old colleague leaving you with many different options to consider.
Weighing Your Strengths and Weaknesses
Choosing whether or not to jump ship is never an easy one. There are often many other factors to consider other than just base pay. Sometimes attorneys choose to retain their firm by doing moonlighting for another firm or a private client.
One of the biggest transitions that attorneys need to recognize is the effect of no longer being your own boss. Lawyers that have run their own ship for years now may find a transition difficult. Furthermore, others may find the reduced responsibility and administration liberating.
There are other factors at play, including taxes. Right now your office is likely incorporated with both your corporation and your personal salary being taxed. You also have the benefit of being able to write off important expenditures. You may have to speak with an accountant to determine whether or not you will wind up ahead by changing careers.
You may also feel an obligation to your staff. Those that have served you faithfully may have an opportunity at the new firm or may be headed to retirement. In either case, you may wish to help each employee find their way before you make such a jump.
Consider all of these options and the effect a change will have on your family before you make the final decision. You’ll be glad you did.
Michael Ehline passed the bar by reading the law, following Abraham Lincoln’s example. He is the lead attorney for Ehline Law Firm PC, a leading Los Angeles area firm that specializes in personal injury and premises law. He hopes that his experiences in the field can assist new and experienced attorneys alike.`