I read a fascinating article today (couldn’t find an online version to link to) about a survey that asked lawyers in big law firms whether they would leave their firms to start a solo practice if they were guaranteed sufficient capital to do so.
93% of the respondents said “NO” they would not do so, even with the necessary capital in hand. This number represents a significant increase from the surveys of the last two years.
Given the general sense that generation X is more entrepreneurial than the baby boom generation and the number of big firm lawyers who’ve complained to me over the years that lack of capital to start their own practice was the only thing keeping them at a big firm, I find the results quite surprising. I’m curious to see what others think of these results, even accepting that they probably are not scientifically valid results.
For those 7% who might want to make the jump, let me note the new 4th edition of the ABA Law Practice Management Section’s Flying Solo book has just been published and it is a treasure trove of information for any lawyer in or planning to start a solo practice. Bill Gibson did a masterful job of editing the new edition. I was a co-editor of the Technology section and wrote three chapters. Check it out.
[Originally posted on DennisKennedy.Blog (http://www.denniskennedy.com/blog/)]
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