Setting up a Solicitor's Practice

jimmylawman

Seems to be general oversupply / contraction of the market for newly qualified solicitors at the moment so just wondering what the prospects would be for a new-ish qualified solicitor to try crack out on their own..?

What would be the usual path to a solicitor setting up their own practice?

Could a new solicitor do it as soon as qualified or would it be more normal to work with another firm for a number of years first? What would be the common pitfalls for a practice starting out? How difficult / common is it for people to start own practice?

Lots of questions! Just curious. Thanks!

nuac

Strongly recommend a few years experience first on any basis.

Law Society I think offer seminars on starting a practice.

High risks and low rewards in practice nowadays/

Maximilian

As Nuac said. Going out on your own without a good few years experience under your belt is crazy in my opinion.

drkpower

A newly qualified solicitor who lacks the insight to know the answer to your question should not be practising law;).

jimmylawman

Indeed. Indulge me if you will

On any high street in Ireland there are a multitude of solicitor's name plaques adorning various doors. Am wondering how they typically get to that stage.

Am curious as to a typical career path. I guess another way to phrase the question is to ask what percentage of solicitors will typically remain as an employee for another firm throughout their career, and how many will one day operate independently as owners or partners of their own practice.

E.g. Is the latter group 10% or 50% of the total?

And of the latter group would they typically achieve this 5 years out, 10 years out, 15 years out or maybe longer... ??

Just curious. Thanks.

McCrack

There's a lot of variables at play. I think the LSI recommend 5 years pqe. There's no hard and fast rule. I know some practitioners that set up very early pq and have and are doing very well. A lot of business is generated by networking and rubbing with the right people and you don't need to be hughly experienced professionally to do that...think banks or insurance companies. Get them in your pocket and you will have a constant stream of instruction.

Alpha99

I think PII is the most significant hurdle to overcome for those contemplating establishing their own practice. If you find a reasonable quote, then surely there is very little stopping you from "hanging out a shingle".