how long does it take to open up a legal practise ?

lablab

Hoping someone can help me out here...........

From the start of PPC1 to the day I open up my own practise - how long does this take in theory assuming all exams passed first time and no credit earned per PPC1 or would it be better to try and gain an equity share in a partnership upon completion?

Tks

nuac

Think carefully about opening a legal practice. Very very difficult because of reasons already set oot in these boards.

If you are absolutely keen to work in law, you should work as an assistant in a busy practice first

lablab

would you have links to these posts mate?

Procrastastudy

Become a barrister and have a practise from day 1?

blueythebear

lablab wrote: »

Hoping someone can help me out here...........

From the start of PPC1 to the day I open up my own practise - how long does this take in theory assuming all exams passed first time and no credit earned per PPC1 or would it be better to try and gain an equity share in a partnership upon completion?

Tks

I think you'd be crazy to open your own practise without having years of experience behind you. The best thing to do is to get a job as a junior solicitor upon qualifying. Believe me, after finishing a traineeship, you do not magically become a solicitor. You are a solicitor in name but it takes years of experience to actually be a solicitor. There is tonnes more to learn after qualification.

dazza21ie

From the start of PPC1 to the day I open up my own practise - how long does this take in theory assuming all exams passed first time and no credit earned per PPC1

Simple answer is approx 2 years and 6 months. As others have already said it is not something to be taken lightly. When your are working in the business for a few years and you see how things work like professional indemnity insurance, regulations, cut throat fight for work, it becomes much more daunting a task.

Unfortunately just because you become offically qualified does not mean you know everything. It takes years and years to build up knowledge and experience. The safety net of having someone in the same building who you can bounce things off if your not sure about something is priceless.

There is no set time limit anywhere as to when is a good time to set up practice if ever. However, I personally see it as a one chance saloon. If it doesn't work out for you, and there have been quite a few practices opened in the last 10 years which didn't work out, then you have to put the tail between your legs and work out Plan B.

or would it be better to try and gain an equity share in a partnership upon completion?

Tks[/QUOTE]

This might be a bit less daunting than setting up a brand new practice and waiting for that phone to ring for the first time.

However, it is unlikely (but I am sure not unprecented) that a newly qualified would be made partner in an exisiting firm.
If that were to happen or you decided to start up in partnership with someone else then that in itself is a daunting prospect. Things like joint and several liablity need to be fully understood. Partners really need to be compatable and work of the same standards otherwise someone will get dragged down. Ultimately you still need to know how the business works before you take this step.

If you are only starting PPC1 now then I wouldn't get overly concerned just yet about post qualification. I would advise concentrating on getting qualified, if you have spare time and money try to expand your expertise, and think about building some experience post qualification as an Assistant.

Delancey

Do the Law Society not require a minimum period of Post Qualification Experience before a Solicitor can set up their own practice ?

ResearchWill

Delancey wrote: »

Do the Law Society not require a minimum period of Post Qualification Experience before a Solicitor can set up their own practice ?

No.