Leaving BigLaw to Hang Out Your Own Shingle
(left: courage)
In Lessons From a Large-Firm Partner Who Set Up His Own Shop ... and lived (well) to tell about it, Mark P. Zimmett tells the nitty-gritty of every BigLaw associate's and partner's ultimate fantasy -- solid, sophisticated legal work with your own name on the firm stationary.
For the full tale, see Mark's American Lawyer article here. Excerpt below.
Many partners in large firms dream of chucking it all and setting up their own practice. However, many also fear that without their firm's name recognition and resources, they will miss out on major matters. A seat at the table is no big deal in a penny-ante game.But you can leave a big firm and keep a big practice. Today, one can handle sophisticated high-stakes legal work in a small firm. Add profits that can rival those at top 10 Am Law firms and control over your professional (and personal) life, and striking out on your own becomes an appealing alternative.
Getting started is relatively easy. As a friend described it: "Starting your own firm is only slightly more complicated than setting up the corner newsstand." True enough, but the real risks are realized along the way; like bungee-jumping with a family on your back, strapping on the harness is the easy part.
I hung out my shingle on Nov. 1, 1990, and hung out everything else with it.
For a local example, check out the excellent work being done by Lee and Tran formerly of Morgan Lewis, Quinn Emanuel, Skadden Arps, and Wilson Sonsini.
