I have been a NEP for about 2.5 years (Corporate) and I want to go independent. While there are many clients who reach out to me directly for work, some of them also come due to the brand of the firm and (to my mind) may not continue. While I have decent savings, I also have a family to look after and I just wanted to understand from others who have gone independent, how it has been for them and how soon they were able to break even (though I understand this would vary a lot). Any inspiring life journey shares would be very welcome. Thank you.
Service start-ups are the best ones. Just roll with it. Be a one man show for an year or two and then you will pick up pace.
If you look at it really, kids-and-family are all manageable. Buy a respectable LIC + Health policy.
Kids studying in less prominent schools also have managed to crack competitive exams - so don't really have to bother about paying a bomb in school fees/donations.
Give up some unnecessary expenses. Nothing worthwhile is achieved without 'sacrifice'. Life will take from you before it gives to you.
To get clients - you have to be atleast in the marketplace firstly. You need to be seen to have the 'open' sign put up on your store for customers to know that you are available.
@Dwija Lawyer - thank you for this. I have heard a lot of negative chatter from those I have shared my plan with - why leave a stable and comfortable career for uncertainty. But like you said - to get clients - you have to be atleast in the marketplace firstly. Makes a lot of sense. Thanks.
Wholeheartedly, all the best to you ma'am/sir. I sincerely hope everything goes well for you in the next few years and then you can be the encouragement for future lawyers that you are currently seeking.
As a NEP going independent, I would first speak to friends in litigation about new client procurement as often their horizons are wider than those working in firms. It never hurts to ask for advice. You never know what clicks, and perhaps they can provide you something incredibly valuable that you can then pay forward as advice for other young folks here.
Thank you! Yes, I have spoken to my friends in litigation. They have the added benefit of more visibility as compared to us non-lit people (interacting in court etc.). However, I have noticed that LI has a wide audience and there could be people who have already been through what I am currently contemplating and hence, the question here. Thank you for your wishes and indeed, I hope to one day be able to help out people by sharing my experiences.
Non-Lit lawyers don't have visibility - but that's only because non-lit lawyers haven't really started going independent until 2015 onwards with more of them happening only post-pandemic.
It only means non-lit lawyers have to lead the way in establishing the route map. Blogging/podcasting/speaking at conferences/joining trade associations are all methods one may adopt. Even doing these things is going to keep you fully engaged.
I’ve managed to do this for the last few months with only 4 years of experience and the decision still scares me but I’ve been happy. Take the plunge and go for it. Worst case, you will acquire skills of an entrepreneur and learn new things along the way and can go back to the job market later (considering you already have solid credibility. All the best! I’m rooting for you.
Thank you and good luck! It’s a thing to be proud of - that you took the step despite being scared and I’ll be hoping hard it works out well for you :)
You will never get to know how much your existing clients value you till you take the plunge. Worst, if it does not work for next 2-3 years, you can join inhouse or return to firm after having gained some real BD experience which sort of evades NEPs.
I have been in your shoes few years ago. I have following suggestions:
(i) try and speak to your clients (who are close or with whom you have a good rapport) and check if they would be willing to give you work in case you go independent. This is the most important aspect. You just cant rely on luck or your business development skills . You need to have some game plan. Also, if in the initial months you fail to generate some revenue or attract a few decent clients, it is most likely that you will get frustrated and quit even without putting in sufficient time or effort.
(ii) try and join some like minded people. There are enough young/start-up firms in the market whom you may consider. Most of them work on 'eat what you kill' model with minimal overheads. They may give you a decent brand name / resources which you can share. This is important, even from your client / BD perspective. It may work better if the guys you join are in different practice area, chances of cross-selling would increase.
(iii) try not to burn your savings. Start your practice with a visibility of at least some revenue visibility. It is not a great place to be in when you find yourself not earning and depleting your savings.
If you look at it really, kids-and-family are all manageable. Buy a respectable LIC + Health policy.
Kids studying in less prominent schools also have managed to crack competitive exams - so don't really have to bother about paying a bomb in school fees/donations.
Give up some unnecessary expenses. Nothing worthwhile is achieved without 'sacrifice'. Life will take from you before it gives to you.
To get clients - you have to be atleast in the marketplace firstly. You need to be seen to have the 'open' sign put up on your store for customers to know that you are available.
As a NEP going independent, I would first speak to friends in litigation about new client procurement as often their horizons are wider than those working in firms. It never hurts to ask for advice. You never know what clicks, and perhaps they can provide you something incredibly valuable that you can then pay forward as advice for other young folks here.
It only means non-lit lawyers have to lead the way in establishing the route map. Blogging/podcasting/speaking at conferences/joining trade associations are all methods one may adopt. Even doing these things is going to keep you fully engaged.
(i) try and speak to your clients (who are close or with whom you have a good rapport) and check if they would be willing to give you work in case you go independent. This is the most important aspect. You just cant rely on luck or your business development skills . You need to have some game plan. Also, if in the initial months you fail to generate some revenue or attract a few decent clients, it is most likely that you will get frustrated and quit even without putting in sufficient time or effort.
(ii) try and join some like minded people. There are enough young/start-up firms in the market whom you may consider. Most of them work on 'eat what you kill' model with minimal overheads. They may give you a decent brand name / resources which you can share. This is important, even from your client / BD perspective. It may work better if the guys you join are in different practice area, chances of cross-selling would increase.
(iii) try not to burn your savings. Start your practice with a visibility of at least some revenue visibility. It is not a great place to be in when you find yourself not earning and depleting your savings.