Hi. I have always dreamt of starting my own fine-dine restaurant some day. As the title states, can associates start their own business while working in a law firm? I'm not talking about whether it is possible time-wise, but in a hypothetical scenario.
Have there been any previous instances of associates/ partners running their own businesses on the side while working as full time lawyers?
As per Bar Council/Advocates Act rules, there is no bar from running a business. Only condition is you cannot be a full time employee - and that does not apply to being a director of your company or partner in your LLP.
The only problem you'll face is within your own contract with the law firm - which would normally state that it is a full-time retainership and any other form of engagement must be intimated to the firm. Although, this clause is usually limited to you not giving legal advice/stating your own legal start up, usually.
Many law firm partner run side-businesses. (Tip: Check out Trident whose shares have given more than 700% returns on the stock market - owned by Pallavi and Shardul Shroff).
So, yes, there won't be much restrictions, rule-wise, from you starting another business. The real problem you will have is time-wise.
As the title states, can associates start their own business while working in a law firm? I'm not talking about whether it is possible time-wise, but in a hypothetical scenario.
Have there been any previous instances of associates/ partners running their own businesses on the side while working as full time lawyers?
Any help or comment is appreciated. Thanks :D
The only problem you'll face is within your own contract with the law firm - which would normally state that it is a full-time retainership and any other form of engagement must be intimated to the firm. Although, this clause is usually limited to you not giving legal advice/stating your own legal start up, usually.
Many law firm partner run side-businesses. (Tip: Check out Trident whose shares have given more than 700% returns on the stock market - owned by Pallavi and Shardul Shroff).
So, yes, there won't be much restrictions, rule-wise, from you starting another business. The real problem you will have is time-wise.