Suggestions
- Go to law school. Try to do well in your class while simultaneously trying to pay off your student debt as you're accumulating it. Needless to say, this can be a bit of a challenge.
- Get a job at a law firm when you first get out of law school. This will allow you to maintain an income before you pass the Bar exam, to get a little practical experience in the legal field, and to garner some business contacts.
- Pay off your student debt using your earnings as quickly as possible. It's impossible to get the start up capital you'll need to run your own business if you are saddled with huge amounts of debt.
- Study for the Bar exam as much as possible. Many state bar exams have failure rates approaching, or even exceeding, 50 percent, so study as much as is practical.
- Pass the Bar. This step speaks for itself: you'll need to be a member of the Bar association to have your own legal practice.
- Look for clients before you leave your job. Don't try to steal clients from your current firm because doing so is not only immoral, but also likely violates the anti-competition contract that all firms have their lawyers sign when they start out with the company.
- Locate and lease or purchase a suitable office space.
- Start your own legal practice once you feel you have enough clients and capital to get you through at least your first year.
Tips
- Remember to try to remain as debt-free as possible during your law school experience. Debt is the number one thing that keeps new attorneys from being able to start their own practices.
- Being your own boss can be great, but it can also be stressful. Be forewarned that starting your own legal practice is a huge financial risk and should only be attempted if it's what you really, truly want to do.
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