Big law has been an incredible journey for me. I’ve had the privilege of working on some of the most complex and challenging cases, and I genuinely love what I do. As a lawyer, I’ve always thrived in the intense, high-stakes environment that big law offers. However, despite my passion for the work and my success within the firm, I’ve decided to leave my position as an income partner on the cusp of becoming an equity partner. Instead, I am embarking on a new venture to start my own plaintiff’s firm.

The Decision to Leave Big Law

Leaving a prestigious position in a big law firm is not a decision I’ve taken lightly. There are several factors that have influenced my choice, and I believe sharing my thought process might be helpful to others considering a similar move.

The Financial Trade-Offs

Currently, I am poised to hit approximately $6 million in origination this year, a significant achievement that underscores my potential for equity partnership. Yet, the financial dynamics of becoming an equity partner are not as attractive as one might think. The substantial buy-in, combined with unfavorable tax treatments, means that even though my earnings could be considerable, the actual take-home and the flexibility it affords are less than ideal.

On the other hand, starting my own firm presents a dramatically higher upside in terms of per-hour compensation. The structure of a plaintiff’s firm also allows for the possibility of stepping back into a less involved role over time, something that is nearly impossible within the rigid framework of a large law firm.

Lifestyle and Work-Life Balance

Big law demands a relentless pace. This year, I’m on track to bill around 2,100 hours, with an additional 900 hours in non-billable activities such as presentations, pitches, and business development. This doesn’t include the administrative tasks like reviewing bills and dealing with disputes. The sheer volume of work is staggering, and there is little room for slowing down.

In contrast, running my own firm allows for greater control over my workload and schedule. While the initial phase of establishing the firm will be demanding, the long-term potential for a balanced life is much higher. I envision a future where I can spend more time with my family, work from my vacation house for part of the year, and have the flexibility to innovate within my practice.

Insights from My Big Law Experience

Over the years, I’ve gained several insights that have shaped my understanding of the legal profession and influenced my decision to leave big law. Here are some key takeaways:

Partnership Realities

If you don’t enjoy being a midlevel associate, it’s unlikely that becoming a partner will change your perspective. By the time you’re up for partnership, you should have a clear idea of whether that lifestyle suits you. Being an equity partner is never easy; firms aren’t corporations where roles become less demanding as you climb the ladder. The work remains intense, and the pressures only increase.

The Importance of Origination

One crucial lesson is that firms value origination above all else. Meeting or slightly exceeding billable hours is important, but cultivating your network and bringing in clients is what truly controls your destiny. Without clients, you are merely a cog in the billable hour machine.

Avoiding Toxic Work Environments

It’s essential to avoid working with difficult colleagues whenever possible. This profession is challenging enough without the added stress of dealing with unpleasant people. If you find yourself in a toxic environment, it’s wise to start planning your exit strategy. There are many well-adjusted partners out there, and finding the right team can make a significant difference in your career satisfaction.

Changing Market Dynamics

The legal market is shifting. Clients are increasingly opting for smaller firms spun off from big law due to the high rates charged by large firms. This trend creates opportunities for smaller firms to compete effectively by offering similar quality services at more competitive rates.

Technology and Efficiency

Technology is gradually eroding the advantage of having large teams to throw at complex matters. Many partners are in denial about this shift, hoping it won’t become a problem until after they retire. However, embracing technological advancements can significantly enhance efficiency and service quality, providing a competitive edge.

Avoiding Golden Handcuffs

One of the worst things you can do is limit your options by falling into the trap of golden handcuffs. It’s crucial to maintain financial flexibility. This flexibility is what allows me to take the risk of starting my own firm, comparing the benefits of a high, but all-consuming job versus the potential for significant earnings with a more balanced workload at my own firm.

Advice for Aspiring Lawyers and Future Entrepreneurs

Reflecting on my journey, there are several pieces of advice I’d offer to those aspiring to make it in big law or considering starting their own firm:

Stick Around for Experience

If you have ambitions to start your own firm, it’s beneficial to stay in big law until you reach a mid or senior level. The quality of experience and the skills you develop will be invaluable when you strike out on your own.

Focus on Origination Early

While juniors need to focus on their billables, it’s also important to start building a network and attracting business early in your career. This balance is crucial, as having a book of business is what gives you leverage and control over your career.

Consider Your Practice Area

Starting your own firm is not suitable for every practice area. Certain client bases and types of work are more amenable to a boutique firm setting. It’s essential to evaluate whether your specialization can thrive outside the big law environment.

Personal Reflections and Future Plans

For me, the decision to leave big law is not just about financial considerations or work-life balance. It’s also about the desire for greater control and the ability to innovate within my practice. Here are some personal reflections and future plans:

Valuing Time and Flexibility

One of the primary reasons for this move is to regain control over my time. My household’s financial situation is stable, and the potential for earning even a fraction of my big law salary while having more control over my schedule is appealing. I want to be able to work less, spend more time with my family, and pursue personal interests.

Embracing Technology

I am particularly excited about the potential of generative AI and other technological advancements to revolutionize the legal field. My frustration with my firm’s inaction in this area is one of the driving factors behind my decision to leave. I see enormous potential in leveraging technology to increase efficiency and provide better services to clients.

Capturing Opportunities

The plaintiff’s bar in my practice areas is relatively weak, presenting significant opportunities to capture high-quality cases. I am confident that my skills, combined with a strategic use of technology and innovative practices, will allow me to build a successful firm.

Reducing Stress and Enhancing Quality of Life

Another crucial factor is reducing the stress associated with big law. The constant pressure to perform, the fear of losing clients to competitors, and the relentless workload take a toll. By running my own firm, I hope to create a more manageable and enjoyable work environment.

Conclusion

Leaving big law to start my own plaintiff’s firm is a bold and risky decision, but it’s one that I believe is right for me. The potential for higher earnings, greater control over my work-life balance, and the ability to innovate within my practice are compelling reasons. While the journey will undoubtedly be challenging, I am excited about the opportunities ahead.

For those considering a similar path, I hope my experiences and reflections offer valuable insights. Big law can be an incredibly rewarding career, but it’s essential to evaluate whether it aligns with your long-term goals and lifestyle aspirations. If you find yourself yearning for more control, flexibility, and the chance to build something of your own, starting your own firm might just be the right move.

As I embark on this new chapter, I am filled with optimism and determination. The road ahead may be uncertain, but the possibilities are endless. Here’s to new beginnings and the pursuit of professional fulfillment on our own terms.