In a column published on 9/12 in Law360, Family Law Attorney Rebecca Palmer discusses the increase in lawyers leaving large law firms to start their own practice. With over 463,000 law firms across the U.S., there is a growing number of attorneys who are choosing to leave large, established firms to build their own practices. “A recent, high-profile example is the April departure of four prominent partners from Paul Weiss Rifkind Wharton & Garrison LLP to create their own litigation boutique after Paul Weiss’ decision to strike a deal with the Trump administration,” writes Palmer. However, running a successful boutique law firm requires more than just legal skills—it demands expertise in business development, networking, and marketing.

“As you might expect, one of the most compelling advantages of establishing an independent legal practice is the unparalleled autonomy and control it offers,” says Palmer. “As the managing partner, you can shape your firm’s mission, values and client base.”

With entrepreneurship, the owner has control over initiatives. For instance, you have the option to positively impact your community through volunteer work like food and back-to-school drives. A community reach that might not have been feasible in a large firm. You can also make a difference by providing jobs and boosting the economy.

Palmer also notes that “While autonomy is a draw to owning and operating your own firm, it can also lead to a sense of professional isolation. In a large firm, you have a built-in network of colleagues to lean on for support, mentorship and collaboration. As a solo practitioner or small firm owner, you may navigate complex challenges alone, without trusted and experienced colleagues to consult.”

Read the story in full; click here (subscriber-based).