Sole or Partner ... in law
Dear reader, this is for you if you are contemplating setting up a law practice.
Good news – setting up a law firm is not riddled or saddled with much bureaucracy. It’s fairly straightforward.?
Bad news – one of the most important and often difficult questions to be answered would be “sole proprietorship or partnership?”.?
Do I profess to have the magical answer? Nope. Absolutely not.
I can only draw from the memories and lessons learnt along the way, having had the benefit of being in both a partnership and now a sole proprietor.?
Getting the obvious out of the way, a partnership comprises more than 1 partner. The appeal of a partnership is apparent:-
(a) ?????the responsibilities in setting up and running of the firm can be shared;
(b) ?????when one is away from the office, the remaining partners can hold the fort;
(c)???????the partners can discuss, share and bounce ideas off and with each other, making the practice of law more endearing;
(d)??????each partner may focus and specialise in different areas of law; and
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(e)??????clients might derive a sense of security in knowing that the firm is run by several partners and as such may refer the more complicated, extensive and laborious matters to the partnership. ?
A sole proprietor would not have any of the above.
It begs the question then. Who would be so crazy or insane to do it all alone? Well…oddly enough there are those out there (myself included).
There are a myriad of reasons for it but ultimately when it comes to a sole proprietorship:-
(a) you have full and complete autonomy to decide on your firm’s direction, in fact every single facet of the firm; and
(b) not unlike a child, the firm is yours to coddle, nurture and take full responsibility and pride.
Make no mistake though, being a sole proprietor is well a lonely journey. The weight of responsibilities rests squarely on your shoulders.
But with splendid employees, great support from close friends and family members, that journey becomes one of self-discovery and fulfilment.
Note: I am certain there are aspects I missed out . Feel free to add on in the comments. ???
Principal at SAKTHY VELL
2 年I couldn't agree more with you, Dee Wei. By the way, I am a sole prop too.
Founder | Messrs Jamie Wong
2 年(b) is what drives me as a sole prop and am still striving after 8 years. Perhaps, one of the other perks of being a sole prop is that your principles and 'non-compromisable' values will be better preserved. I think it is useful to first identify (while you can) your personality type and working style before deciding on your practice model. This helps to make the decision-making process more efficient and promotes clarity in a firm's long-term goal. Of course, the trial-and-error method has its benefits too. Your perspective is broadened as you go along. I'd imagine, being in a partnership, you will be able to receive more instantaneous feedback and find motivation by just walking (or shouting in some instances) next door. I hope it makes sense.