Quote:
Originally Posted by Ivy Law
I am a PQE 3 lawyer, who is specialised in civil and commercial litigation.
I am thinking of setting up my own chinatown 1 man law firm.
Anyone here has done so? Is it likely for me to make more money than being employed by big4?
I looked at my billables and I generated alot of money for the firm. However, I only get paid a small fraction of it.
If I go out on my own, is it very hard to find clients?
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For a 3 PQE lawyer to think of setting up a chinatown firm, you probably are not in the B4. To compare between setting up your own shop with B4 pay, you need to first have both options open to you. The correct question to ask is: should i stay put at where i am now to earn the 4.8k or so a month, or set up shop yourself. The answer lies in whether you know how to generate files about 20k of work a month (while doing the work yourself), or 25k of work a month (with a junior assoc who is willing to work for the 3 PQE you).