It really depends (obviously) how you define “pay well”. Over long term, and as the age factor creeps in, stability of a lower pay check may prevail over a higher pay role that will be at risk once you can’t bill enough or there is a cheaper competitor that performs as well.

As barriers to entry to set up one’s own firm is arguably low, question is whether you can generate your own pool of clients or require your firm to feed you. Some firms generate new clients through advertising budget, some have their own niche pool within the community.

If you’re going into small firm, best if you are a generalist so you can then join a full services firm and take on whatever case comes your way. I won’t advise certain sectors where the pie is already shrinking and doesn’t pay that well in the first place, or where it is not easy to detach from your client after the end of a long day. Haha. Leave you to find your own sweet spot!