One is the loneliest number that you’ll ever do. Two can be as bad as one, it’s the loneliest number since number one.
Even for those who’ve always fantasized about hanging a shingle, the reality is that going solo can be a tough, lonely experience. From bringing in business, handling clients’ matters and paying rent and other bills, you’re completely and entirely on your own. No one else around to share the burden or expenses, to have your back, to listen to your complaints, or to blame. Still, as challenging as it is for a lawyer to start a firm solo, as the song goes, two can be as bad as one.
On the surface, partnering up to start a firm seems like a no-brainer. Partners can share costs for office space, legal research, fancy stationery, and maybe even an assistant or an associate, so you can start out in style, with much more than you might be able to afford on your own. Plus, firms are often able to get better bulk deals from vendors and thus, avoid the solo tax. On the practice side, a partner may contribute strengths that you may lack. For instance, you may be a legal genius, but also an introvert who’s afraid to ask a colleague to lunch. A partner with marketing or networking skills can compensate for your deficiencies. And a partner can also be a selling point for a small firm since you can also assure clients that you have back-up who can cover if something happens to you.
Finally, starting a firm with someone else to share the experience can be more fun. All of the cool kids in the start-up world have partners — though in that universe, partners go by the hipper title of “co-founder.” Apparently 2.09 team members is the ideal number for a start-up — and, in fact, co-foundership is so popular in the start-up world that there are several websites that function solely as matchmakers for entrepreneurs looking for to team up.
Still, just as partnerships don’t work all the time for entrepreneurs — in fact, 62 percent of businesses fail due to co-founder conflicts — the same is true for lawyers. And often for the same reasons….