From Biglaw to Boutique

From Biglaw to Boutique: Working for Free

When Tom Wallerstein started his firm, several mentors gave him the same advice: Don’t work for free. It’s easy to see the problem with working for free. Giving away what you’re trying to sell isn’t exactly in the business plan. Unfortunately, this sage advice can only really be learned the hard way, through experience. Even if your gut tells you that taking on that client is a bad idea, this can be surprisingly tempting to a new firm or solo practice....

From Biglaw to Boutique: Top Ten Differences

This is the time of year when everyone pulls out a Top Ten list of one thing or another. Tom Wallerstein don’t mind; a Top Ten list is a convenient format for reflection and New Year’s Eve has always been a time of reflection for him, whether that involves setting goals or just thinking about the ups and downs of the past year. He thought he would use the opportunity to offer my perspective of the Top Ten Differences Between Biglaw and Boutique. So without further ado, let’s push in the button and let the top ten play...

From Biglaw to Boutique: It’s a Dead Week

Recently, someone remarked to me that the week after Christmas is a “dead week.” He meant that many people take the week off, many companies are short staffed, and business generally is light. When I was in Biglaw, I always worked the week after Christmas. Even though most partners wouldn’t be around, I figured that […]

From Biglaw to Boutique: Come On Along, or Go Alone

Tom Wallerstein was talking to a friend who is a junior partner in a large firm, and who is thinking of starting her own firm. She knew what practice area she would focus on, and she had at least one client who she felt sure would go with her. But she still had two critical questions to resolve. Open a solo practice, or form a partnership? Form a “virtual” office, or start a traditional “brick and mortar” shop?

From Biglaw to Boutique: Looks Like Rain

The traditional method of building a book of business no longer works for most associates. Firms now sometimes go so far as to actively discourage associates from forming too-strong relationships with clients, lest the associate leave and take the client with them. With these challenges, how can an associate ever hope to make the rain they will need if they want to open their own firm?

From Biglaw to Boutique: Going Through the Motions

Often, associates who know that they will not become a partner seem content to just put in their time, try to keep their head down, and collect a paycheck while waiting for their firm to announce their intended bonuses. They rationalize that they know they will leave anyway, so why bend over backwards for the firm? Tom Wallerstein proposes the answer to this question....

From Biglaw to Boutique: Trading Places

Some people thought he might be nuts for leaving litigation powerhouse Quinn Emanuel. But the prospects of starting his own firm and building a practice from the ground up were too compelling to ignore. Please welcome our new small-firm columnist, Tom Wallerstein!

A Hot New Trend: Leaving Biglaw to Start Your Own Firm

People are talking about an interesting Slate article entitled “Leaving Big Law Behind: The many frustrations that cause well-paid lawyers to hang out their own shingles.” It’s currently the most-read piece on the site. But it’s actually quite similar, even down to some of the sources, to an article that appeared a few days earlier […]