THE BENEFITS OF BEING A SOLE PRACTITIONER

In 2013, 77% of Ontario’s law firms were comprised of sole practitioners and the number of new lawyers choosing that route is still consistently increasing. This figure is no coincidence as becoming a sole practitioner definitely encompasses countless benefits to one’s career. Choosing your line of work and narrowing that further into a specialization is truly fulfilling for any professional. Lawyers who practice as sole practitioners are able to effectively explore various practices without seeking permission or approval from others. This flexibility also corroborates opportunities for expansion and innovation. It paves the way for lawyers to constantly keep an eye out for procedures that need improvement and implement new ideas that look to accomplish exactly that. This can make a sole practitioner’s work interesting and engaging, shifting focus away from the pressures that inevitably exist in the profession. In doing so, the results produced by sole practitioners preserve the highest standards for their clientele and practice. It is these results that ensure one’s business is continually growing. Now, let’s explore the top and most important benefits of being a sole practitioner.

Flexible Work Schedules

The 17th Volume of the Robert Half: Demand for Skilled Talent report outlined incentives that workers want the most. On the top of that list was flexibility for work hours, with 88% of employees surveyed citing it as the perk that they most desire. This figure is also indicative of a lack thereof in the respective fields of the participants in the study. For sole practitioners flexibility is apparent as professionals work around their own schedules and allocate work hours based on priorities. The ability to prioritize one’s workload is also extremely beneficial as sole practitioners are able to dedicate time to other fundamental areas of their practice. Such practices include but are definitely not limited to marketing, workshops/conferences to further advance one’s knowledge and skill set, networking events, and/or educational certifications. Doing so requires time and effort, which can be difficult to allocate unless you are dictating your own schedule.

Return on Investment

Sole practitioners work for themselves and reap all the benefits of their efforts. The harder they work, the more rewarding it is. Their salary is not administered under someone’s payroll, so the net gain of a sole practitioner depends on their ability to attract clientele and manage their legal needs effectively. Sole practitioners do not have to manage an immense workload and worry about their residuals staying the same. The more time and effort they invest into their practice, the greater the yield of results.

Opportunities to Experiment

Whether it is implementing new technology, diversifying your line of work, or integrating new ideas for enhancing productivity, sole practitioners can choose to experiment without seeking permission from a higher authority. In the legal field, technology is changing the way traditional law firms have worked. For example, Dezso Farkas, of Farkas Legal Professional Corporation based out of Mississauga has been cited implementing innovative technology to emphasize the importance of efficiency as a sole practitioner. Using technological applications such as Skedda, Slack, and Envoy enable his firms daily practices to run very smoothly. These communication applications allow clients, the lawyer, and staff to engage in ways that are very advanced. Individuals can complete tasks for each other and receive communicate throughout the day without being in the same vicinity. Deanna Hayko, a partner at iN STUDIO in Toronto believes that office spaces more open to the idea of a neighborhood environment are able to allow for increased mentorship and inclusiveness.

A prime example of this environment is a chambers located in the heart of Mississauga. Known as Wolf Law Chambers, this office has become a community of lawyers working independently as sole practitioners. This is a new approach to the traditional firm and allows for inclusivity between lawyers on different matters that may intersect different areas of practice. Lawyers at this chambers are also able to interact and become part of a community of professionals. This stimulates growth and provides sole practitioners with an opportunity to share resources to resolve legal matters.

Service

Clients are more informed than ever with the help of the Internet, so it is important for lawyers to dive into niche markets to better serve their clients. By becoming a sole practitioner, lawyers can figure out their passions and dedicate their services accordingly. This flexibility allows lawyers to serve their clients better and in turn, ensure client satisfaction. By being able to devote more time an effort to individual clients, the client always remains the priority for a sole practitioner. Sole practitioners are able to concentrate on each individual matter effectively without the concern of being bombarded with work they do not want to complete, paving the way for excellent client and lawyer relations.

Closing Thoughts

In summary, being a sole practitioner presents a vast amount of benefits for lawyers looking to operate with flexibility, gain high returns on their investments, have complete control of their work, experiment with new ideas to improve their practice, and serve their client base with the utmost sincerity. Sole practitioners are in complete control of everything that follows along with their practice and they are in charge of what they want to do in each and every matter they pursue. They are able to choose their line of work by investigating and streamlining their passions in law. Also, sole practitioners can constantly brainstorm new strategies that will improve their practice and ensure clients remain extremely satisfied with the exceptional service they are able to receive. With that being said, if you are a lawyer or plan on becoming one, I urge you to give becoming a sole practitioner a great deal of thought.

-Narvir Goindi