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How much will I earn owning my own law firm and practicing? ?
I’m doing a career switch and entering first year law this year, after articling I plan to open or buy a firm right away. I’m married to a dentist who owns his own clinic and makes $70k/ month. I am wondering if I have the same earning potential as a law firm owner/ lawyer?? Am in Canada.
Opinions from actual lawyers and law firm owners or if you have experience with this in anyway, will be appreciated. Thanks.
Also please advise on lawyer salaries. Starting out snd maybe a few years in.
3 Answers
- Anonymous10 hours ago
There are over 130,000 lawyers in Canada with the largest firm employing 804 lawyers. You might think that buying a law firm will be advantageous but the truth is you'll still be a new graduate. You're far better off working for a well established firm to gain some experience.
- 10 hours ago
Your problem is that a law degree only teaches general legal theory. Once you graduate and have passed your province's Bar exam you will start on your specialist training. Unless you want to be an ambulance chaser (very poorly paid) you will need to work your way up to partner level before you have sufficient experience and client relationships to set up on your own. The hardest part is landing that first job.
- Spock (rhp)Lv 711 hours ago
probably not. many beginning law firms barely break even -- and if you buy into an established firm, you can bet that the price fully values the existing book of clients [so your payments will eat up near your entire income].
