Lawyer Monthly - Women In Law Special Edition

LAWYER MONTHLY WOMEN IN LAW EDITION 92 STARTING YOUR OWN LAW FIRM For some, starting their own company is the ultimate dream. You can manage your own work lifestyle, overcome challenge after challenge building up a proud list of your own personal achievements, and have more control over what you do. But should you take the plunge? We speak to Sarah Austin who did just that. Sarah is a Law Society Council member representing Women solicitors in England and Wales and is the principal of Austins, a niche private client firm in Chiswick. She reveals the challenges she faced when leaving her position as top fee earner to venture out to start her own firm and how she overcame them. When did you realise you wanted to start your own firm? It was when I was my firm’s top fee earner for three years in a row. I thought, well, if I can do it for them I can do it in my own firm. My first degree was in business administration with a background in investment banking. So I understood I would be setting up a business from a standing start without decades of goodwill behind me. My family is entrepreneurial and so it seemed like a natural next step. More importantly, it enabled me to create my own, ideal work environment. What challenges did you face when doing this? There were two main challenges. When you start out in any business you are largely on your own juggling all the different aspects of the business, from compliance, regulation, overheads, marketing as well as servicing your clients. The second challenge was balancing my work and home life. How did you overcome these challenges? First of all, I joined a local business network. It gave me the support and contacts that helped to establish my practice. Secondly, I signed up for training and accreditation courses that developed my managing and legal skills. It enhanced the business and helped me to market my firm by expertise and experience. Who would you recommend to start their own firm? If you are creative, organised, passionate and resilient go for it. Don’t do it on your own. Ask for support and Q Q Q Q