Q: I am a fourth-year attorney with law firm and in house experience. I want to start my own law firm, but don't have any clients. What are the biggest challenges facing attorneys who want to go out on their own?

A: Venturing out on one's own is no easy feat. It takes fearlessness, preparation, support, money and clients (to name a few) to navigate the tumultuous waters to sole practitioner success. So starting your own firm is not an endeavor for the faint of heart—or pocketbook. For those who are committed to this path, challenges exist. But for you specifically, with only four years of legal experience and no portable clients to call your own, this career move is an even riskier proposition. Below are the biggest challenges you'll face when starting your own firm:

1. Business Development

As a solo, your firm's bottom line is solely dependent on your ability to bring in clients—and service them. So, time and effort must be dedicated to business development activities. This isn't an issue for in-house attorneys whose primary client is their employer—or for law firm associates, who are fed by the rainmakers. But for the solo, it's everything. That's a lot of pressure for a young lawyer with little experience in the business development world. So before you begin your journey, take inventory of your biz dev prowess and make sure you have a comprehensive revenue generation strategy in place.

2. Cash Flow Volatility

Starting one's own firm often sounds glamorous: being your own boss, having your name on the door, power, control, title—and money. But the reality is that cash flow is volatile, which can result in no income for several months. And an increasing number of clients are delinquent in paying their invoices, which adds to the lag time and frustration. So, assess your stomach for the financial ups and downs. If you're OK with it, I recommend that you have at least 12 months of cash reserves in the bank as insurance before you hang out your shingle.

3. Admin! Admin! Admin!

It's the most underestimated issue among new and aspiring solos. Getting a firm off the ground and maintaining it requires a great deal of administrative elbow grease for big—and small—tasks (How do I order paperclips?). The aggregate of these tasks can chew up a lot of a lawyer's time. Consequently, new solos find themselves allocating a good deal of their bandwidth tending to the often tedious and mundane world of “admin.” Throw in an employee or two, and your admin headache just got a whole lot bigger. All of this takes away from the practice of law and generating revenue—which is what lawyers prefer to spend their time on. Many become fed up by the avalanche of admin and jump ship to a larger firm that can relieve them of their clerical duties.

4. Entrepreneurial Naiveté

The vast majority of lawyers who start their own firm have no experience creating and/or building a business from scratch. And that's just what owning your own firm is: a business. Those lacking in business acumen are particularly vulnerable to failure. Many in this camp are unfamiliar with all the necessities required and often “don't know what they don't know,” which opens the door to issues that can compromise the success of a law firm as well as a lawyer's own enjoyment of the adventure.

5. You're Gonna Work Like A Dog

Flexibility? Work-life balance? Bah ha ha ha. You are going to work harder than you ever have in your life. So buckle your seat belt and get ready for the ride: You're going to lose a lot of sleep. You're not going to see your friends or family much. And you'll be exhausted. Granted, it will be more fulfilling because this project is your baby. But be prepared for an all-consuming experience—if you want to succeed. Owning your own firm is not the cushy job you may envision.

6. Platform Limitations

A solo practitioner's platform is small due to a limited breadth of expertise and office location offering. This can create business development challenges when clients seek representation for a variety of diverse legal matters and/or those who require boots on the ground in multiple locations. In addition, work that requires a critical mass of lawyers can be problematic for the solo. So work that you want to take on may be out of reach because of your platform.

7. Resource Limitations

Resources for the solo are limited. There are no multiple administrative assistants, reliable paychecks, free research tools, paid-for continuing education or colleagues at every level in every practice area to help provide support. With this said, there are strong networks to find help when you need it, but it may cost you. As a fourth year, your experience is limited despite your law firm and in house tenure. So substantively, you will need guidance from a strong support system and one or more mentors. Make sure you have identified and accessed the resources available and understand the costs involved.

8. Building the Firm Brand.

The legal profession is crowded with solos, so standing out from the crowd to build the firm's brand and attract clients requires a concerted marketing effort. For well-known lawyers, brand awareness is achieved more easily. But for others, it takes greater effort. Technology and social media have facilitated brand building, but leveraging those resources takes time—something that's in shortage for a new solo. You can hire the experts to assist, but the costs might be painful.

Starting your own law firm is a commendable goal, but it is one that should not be pursued without a clear understanding of the challenges, the requirements or a comprehensive strategy to succeed. Your seniority and lack of clients will intensify some of the challenges you will encounter—making this a high-risk endeavor. Given this reality, my recommendation is that you continue to hone your skills and develop strong relationships in the legal/business community (cultivating future clients) for two to three more years with another established employer so that you are more prepared when you strike out on your own. But if you are committed to the move now, do everything you can to tee yourself up for success—and jump in with both feet.