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There’s no drama when a small law firm fails. The practice simply closes its doors and disappears.
In fact, the failure often looks like a lawyer accepting a job elsewhere and many folks congratulate the lawyer like it’s a step up. But the lawyer knows what it feels like and it doesn’t feel good.
Because by the time he shuts down, he’s emotionally exhausted, saddled with outstanding debt, and feeling the stress for months, or years, of the burden of closing out cases for clients to whom he made commitments before he closed up shop.
But law firms don’t need to fail. It’s obviously tough for many small firms to become wildly successful, but, it’s certainly possible. Still, failing happens far too often.