A lot of big-firm lawyers like to fantasize about striking out on their own—at least until the fear begins to set in.

David Angeli, a white-collar defense specialist and litigator in Portland, Oregon, certainly had more than a little trepidation. Before giving up a partnership six years ago at Stoel Rives, Portland’s largest firm, Angeli worried that he might not be able to attract enough high-paying clients, that he’d never match his Stoel Rives income, and that he’d wind up sorry for sure. "A big firm gives you a real security blanket," says the 45-year-old Angeli.