If you’ve put in the time, effort, and energy required to become a bar-certified attorney, you owe it to yourself to get the most out of your career.
For many people, this looks like working your way up the chain and making partner at a reputable law firm in the big city. Others have an entrepreneurial spirit, and would much rather go into business for themselves.
If the latter inspires you, it’s important that you learn the ins and outs that come with starting your own practice.
Here are some tips that can help you when you’re thinking about opening up a new law firm.
Learn Your Legal Specialty and Area of Interest
First and foremost, you need to figure out what area of law you’d most like to practice.
As a legal practitioner, you’ll find that there are several specialties that you and your competitors can focus on. Rather than trying to be a one-stop-shop, you should strive to become the best law firm at what you do.
This might include family law, personal injury law, intellectual property law, or several others.
Draw Up a Business Plan and Brainstorm
Dream up the details of your legal practices so that you can begin mapping out the details.
This starts with a business plan. A business plan should address your practice’s mission statement, needs, initial expenses, how you will get the capital, the type of workforce you need, employee descriptions, and more. Knowing these details will get you started down the right path for your business.
Brainstorm as much as you can about your practice so that you can begin putting actions into place.
As a small business owner, you need to pre-emptively think about what a day in your work life looks like, in addition to the variables and obstacles that you’ll deal with on a regular basis.
Get a Business Licence and Acquire a Workspace and Resources
Business ownership always requires you to get a valid license, no matter the size or type of business that you run.
Figure out the process for getting a business license in your state, and make sure that you can also furnish proof of your attorney license. Determine what kind of business classification you’d like to file under.
Take the time to also get a workspace that will help you get started. This could mean buying or renting a property, or leasing out a co-location space. Figure out what you need in terms of equipment, so you can get work done and also make your office an inviting and motivating place to work.
Hire the Right People and Market Your Business
Finally, it’s important that you also figure out what kind of staff you need to start your practice. If you’re starting small, it’ll likely just be you and a receptionist or assistant at first.
From here, you can scale your way up to hire other attorneys or legal assistants. You will also want to consider hiring custodians, information technology (IT) professionals, accountants, and other professionals that can help you keep your business running.
Marketing your business is incredibly important so that you can bring in new customers. Look for a professional that can provide law firm SEO, social media marketing, and advertising to help you out.
Start a New Law Firm on Your Your Terms
Starting a new law firm is within your grasp when you use the tips laid out above. You’ll find the process rewarding when you go about it using the right words of advice.
Read our other posts so that you can learn as much as possible about getting your law firm off the ground and making it a smashing success.