5 Tips for Starting a Law Firm

 

If you have been a practicing attorney working for a firm for years, the idea of starting a firm yourself may have crossed your mind. While working in a successful firm belonging to someone else is invaluable in your law career, starting a business could be the next step and more fulfilling for a lawyer with an entrepreneurial spirit. If this sounds like you, and you’re interested in starting a private firm, here are five tips that might be useful to you. 

 

• Create a Business Plan 

 

The first thing you will need to do is develop a strong, thorough business plan. With previous experience working in a law firm, you should already know at least the basics of what you’ll need in terms of office space, staff, computer software, etc. All of these costs need to be factored into your plan and they should be used to create a cash flow forecast. You should also consider your marketing strategies and branding for your new firm in this plan. If you’re applying for a business loan, the lender will expect to see your business plan so make sure this is completed before you apply. 

 

• Find a Strong Team

 

Your new team of attorneys, paralegals, administration staff, etc., doesn’t have to be huge, but you must select a strong team to give your firm the best chance of success. You will likely start small to begin with, expanding your team and business as you get more clients and make more profit. You might already have some people interested in coming to work for you that you trust, but if not, you will need to start looking at potential employees. Use networking opportunities to do this, and once you have secured your business loan and incorporated your firm, start advertising for positions. 

 

• Specialize

 

The majority of law firms tend to specialize in a particular area, such as family law, property, or criminal. It’s advisable to start a firm that specializes in an area of law you’re familiar with, but if you want to branch out into something new, consider refreshing your knowledge or perhaps trying to get some work experience before you start a new firm. Alternatively, hire attorneys that have experience in different areas of law and offer your clients a range of different services.

 

• Find a Reputable Court Reporting Service

 

As an attorney, you must have access to court reports to help with your cases and files, which is why finding a reputable court reporting service is essential. There are many companies that can do this for you, but for a good example look at A Plus Reporting Service.  

 

• Develop Your Skills

 

It’s important that your clients feel valued, respected, and listened to. For many of them, they will be going through very difficult times which is why having strong personal skills is something every attorney should have. Your clients need to know you’re on their side, and one of the best ways to show this is by being sympathetic and supportive.

There are many other things you will have to consider before you begin your law firm, but use these five tips to help you develop your plans.