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.