Can you make it on your own in a law firm?
The good news is you can. After all, even fresh graduates are starting a law practice nowadays. Around 0.9% of students want to become solo practitioners after graduation.
Starting a law firm grants you freedom, better control of how much you charge, and this can ignite your entrepreneurial spirit!
But is it the right path for you? Only you can answer that, but we’re here to guide you toward the decision. Keep on reading to learn how to start a law firm.
Make Some Calculations
How’s your savings account? Opening a law firm can take a lot of money, depending on your business plan. You have to make sure you can survive for some months without income.
Do the math and calculate the necessary amount for an office, equipment, and overhead costs. How much are you going to spend on marketing and other stuff? Create a “start a law firm” checklist to keep track of your expenses.
Then, you have to consider your bills. Compute how much your firm needs to generate each month to cover some or more of the following:
- Utility bills
- Personal expenses
From there, you can calculate how much you can charge per hour. You also have to set a decent expectation of how many hours you will work per week.
Choose a Practice Area
If the math checks out, you have to identify the areas you want to practice. Where do your strengths and weaknesses lie?
Avoid offering a generic practice. By taking many paths, you might end up nowhere at all. Limiting to a niche also eliminates the majority of your competitors.
Give Your Law Firm the Perfect Name
It’s time to name your practice, but you have to be careful. You can’t use “Law Firm Offices” if you only have one office, and you can’t add “and Associates” if you have no associates.
You can name the firm after yourself, or you can get creative. You only have to mind the rules of naming.
Build a Marketing Strategy
Think of ways to attract new clients. Building a referral network is the first step.
Get to know other lawyers in your area and look for referral work opportunities. Experienced practitioners are often willing to help.
Make sure to build a website, as well. Learn some more tips on marketing a law firm to get your feet out the door.
Select the Ideal Location
Choose a location you can stay in for many years. Ideally, you want a permanent address.
Moving too much can be detrimental to your marketing efforts. You might also want to consider a shared office to avoid the lonely woes of being a solo practitioner.
Learn How to Start a Law Firm Now
Becoming a solo practitioner means juggling between being a business owner and a lawyer at the same time. Learn how to start a law firm with the right frame of mind to make it through the end. Our best tip is to be confident in yourself as you learn how to run a law firm later.
Did you find this guide helpful? If so, read our other posts today.
Hemant Kumar is a project manager at Tridindia with more than nine years of commendable experience in writing about LMS, translation, and IT. His unmatched talent and passion for digital marketing gave him the opportunity to work as a multi-tasking project manager at TridIndia’s sister company, Link Building Corp. Today, he contributes to the world by imparting knowledge on SEO, link building and internet marketing etc., that helps business owners grow their online business.