When you want to go solo on your law career, you start thinking of putting up your law firm. It can be a profitable business since it is niche-based and people will always have legal problems in one way or another.
Over the years, there is an increasing number of start-up law firms and it employs the good lawyers. But setting up and running a successful start-up law firm takes time, effort, and a good amount of funds.
Below are some tips from experts on what to do while setting up your baby law firm:
Create an online presence and company email
Digital era means online presence, which is beneficial for you and the start-up law firm. Plan carefully how to make your online presence be visible enough to your target audience.
You can hire a company or someone who can build you a web domain with the dedicated web server. This website of your start-up law firm should contain all details such as services and the history of the company as well as how to inquire.
Aside from the website, there should an email that is solely for the law firm. Employees should have company email to avoid problems such as losing contacts.
Establish a brand
Branding is always a sure way to win the heart of your clients and target market. It can be intimidating at first but it is the accumulation of your company’s promises, expectations, and perceptions. It is not just a trademark or logo.
The brand is your message that you want to convey to your clients and rest of the world. So, go ahead and think about how you want your start-up law firm to be perceived by many.
Hire a professional bookkeeper
There is no way you can actually save money when you manage the books by yourself. Instead of focusing on the actual work, you also think about the books of finance and all.
However, it will just kill off your break from work and there is a chance that you will struggle to balance your life running the law firm and checking your finances. It is worth hiring someone who can keep tabs on your finances and accounts.
Hire a professional bookkeeper to manage your accounts and you focusing on helping your clients.
Select the business structure
It is recommended that you choose the type of entity you want to operate earlier. Your choices are a traditional partnership, recognized sole practice, or limited liability partnership (LLP). You can ask a lawyer with business expertise to advise you on this matter.
Decide on the practice area you want to establish
If you want to focus on a certain law practice, it will allow you and the law firm as the go-to company that specializes in a particular legal problem.
You can have family lawyers focusing on divorce, child support, and alike or you can choose to focus on corporate law. It is really up to you what practice area you want to offer.
In this way, the legal problem can be solved more efficiently.
Create a business plan
In any kind of business, a business plan is a requirement. It is a document where you put a clear vision of what your law firm will look like. it also entails the goals you want to achieve in the long run.
The business plan should include the company structure, office space, guide policies, financial investment, practice management, and more.
Consider getting a line of credit
For start-up law firm, you need a good amount of capital. If you do not have enough funds to start, you may want to borrow from a bank or any other financial institution.
You can now consider getting a line of credit and you can repay it as soon as your law firm starts earning.
Build a network
Creating a network with colleagues and other people you know in the industry will help you expand your law firm. Get out more to have a lead on where to gain clients.
Expanding your network will help you meet a mentor about start-up law firm, get referrals, and more clients. Take every opportunity of attending any event invitation, speak in an event, or write articles for your website.
Open several bank accounts
In a start-up law firm, it is essential that you open several accounts including an operating account, trusts accounts designed for the clients, and an IOLTA (Interest on Lawyers Trust Account).
Operating account will be holding the earnings of the company that covers taxes, payrolls, rent, insurance, and everyday needs.