It doesn’t matter if you have been working in the courtroom for years or you have recently passed the exam and are now looking for your first job, ever since you knew that you wanted to be a lawyer you knew that you wanted to start your own legal practice.
An admirable dream, no doubt. However, what the majority of lawyers fail to remember is that while, on the surface, you are operating a legal practice, underneath you still need to run the day-to-day requirements of a business effectively.
To help you out in regards to the non-lawyer side of things, below are some tips to consider.
It All Starts With a Name
The first thing that you will want to think about is what you will call your legal practice. Of course, ever since you started dreaming you knew that the name would be something like James Royce Legal Services, or something similar.
However, here is a situation to consider.
● A person is involved in and injured as a result of, a motor vehicle collision
● This person is looking for legal representation of their compensation claim
● The person finds two lawyers in their area
1. James Royce Legal Services
2. Royce Collision Compensation Lawyers
Can you guess which one they called? Of course, it is the one with the name that clearly tells the new client that a call to those offices will put them in contact with a lawyer who can help with their situation and needs.
Spend Your Capital Wisely
Once you have your office established then you will want to win and dine all of your potential clients, often spending lots of money on the task. And while it may bring you some new clients, it can also cost you a lot of money.
Similar to how you would spend your personal finances when it comes to entertaining of buying items for your business, look for coupons. For example, the Groupon Coupons page for Crowne Plaza Hotels is a great way to give your potential clients a night at a luxury hotel without having to break your corporate budget.
Of course, this tip isn’t restricted to hotels. Any service or item that you need to buy to start your business can likely be found for a much cheaper price using a coupon or a voucher.
On the subject of offices, there is no doubt that you want nothing short of the best. A high rise building with a fancy entrance and a range of art to entertain clients while they wait. And as great as this dream is, it isn’t one which you can achieve until your business is actually established and successful.
With this in mind, look for a location which is close enough for your clients to access but not so close to the city that you need to spend the majority of your startup capital on leases. For example, if you will be providing estate tax advice and services, consider setting up an office in an area with a statistically high rate of elderly people. Similarly, if you will be providing 24-hour emergency legal services then an office near a police station could be a good choice.
Starting a law firm is an admirable dream, and one which you should reach for, however, it’s important that you keep your feet firmly planted on the ground and make sure you pay attention to the business side of things as well as providing legal services.