Start-up success is not the result of luck or genius; it can be engineered into a process that enterprising individuals can use to follow and fulfill their dreams. Now is the time for attorneys that want to strike out on their own to open law firms. Lawyers with their own firms get to select and control the types of cases they get and experience higher profits. Here’s the top tips for attorneys thinking about starting their own firms.
The Best Time is Now
So many lawyers get lost in the preparation stages and never make it to the actual opening of their law firms. While planning is certainly important, some details can be hashed out after your business is started. Get all the essentials like a website, a computer, office equipment, practice management software, and get going.
Find a Practice Area
Consumers are all about customization these days. Niche marketing has become the go-to strategy for a variety of industries – law is no exception. Attorneys are encouraged to specialize in a few key areas that are relevant to the community they serve, this way they will be known for particular issues in the surrounding area. This ensures the quick development of brand recognition and a steady clientele.
Law Firm Startup Costs
Start-up costs can be as little as $3,500 if you decide to practice from home. Consider the costs of office equipment, a cloud-based practice billing and management solution service (about $50 per month). Also factor in the cost of office management services like Microsoft Office products that can run as little as $22 per month.
It may take up to six months before lawyers have any type of regular income coming in. Keep overhead costs low. Sources of income like pay for contract work, contingency fees, and hourly billing may not hit the bank for a while.
Hone Listening Skills
Always listen to a client’s legal trouble from beginning to end, without interruption. And try to answer their legal problems in clear language. Also be sure to ask if the client has any questions about their legal options.
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