You’re passionate about law- you’ve completed all of your education, have gained the necessary experience and are now ready to make big bucks. Setting up your own law firm is one way to go about this. However, as with any kind of business getting off the ground can be difficult. Here are some things you will need to bear in mind specifically when it comes to law.
You will need to think about financials, market analysis, mission statement, competitive advantages and so much more. You need to know how much it’s going to cost, and how much you will need to earn in your first year to keep everything ticking over and break even. It’s worth saving a contingency fund just in case things don’t go exactly to plan, that way you leave yourself a buffer without risking going broke. Another thing you will need to plan is what area of law you will be going into. You are sure to have your favorite areas, but of course, some are always going to be more profitable than others. There’s always a call for family lawyers for example, and personal injury does well too. For the most part, these are clients that won’t have worked with a lawyer before and will be more easy to secure. Start specializing in corporate law or other areas and you might find it tricky to get hold of those clients, especially in the beginning.
You won’t have any clients in the beginning when you first setup your firm, but that doesn’t mean you have chance to laze around. Quite the opposite, if you want to make it a success you need to find ways to get your business out there. Invest in a good website design for lawyers, get all of your social media setup and work on marketing. Just like any business, if you don’t get the word out there, how are people going to find you? It’s worth getting some additional help if this isn’t your area of expertise, but make sure you know what you’re paying for. Some companies will happily take your money without actually doing much, and whatever you try it’s not likely to be an overnight fix. When it comes to marketing, you have to think of the long game.
As a legal firm, you will want to portray a very professional image, so the premises you choose is incredibly important. Smaller businesses can usually get away with small, shabby offices to save money, but since you will be having clients come in this something that has to be right. Legal offices don’t need to be right in the center of cities, you could save money by setting up in a location that’s a little further out. As long as it’s still accessible, it’s not like a shop which relies general passing individuals to go in and purchase from them. Make sure your office is nicely laid out, the signage is professionally done, and the interior and exterior are both clean and well decorated.