Do you want to start a law firm? It’s as competitive as ever, with more new law firms starting in response to high demand. About 20% of businesses shut down in the first couple of years, and you don’t want to join them.
If you’re getting ready to join the fray, you’re going to have to brush up on more than the law. You’ll have to put your business hat on and start thinking like a businessperson.
What does it take to start a new law firm? Read on to discover what you need to have to start a new legal practice.
- Legal Niche
You have to have a legal specialty. It helps you gain a deep understanding of that area of law and attract the right clients.
Choose a niche based on the growth potential and your passion. Corporate and real estate law drove growth in the legal industry last year.
- Business Plan
A business plan helps you figure out the business strategy and other essentials before you take your first client.
You’ll learn about the competitive environment in your niche. It’s helpful to know if your ideas for the new legal practice are viable or not.
The main benefit of a business plan is the financial plan. You have to determine all of your startup costs and monthly operational expenses.
Since you’re self-employed, this is a good opportunity to take tax and financial planning for lawyers into consideration.
You don’t need to spend too much money on a big office that you won’t use. You do want to have an office location that you can grow into.
It’s much better than taking client meetings at coffee shops. It makes your new law firm seem unprofessional.
Get a co-working space that allows you to scale your business up. Most co-working spaces have meeting rooms and you’ll have access to a receptionist.
That gives clients confidence that you’re a professional and you have an affordable location that lets you scale up.
- Office Systems
Are you starting a new law firm as a single practitioner? Your time is going to be spent between client work and managing the business.
The quality of your office systems will allow you to do more in less time. Focus on where you spend a lot of time and try to automate as much as you can.
Create templates for contracts and other documents you create often. You also should have a CRM system to follow up with leads and clients.
- Marketing Plan
It’s time to tell the public about your new law firm. You’ll want to start marketing online with search engine marketing.
Run a pay-per-click campaign, which gives your website enough time to generate momentum. You’ll be able to climb up organic search rankings.
Starting a New Law Firm
Do you think you’re ready to start a new law firm? It’s not easy to start a new law practice, given the level of competition and failure rate of businesses.
This guide gives you the head start you need to build a new law practice that’s a huge success. Visit this site for insights into business and technology that will give your law firm an edge.