Opening your own law practice is a big decision. You need to know which resources you’ll need to get started and also keep it running. While some might think opening an individual practice is easy, it’s not always the case. Even the most successful attorneys need help getting things going in the right direction. In this guide, we’ll go over everything from setting up your own office space to creating the perfect marketing strategy for your business.
Map Out Your Financial Needs
Before opening your own law practice, you need to map out your financial needs are different from those of a lawyer who’s part of a larger firm. When you’re part of a larger firm, the lead attorney pays for the equipment and supplies needed to run the office. But as an independent professional, you need to purchase these items yourself. Here are some things you need to consider:
- What will be my monthly operating budget? This includes rent or mortgage payments, utilities and equipment purchases like computers and printers.
- How much do I want in savings after paying my bills each month? Whether this means two months’ worth of cash flow or 12, you need to be sure you have enough to cover everything.
Even if you’re financially secure, you still need a lump sum to get started. Instead of dipping into savings, you could take out a small business loan. You can then use the proceeds to cover the cost of securing an office space, hiring a small staff, and installing all the necessary equipment. You can also use the money to market your practice as well.
Create a Business Plan
Your business plan is a road map for your law practice’s success. You can use it to map out your goals, objectives, and strategies now and in annual increments. Your business plan should also include how you plan to use your time, money, and resources. If you don’t have one in place, now’s the time to do it. It’s impossible to know whether your practice will be financially viable without one.
Research Laws for Opening a New Practice
Even lawyers need to know the laws for opening a practice. This means researching different business structures, understanding how to incorporate them and understanding taxes and accounting regulations. You also need to understand what malpractice insurance covers and how much it costs.
Market Your Law Practice
In addition to word-of-mouth reviews, there are a lot of marketing tips for new law firms to adopt so your services can hit the market. You can network with other lawyers at local meetups, or you can join groups that are closely affiliated with your law specialization. You can also use PPC ads to reach your ideal client. In most cases, people in need to legal assistance head over to Google and search for what they’re looking for.
As such, you can reach them by strategically running ads with high-ranking keywords. You can also create informative blog posts that rank high on Google. Be sure to use specific words or phrases that users could use to find you and your practice. Also, make sure the blog posts are well written, informative and offer value to the reader.