There is a high risk associated when you’re just starting a new law practice. You probably don’t have a steady stream of clientele,and you may not even have the money in your account to spend on lead generation or marketing. Basically, in the beginning, stages of your law practice, it’s going to be all about surviving. With some careful planning and keeping an eye on your expenses, you can make it through this. We’ve got four tips on how to start a law practice while minding your budget.
1. Consider using a virtual office or a shared workspace
Usually, the largest expense that is associated with creating a law firm is the office space. Sure, you want to have a nice office that will appeal to your clients, but right now, you are going to have to do whatever it takes to even get this practice off the ground. This is where shared workspaces can come into play.
Typically the most appealing aspect of the shared workspace is the cheaper rent, but there are other perks as well such as:
- WiFi internet
- Nice furnishings and décor
- Office equipment
- Receptionist to greet clients
- Much more.
A virtual law firm can be great too if you don’t have the money to put down for that shared workspace. You can meet clients online and talk with them through Skype or Google Hangouts. This is a great option if you are tech savvy and it’ll even appeal to clients because of the easy communication and accessibility.
2. Don’t hire any staff until you absolutely have to
One of the most common mistakes is that people will hire staff early on when they really don’t have to. Your main goal at this point is going to be focused on getting as much clientele as possible so that you can hire staff sometime down the road. If you do start feeling like you need some help, you could hire a temp person until you are in need of someone on a more permanent basis.
3. Find a niche and excel at it
The next bit of advice on how to start a law practice is to find a niche segment of law and excel at it. You don’t want to market yourself as an all around kind of lawyer simply to get in any kind of client because this could actually hurt your business in the long run. You want to find a segment of law that you’re good at and stick to it. It will be easier to network this way, plus the referrals will be more consistent.
4. Learn how to create content and do email marketing
One of the biggest challenges new law practices encounter is bringing in the clients. Until you have a reputation, it’s going to be difficult. This is why you have to learn how to market yourself online and appeal to your target clientele base. Creating content and using online marketing is the most cost-effective method of attracting people to your practice. There’re so many resources available that you can use, some of them are even free. One of the easiest ways to do this is just by writing one or two articles a week for the next few months, and that will get you some ranking on popular Google searches. The more you show up, the more likely people are going to look into your practice.