How to start a law practice? That’s what we are going to discuss in today’s topic. Aside from being capable in the legal field, some lawyers are also entrepreneurs. Yes, there is some breed of people who just cannot find comfort in being employed. They would rather be the job creators rather than the job seekers. If you are this type, then this article is for you.
Starting your own law practice is not a matter of rocket science. It all just needs some adherence to some vital aspects that I am going to consider here.
How to Start a Law Practice by Adopting a Lean Structure
Law practitioners, in essence, don’t need much to get into the business. In fact, with just a neat suit, a phone, and a computer, you’re good to go. You don’t need the “nice to have things” that many offices place emphasis on. The premise here is on efficiency and having a better bottom line. A key aspect that fosters efficiency and a better bottom line is cost reduction which is greatly enhanced by adopting lean structures. So at the basic startup, just essentially have what you need and not what you want.
Specificity is the Spice of Business
It almost seems like a disease! The initial thought and preference of everyone who thinks of starting your own law practice is a general practice. This is widespread across all major businesses. If it supplies, people tend to lean towards general supplies. If it’s retail, most people tend to lean towards general retail. Well, it might not be bad to go the “general “way. But the current market has a demand for specific products. Customers at present have specific demands. The demands of the contemporary market embody the underpinnings of consumer sovereignty.
Therefore, when starting your own law practice, it is advised that you offer a specific service. If you’re a family lawyer, why not provide dedicated family law services. Won’t you be better off working in a field that you are at first competent and at large comfortable in?
Your law practice could get off on a better note if you offered a specific service as opposed to a generalized service. Have that in mind as you research on how to start a law practice.
Starting Your Own Law Practice: Importance of Budgeting
What you are starting your own law practice. Budgets are indeed vital tools for any entity to survive. They are key decision influencers and also the framework in which cooperate entities achieve their objectives. When you start your law practice, create a long-range budget for the practice. In doing so, you need to take into consideration two financial aspects:
- Start-up costs
- Operating costs
Your start-up costs could include things like:
Your operating costs could include things like:
- Water and the likes
The key thing about the above costs is to keep them at a bare minimum during the startup.
Consider Some Administrative Assistance
Your main expertise is in law and not administration. Some law practitioners try to juggle between the two once they’ve started their law firms. The implication is that most of their time will be spent on administrative work. The recommendation is that you relieve yourself of those administrative tasks and hire an assistant to handle them. These increases work dedication as everyone focuses on their main area of expertise.
Always Have a Backup
Well, nothing is always for sure in this world. You don’t just jump into things without a backup plan or a contingency of sorts. A key measure that ensures your stability is savings. Look at your expenditure and determine what you don’t necessarily have to expand on. Identify those things that you can do without for some time as your revenue keeps on growing. Also, ensure you add in a buffer for the worst case scenarios.
Law Firm Marketing Strategy
Having met your start-up and operational costs, ensure that you have some money allocated to marketing. If your business is to grow, people must know it. They can only know it if it’s visible. The surest way of enhancing your visibility is through marketing. Whatever money that you expand on marketing is sure to have a great rate of return to your law practice. At no point in time should you see that money spent on marketing is a waste.
Below are good ways in which you can undertake marketing after starting your own law practice.
- Create a mailing list
- Hold luncheons
- Embrace referral marketing
- Utilize social media
- Use ads and banners
The take-off of most law practices is normally slow and riddled with challenges. But, it’s only you who can change that by taking into consideration the above pointers on how to start a law practice. Cheers to success!