All lawyers, whether they have been in the courtroom for decades, in the boardroom for years, or just passed the bar and looking for the first job, have thought about one thing; Starting their own legal practice.
And it’s an admirable goal to have. However, what the majority of these law-focused professionals fail to realize is that in addition to starting a law firm you are starting a small business. For this reason, many of them have to close their practice before they have had a chance to start working simply because of poor financial and business choices.
To prevent you from making these mistakes, below are some tips to consider.
Your Business Name Should Sell Your Services
Imagine that a potential client has been involved in a motor vehicle accident. Seeking legal assistance they start to search for a lawyer.
They are given the choice of two providers:
- James & James Legal Professionals
- Downtown vehicle collision lawyers
Which service do you think will receive the call?
It doesn’t matter how good your legal services are if nobody knows what type you provide. For this reason, when it comes time to thinking about the name for your business, consider vanity for when you are up and running and for now, stick with something which can sell.
Watch Your Startup Capital
The easiest thing to do is to spend all of your money thinking that you are on the set of Entourage. However, just like you money at home using sites like the Groupon Coupon page for Lumber Liquidators, so too can you take advantage of these platforms to save on your office set up costs.
Before you buy any items for your new office, always check online to see if the item is either on sale or can be purchased using a voucher or a coupon. While it may seem strange using a coupon for your business, it could be the difference between blowing out your office budget and having money left over for your rainy day fund.
Choose Your Location Wisely
Just because you have dreams of high-profile corporate clients visiting you in your shiny offices in a tall building doesn’t mean that this is what will happen on the first day you open your doors.
Instead, choose a location which you can afford over the long term and which is also accessible to your clients. For example, an office in a suite just outside of the city which offers free parking on-site can be a great location to choose and lets your clients relax without having to worry about city traffic or expensive parking meters or garages.
When it comes to starting a legal practice, it’s important that you remember at every turn and decision that you are actually running a small business which provides the product of legal service. If you can keep this in your mind you will be sure to make the right business decisions.