Starting your own law firm after several years of working for others is both exciting and challenging. On one hand, you have the many new experiences you will be able to absorb as the owner of your own law firm. On the other hand, there are the challenges you have to tackle head-on in order to succeed.
Starting the firm is just the beginning. You also have to think about growing the firm and reaching the level of success you have in mind. For this, you need to handle the business side of the firm properly, and we have the perfect getting-started tips in this article.
Have a Business Plan
Many attorneys who decided to start their own firms made the mistake of not coming up with a business plan. Even when it is your own practice, you still need to formulate a concise and accurate business plan to keep you moving forward.
A business plan should include the projected growth and the targets to achieve along the way. It is also important to include strategies that will help you achieve those targets since they will help maintain the firm’s heading in the long run.
You don’t have to have a perfect business plan from the start, but you still need to make one. Starting a firm without a business plan will get you nowhere simply because you have no way to track your growth and whether you’re achieving your targets.
Understand Your Options
Another common mistake new attorneys make is ignoring the financial side of starting a firm. This is a big no, especially in today’s competitive market. You may want to focus on the law side of things, but that doesn’t mean the law firm will survive without proper business finances.
The first thing you want to do is engage a bank. Take the time to get to know your banker and build a more personal relationship. You can handle day-to-day transactions using the provided online banking facility, but the relationship is still very important.
It is also a good idea to take the time and review other financing options. Luckily, law firms can now grow at a much faster rate thanks to the wealth of financing options. You can, for instance, rely on a business cash advance for law firms to fill gaps in your budget.
Find the Right Balance
Just because you take the business side of your new law firm seriously, it doesn’t mean you can’t still help those who need legal services. Many of the top firms we have today are actually built on a balanced foundation. They do a lot of commercial work for corporations, but they help people in need at the same time.
You can find the right balance for your firm. It may be harder at the beginning, but maintain a larger group of clients and you can start doing more pro-bono work for the communities around you. Get these basics right and you’ll have a healthy and well-performing, target-achieving firm in no time at all.