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Home Running A Business How to Start Your Own Law Firm
Many newly minted lawyers dream of one day hanging their own shingles. You may be ready to start your own law firm, but unsure of where to begin. Many lawyers, when they first start out, will work out of their home, use their personal cell phone and obtain liability insurance and a simple case management system. This post will explore the steps beyond that if your dream is to build and expand a practice.
One of the first steps in starting a law firm is to create a business plan. This is a document that summarizes your goals and details about operations. It serves as a basis for creating the firm, as well as a roadmap for the future.
Here are some key elements to include in a law firm business plan:
Another essential part of starting any new business is figuring out the financial details. When you begin thinking about your new law firm, you need to have a solid understanding of how much it will cost to begin operations and how to get the money you need.
Your initial budget should include everything from startup costs to necessary purchases of hardware and software, including personal computers and case management software. Long-term budgeting should consider:
It is possible to start a firm with less than $5,000 in the bank; however, these small businesses often need other financing options down the road. That’s where Lendio comes in. Lendio offers new law firms financing options with a single 15-minute application.
The legal industry utilizes a plethora of legal technology and tools that can help lawyers operate a successful practice. While many of these services are not required to practice law, they can make your operation much more efficient, saving time for your staff and money for your clients.
You will need several pieces of hardware to communicate with other attorneys, clients, and courts. Some of the basic hardware you need include:
You can easily create a paperless law firm wherein you don’t need physical filing cabinets, but that will require additional software and data storage systems.
There is an array of innovative software for law firms on the market. These programs benefit attorneys, staff, and clients by making work easier and helping everyone stay organized. Some important software you’ll want to consider for your new law firm include:
You will need a place to store client documents and other firm information, so that it can be easily accessed by key stakeholders. The most convenient method is to utilize cloud storage through a service like Dropbox.
This storage system can be customized to allow internal or external users to access, upload, and download documents, pictures, and other data. Since the storage is available online, you can have access to it from anywhere, whether you are in the office or about to head to court.
All law firms need to have a phone system, so that clients can easily reach them. While you might be inclined to use your current phone, that will quickly become overwhelming when you gain dozens (or hundreds) of clients. As you’re practice grows it will be helptful to have a dedicated phone line solely for law firm use.
You should also consider using a virtual receptionist who can answer the phones when you are unavailable. This will ensure your clients and potential clients always receive great customer service.
Legal marketing can feel overwhelming. There are a lot of moving parts, from creating a website to pay per click (PPC) advertising on Google and other platforms. While some firms spend tens of thousands on law firm marketing, that’s not necessary when you’re just beginning your firm. You should create a marketing plan that considers your clients’ needs and how you can meet them in the most efficient way possible.
Branding is one of the most essential parts of new law firm marketing. You want to use effective branding to connect with your clients and put your best foot forward. Develop a logo, slogan, and tone of voice that match your style. Your brand should be presented on everything that you create, from your website to your business cards.
Law firms need to have an online presence. However, it doesn’t have to cost five figures to create a website. If you have time, you can create your own website with templates available online. You may outsource content and SEO (search engine optimization) services to reduce costs and still get good copy. However, there are legal marketing agencies out there who will develop law firm websites for reasonable prices.
In addition to starting your new law firm, you will have to run it on a day-to-day basis. To do this, you should consider:
Lendio offers many financing options for new law firms. We want to see you succeed. Learn more about funding options for law firms from Lendio.
Applying is free and won’t impact your credit.
Brandy Abalos is a licensed attorney, content strategist, and marketing consultant for small businesses. She uses SEO tools to develop strong digital content for audiences who are learning how to navigate complex topics in law and business. When she is not writing, she seeks adventures with her three children, partner, and two corgis in Ohio.
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