The average salary for a lawyer starting out in firms is around $160,000 per year.
While it may be substantial, many lawyers may not be comfortable with it, especially after the long, gruesome, and expensive years of law school.
Fortunately, if you’re not satisfied with your monthly paycheck, you can always consider starting your own law firm.
Besides a larger pay, your own law firm will allow you to advance your career and create a name in the industry.
But where will you start?
Here are 5 important steps that you should follow when starting your own firm.
1. Pick a Speciality
The days of being an “all-round” lawyer are long gone.
If you try to do everything, prospective clients will think that you aren’t good at any particular area. Also, you’ll pose as a competitor to all the other law firms, which is bad for business.
Ensure you major in one or two related areas of law. Nonetheless, make sure you have some experience in that particular field. This will give you a huge amount of confidence when plunging out.
2. Get an Office Space
While it’s recommended to start small, you need to set aside a considerable amount of money for a physical office.
Depending on your practice areas, choose the ideal office location for your firm for the highest ROI. For instance, if you specialize in civil legislation, you’ll benefit more from an office near the courthouse.
Study the commercial real estate in your ideal location to get a good idea of the market value. Keep in mind that the lowest rent may not be of much benefit if you don’t have enough office space.
As a rule of thumb, choose an office space that’ll comfortably accommodate all your employees and office furniture.
3. Create a High-Quality Website
In today’s business world, you can’t go anywhere without a quality website.
While you may want to save money by creating and designing your site with free online tools, an inexpensive website will question your authority and credibility.
An experienced website developer and designer will help you create a beautiful site that attracts clients.
It’s also important to find a professional company that’ll help you generate leads to your site for your area of specialization. For example, if you specialize in personal injury cases, find experts to generate personal injury leads for you. You can learn more about personal injury leads here.
4. Comply with Regulatory Requirements
In some states, you’ll have to join the state’s bar association or legal society when staring a law firm. You may also need to get a malpractice insurance.
Apart from fulfilling other business licensing requirements, you may also need an Interest on Lawyers Trust Account (IOLTA) if your practice will involve holding funds for other entities.
5. Establish Your Brand
Creating a professional-looking website and implementing a few SEO strategies isn’t enough.
You need to build your brand such that it encompasses what you stand for and everything you believe in. Let your brand name and logo vividly convey your mission and the elements that make you different from the rest.
Building your brand will help create authority in your niche that’ll boost your future reputation.
Starting Your Own Law Firm Shouldn’t Be a Hassle
A law firm is just like any other business. When starting your own law firm, the steps above should help you create a successful business plan.
To offer you more insights that’ll help you make your venture a success, stay up-to-date with our latest business news.