Start-up Law Firm Strategies

by Legal Author on June 27, 2012

(US Law) For new lawyers fresh out of law school, finding steady employment can be difficult. One option many law school graduates, and even veteran attorneys, should consider is starting their own law firm. The following tips will help you create your law firm and build a basis for future success.

1. Funding

The first step in starting your own law firm is securing the necessary start-up funding. Many lawyers are surprised how little capital is required to get a small law firm off the ground. In order to make sure you have enough funding, sit down and write every foreseeable start-up expense. If you are unsure if you have all of the bases covered, consult with a qualified small business financial planner to double check the proposed budget.

2. Alerting the Government

There are steps you need to take to alert the local and federal government that you will be self-employed at your own law firm. Make sure you are allowed to run a business out of your home if you choose to set your office up where you live. Also, consult a tax attorney to make sure you are filing your quarterly and yearly taxes responsibly.

3. Company Registration

Along with making the government aware of your new law firm, you have to register your company. You have several options in regards to registering your law firm as an operating company, such as LLC or other category corporation. Each corporation option has advantages, disadvantages and qualifying stipulations. Consider each carefully before deciding where you firm fits.

4. Setting up the Office

There are certain essential supplies you will need to set up in the office for the law firm you are starting. These items include but may not be limited to:

  • Computer with internet access
  • Printer
  • Scanner
  • Copier
  • Telephone and fax machine
  • A place to sit with a client
  • Small wares like pens, notebooks, highlighters, and paperclips

A law firm can be run right out of your home or you can acquire a separate office space to do business in. Many new lawyers start their firm in a home office to save on initial start-up costs.

5. Win Clients

Without clients, starting a law firm is pointless. Once your office is set up and the legalities of owning a business are handled, it is time to build a client base. Start with affordable social media marketing and soliciting word of mouth referrals from loved ones or existing contacts. Once your client base starts to grow, you can afford to venture out to different marketing strategies.

Starting a law firm requires a great deal of planning and knowledge of the laws and regulations for new businesses. The five important steps outlined above will help guide you in the right direction for success.

Matt enjoys helping other lawyers who are starting their own law firm.  He and his friend Mike started their own law firm Sharp & Driver, Attorneys at Law.

Legal Author

Legal Author

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