How To Start Your Own Law Practice – Starting a solo law firm is no easy task, but these tips will make sure you’re as prepared as possible to make the jump!
Did you know that 20% of small businesses don’t make it past their first year – and nearly 50% close their doors before their fifth year? Sole proprietors and small law firms fall under these shocking statistics However, enthusiastic entrepreneurial lawyers regularly strive to realize the American dream of owning their own firm and becoming their own boss. Despite the odds, if you’re thinking of blazing your own trail, you’re not alone
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How To Start Your Own Law Practice
The practice of law is a business and a profession To successfully start your own law firm, you must agree to see both
Five Signs It’s Time To Start Your Own Law Practice
The skills needed to run a business are not the same skills needed to practice law While many of the skills you need to practice law will help you in your business, running your business will require you to deal with different issues than practicing law. And these challenges don’t go away as your business matures and grows They change and challenge you in new ways So if you think you’re ready to make the jump to solo law firm ownership, you’ll want to consider these tips and principles first!
Starting a law firm is not easy, and scaling it is even more difficult, especially when you consider how many law firms exist. But a powerful fuel is a personal connection to what you do, and a quick way to make that connection is to specialize and serve a specific niche market in your practice area. This means that if you practice divorce or child protection law, narrowing down that area will be very beneficial to you. For example, your practice may specialize in helping working fathers maintain custody of their children It’s a smaller pool than trying to go after every divorce or child custody case in your area, which means you’ll face less competition.
Once you establish a reputation in this space, you become a source for future cases and referrals from your peers Think of it this way, if you were going to get your car fixed and you had two options, a generic garage that works on every make and model or a shop that works specifically on your car, which would you choose? I know which one to choose
More than ever, people care deeply about who is behind the companies they buy from It’s hard to feel a personal connection to a nameless, faceless organization, and it’s more rewarding to support a brand built by individuals with a compelling story. This concept is especially true for lawyers! Sadly, the media image of lawyers portrays them as unpleasant people to work with While we know this couldn’t be further from the truth, you still have to go out of your way to highlight your best personal brand.
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A great way to do this is through social media! Use these tools to show your audience who you really are People want to work with other people, not robots So show your human, non-lawyer side too If you have a cute cat, spread some pictures within your content that show your expertise and knowledge of the law. That doesn’t mean you have to be prepared to be a public figure who reveals every aspect of your personal life to start a solo law firm. However, a willingness to communicate directly with your potential customers, in any form, goes a long way toward establishing an authentic relationship. This will not only help you get more customers but also increase the number of people supporting and supporting you in other ways.
The first is price If you choose to go the route of setting up a traditional office, you may find that overhead can be incredibly expensive. Most solo attorneys do not require any additional costs or all the space to do extraordinary work for their clients.
The second is missed opportunities for referrals and networking that occur naturally in larger practices. As a solo attorney, small conversations and meetings that lead to new client referrals
No law firm, regardless of size, can function effectively without spending and building relationships that lead to sustainable business growth. No legal entity can survive for long in a vacuum So what can be done to solve this problem and grow your solo law practice?
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One such approach is to use shared legal office space Embracing the collaborative economy by choosing shared office space offers a satisfying solution to both constraints:
Running your own law firm is more like working five jobs than one part-time job If you try to make your practice a side hustle, it will take you longer to reach any kind of milestone. Meanwhile, your competition is catching up So whether you need an investment, a loan, or a creative way to get short-term income, recognize that you have a long, exciting, scary, tiring, but oh-so-rewarding journey ahead of you. Jump!
About Law Firm Suites Law Firm Suites is NYC shared office space for solo attorneys and small law firms. At The Law Firm Suite, attorneys get headache-free sublet office space, virtual office rentals, and litigation hotel services. Law Firm Suites has two locations in Manhattan, one in White Plains NY and one in Annapolis MD. Law Firm Suites’ community of self-employed attorneys are passionate about helping colleagues transact more than $2.5 million in legal business annually at each LFS business center. Connect with The Law Firm Suite on Twitter and Google While we’re all working, the page you’re looking for may have taken days Fortunately, these pages are still working (fee!)…
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The level of customer service is what differentiates a brand from a normal business Don’t dive into this guide to small business customer service just yet He is known as a patron of solo and small law firms For two decades, Carolyn Hathi has helped solo and small firm attorneys launch and build their legal practices. You may know him as the creator of MyShingle.com, a long-running blog on solo and small law firm practice, and he just released the third edition of his book, The Lawyers’ Own Bible, Choices by Solo: How to Start the Law Firm You’ve Always Wanted to Be. | How to be a lawyer
Carolyn joins me to discuss starting and building a practice, and what’s new in this new edition of her book. We discuss why lawyers start their own firms, the biggest mistakes lawyers make when starting out, how to decide on a practice area, how to land clients, and whether solo and small firm lawyers can achieve success and the good life.
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. He has lived in Washington, D.C. since 2012. Listed as an Energy and Environmental Super Lawyer by the ABA and named an ABA Legal Rebel (2010), FastCase 50 Innovator (2011) and ABA Women of Legal Tech Honoree (2014).
This event is generously made possible by our sponsors We appreciate their support and hope you’ll check them out How secure is your technology? Case Study as a Data-Driven Law Firm – Learn how the 2019 Millennium Attorney Report is here! Download today
Lawyers starting a law firm after working for others should start with a vision of the legal services they will provide, how they will interact with clients, and how much they expect to earn from their business. A well thought out vision and realistic law firm business plan will guide your choices as you establish and grow.
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