When it comes to practicing law, it’s a given that every lawyer wants to make it on their own. You know the dream; with their name in big letters at the top of a towering building. Unfortunately, it is often these big aspirations which see many new legal firms close their doors for business before they have even had a chance to start!
If you are looking to start a law firm and want to avoid many of the common mistakes made before you, this article can help!
Sorry, What Legal Service Do You Provide Again?
This is a question you don’t want any potential client asking you because if they can’t remember your service then they aren’t likely to remember your name.
When it comes time to think about the name for your firm, steer away from making it all about you and, instead, look to make it about your business.
For example:
Imagine that a potential client has recently been involved in a motor vehicle accident. When they are looking online or through the yellow pages, they have two options.
- The first is your business, named after yourself – McMahon Legal Professionals
- The second is your competition – City Motor Vehicle Compensation Specialists
Can you guess which one the client will choose?
Use Your Startup Capital Wisely
It can be easy to think that your startup capital s endless, however, once it runs out your business ceases to operate. For this reason, look for ways to save money.
For example:
- Instead of buying an office car, utilize a Budget Rent a Car coupon each time you need to travel to visit a client instead of paying expenses for a car you don’t use full-time.
- Instead of buying office equipment, look for leasing options which can allow you to spread the startup cost over the course of your business operation.
- When it comes to furnishing your office space, consider ex-lease or used furniture for your reception area and employee spaces.
Choose the Right Area
Every lawyer wants to work in a highrise building in a shiny new office, and while this may eventually come true for your firm, it isn’t there yet. For this reason, when it comes to choosing your office space, look for an area which is accessible to your clients.
For example, if you are going to specialize in wills and estate law then you could look for an office space near retirement homes.
Similarly, if you are looking to provide bail-bonds and 24-hour legal support then you could consider a space in proximity to a police station
Get Your Business Online as Soon as Possible
Many business owners believe that their website and general online presence is something which can be left until their firm is up and running. However, the truth of the matter is that if you don’t have an online presence then you may not even get up-and-running.
In the above-mentioned example in which a potential client was looking for a compensation lawyer, the first method was to search online. Unfortunately, a search engine can’t provide your business as a result if it can’t index your page.
Even if you start with nothing more than a basic website detailing your services and providing your contact details, this can often be enough for your firm to show in search results and be suggested to potential clients.
Starting any type of business is difficult, however, it’s important to remember that a legal firm is just that, a business. With this in mind, be sure that your decisions are business based and not legal based.