A 10-Step Checklist for Starting Up a Law Firm

So you’ve decided to start up your own law firm. Congratulations. 

Making the leap and committing to your business venture is the first step on your journey, but there is a lot more to do before it becomes a success. You may be the most experienced lawyer, boasting a resume packed with qualifications, but if you’ve never started a business before, you have some challenges ahead.

To help you get started, here is a comprehensive checklist of everything you’ll need to take care of before your law firm can take off.

Create a business plan

This should take the form of a mission statement outlining your vision for the future of the business, and the strategy required to get you there. You will also need to identify your budgets, potential client markets, and capital needed.

Pick a practice area

Although many law firms provide a generic practice covering all areas of law, it is a good idea to focus your efforts on a particular area. Consider your strengths and weaknesses and identify where you would be best suited to direct your attention.

Come up with a name

When coming up with a name for your business, make sure it is clear what you do and not misleading. It’s common for owners to use their surnames in the business name, but you should familiarize yourself with the legal restrictions around naming a law firm.

Register your company

Registering your company as a legal entity is an essential step before you can begin to run and manage the firm.

Find a practice location

Where will your law firm operate? You’ll need to find an ideal location that can accommodate your company and be scalable to allow for growth. In the early stages, you may wish to save money by sharing office space or even working from home.

Fill your office

You’ll need to fill the office with all the supplies necessary to run a thriving law practice. This includes furniture, computers, stationery and any other office equipment you might need.

Create an online presence

Once you are up and running, you will need potential clients to find you. This is impossible unless you have established an online presence. Create a website outlining the services you provide and providing details for how interested parties can contact you.

Start marketing your company

It’s not enough to just sit back and hope customers find you. You’ll need to learn how to market your business effectively. Teach yourself the basics of using social media, search engine optimization, and other digital marketing techniques. You may even wish to consider hiring a legal marketing agency such as Elite Lawyer Management to assist you.

Build your network

Getting ahead in the legal profession requires knowing the right people. Cultivate relationships with other local lawyers in the area and seek out opportunities for referral work.

Organize your finances

The financial side of running a law firm is arguably the most challenging. Managing invoices, payroll, business expenses, taxes, overheads, and all the other associated costs will require you to have some bookkeeping skills. Accounting software can help you, or you could consider outsourcing this area of your business as well.

This is a contributed post.