This post wraps up my series on the starting of a new law firm in 2015. I wrote this series due to the fact that decreasing legal employment is making more lawyers start their own firms. One thing that I can’t stress enough is that, when starting up, it’s crucial to understand that you are opening a business. Many lawyers will openly say “I’m a lawyer, not a businessperson.” Well, if you take that attitude in your new enterprise then you won’t have to worry about the distinction – you’ll be out of business soon enough and you won’t have to worry about being a businessperson. It’s true that things have gotten tough for attorneys and are going to continue to get tougher. If you go about doing things the right way, however, you can succeed in a way that will leave your competitors looking as amazed as these fine chaps:
Your competition, meanwhile, will see starting a law firm as the doorway to success. The problem is that they will model their business after every other law firm out there. All this does is ensure that their doorway to success winds up looking like this:
Fortunately you’re going to do things right and you will achieve your goals as a result.
I looked at a number of topics as part of this discussion. Issues discussed included:
- Why attorneys should start their own law firm in 2015
- That lawyers must recognize that they are their own most valuable asset
- How to pick a practice area for your new law firm
- Choosing the right business structure for your new law firm
- Choosing the right software for a law office
- How to market a law firm the right way
- How attorneys should go about choosing support staff and employees
- How lawyers can maintain their success
One thing I stressed throughout these posts is that one must focus on efficiency and smart investment. Law firms are notorious for being inefficient and not considering ROI when it comes to capital expenditures. If you buck this trend, and realize that you need to run your office like a finely tuned machine, then you’re going to do fine.
Best of luck in your new venture!