If you are considering starting your own law firm in the US, there are some things that are pretty much the same as starting any other business and some that relate to the legal profession. There are a few questions you need to ask yourself before embarking on a new venture, and you need to give yourself honest answers if you are to succeed.
Questions Anyone Should Ask Themselves
No matter what type of business you are thinking of starting, you need to ask yourself if you are prepared to take a risk, because all new startups have some element of risk in them. Have you thought about premises and all the overheads that come with them? Are you happy working totally on your own or will you need help from day one? Are you able to manage a team of people rather than them managing you? Have you got the funds you will need to get started? Do you know what technology you will need? These are really just a sample of the sorts of things you need to know before you start a business, or you will be doomed to failure.
Matters That Relate to the Legal Profession
The answers you need relating to the legal profession include things like what type of law are you going to deal in? Will it be a specific area you specialize in when you start your own law firm, or will it be more general? If that is something you are undecided on, you can gain a lot of knowledge from the site of Lawbiz that may help you make that decision.
Once you know the type of law you will be practicing, you will know what clients you want to attract and if you want to be a solo practitioner or want to join forces with someone else. The gathering of all this information will help you to form a solid business plan, and then you need to ask yourself a few more questions.\n
A decision needs to be made about the legal entity of your new law firm. Will you practice as a sole trader, a partnership or as a limited liability company? There can be tax implications in these choices, so you should speak to an accountant before making your decision.
There are so many other things to consider when starting your own law firm, which is why Lawbiz has several different categories of information to help you. If you need information on management, technology, ethics, client relations, or marketing and business development, the Lawbiz site is the place to go.
Once you have answered all your own questions, and gathered all the information you need, it is time to get started with your new law firm. You just need to remember that even the biggest law firms in the US started in a small way. It could have been many years ago that someone took a chance, just like you are thinking of doing now.