The process of developing a new law firm will not be easy, to say the least. You are bound to face much competition and there are so many different things you need to think about. However, the rewards a successful firm can bring will make all the hard work completely worth it. That is why we are offering some fundamental tips for creating a new firm.
Identify Your Firm’s Capacity
The one big mistake you can make when starting a new firm is taking on too much too soon. You might think it is a doddle to take on 6 to 8 clients by yourself when starting out, but it is important to remember you are not a solo attorney anymore. You are now the firm’s manager, marketer, receptionist, administrator and drafter. Taking on more than six clients a month will drain both your time and finances, so you must carefully consider the workload before you start accepting many new clients alone.
Know Your Numbers
You are now running a business, so it is vital you know your numbers so you can calculate your firm’s growth and monitor your income against your outgoings.
For example, you need to consider the average fee per client, and you could even offer a flat fee to attract new clients. You should also account for revenues from public speaking engagements, and how much you will need to spend on a marketing campaign, property rental fees and more. By knowing how much money your firm is accumulating, you can identify the right time to hire new attorneys.
Develop a Specialty
What is your firm’s specialty? If you haven’t thought of one, now is the time. Clients are looking for skills and experience to help them win their case, and developing a specialty will allow them to trust in your legal services, because you will focus in the area they are seeking representation.
A perfect example is Horn Law, a Kansas City, MO motorcycle injury attorney. The personal injury firm have a team of skilled attorneys that specialise in personal injury law, so people involved in a serious accident will more than likely turn to the experienced firm over one that offers a variety of legal services.
Find Ways to Initially Finance New Attorneys
You will more than likely be a little strapped for cash when starting a new firm, which means hiring new attorneys might be a bit of a struggle. You could, however, hire an attorney on an hourly independent contractor arrangement, and you can continue the arrangement until you have the financial capacity to hire attorneys on a full-time basis.
Seek Growth Capital
You are developing your first firm, so you probably have no idea where to start to financially grow your business. However, your initial growth capital could determine the success of your company, so you must seek financial funding as soon as possible, requesting an amount that can help your company get off the ground.