Even if you haven’t told anybody or even spoken the words out loud to yourself, if you practice law then you want to start your own firm. It’s a natural thought to have and great motivation to keep you working hard towards the goal.
However, the challenge faced by many legal practitioners when undertaking this task is understanding that, not only are they starting a legal practice but they are also starting a business.
Below are some common mistakes and tips to help you start your legal business.
Don’t Let Pride Get in the Way of Your Business
No matter what field you work in, everybody wants to see their name above the door of the office. Or even better, on top of the building! And while this is admirable, it’s also a bad marketing strategy for new practices.
Here’s an example:
- A potential client is involved in a motor vehicle accident
- Once they return home they look online or through their local directory for legal representation to handle their compensation caseUpon searching for lawyers in their area they are presented with two options:
- The first is your business, McMahon Professional Legal Services (a very nice sounding business name)
- The second is your competition. The name of their practice is Jamieson Accident Compensation Lawyers
You can imagine which one the client is going to choose, simply because there is no way to know what type of service you provide. And why bother to investigate any further when there is an option right in front of them which identifiably fits their needs.
Keep a Tight Watch on Your Spending
If you are lucky enough to be starting your business with a solid amount of capital then it can be tempting to feel like you are on the set of Entourage and go about spending your cash frivolously.
Instead, take advantage of the same cost-saving techniques you use in your personal life. For example, you would have no problems taking advantage of an o’reilly coupon from Groupon Coupons to save so why shouldn’t you use the same platforms to buy items for your office like furnishings, IT equipment, and even artwork.
Be Where Your Clients Are
Similar to wanting to have a regal sounding name, many up-and-coming lawyers dream of expansive offices in a nice shiny building. And, again, this isn’t the best way to to go about starting a law firm.
Instead, look for a location where your clients either are or where they can easily access. For example, if you plan to provide 24-hour legal services or assistance to drivers caught driving above the legal alcohol limit then your best idea may be to establish a practice close to a police station. Wherever your clients are, be sure that you are nearby.
Starting any business is a difficult enough challenge for those who are aware they are undertaking the task, let alone lawyers who focus solely on the legal side of their business. To prevent making their mistakes, keep the above tips in mind.