Going Solo: Things to Consider Before Starting Your Private Law Practice
Are you a recent law school graduate interested in going into business for yourself? Maybe you’re a seasoned attorney that’s worked for the public or private sector for a few years that now feels ready venture out on your own? Whatever has inspired you to embark on this journey, becoming a success won’t happen overnight. As with any business, starting a solo law practice requires extensive planning and research. Below are some things to keep in mind.
Decide on an Area of Practice
While you may be knowledgeable in several areas of law, the best attorneys are those that chose to specialize in one category. Most people prefer to work with firms that have invested their time, experience, and resources into one field. These attorneys have higher rates of success and are better equipped to accommodate the needs of their clients.
As you decide on which field of law your solo practice will specialize in, consider things like your educational background, professional experience, and personal interests. You should also evaluate factors like demand rates and competition. For example, if there are a few hundred personal injury attorneys in the area, getting a new business will be tough. Similarly, starting a bankruptcy practice in an affluent area will leave you high and dry.
Consider the Costs
Solo law practices cost a lot less to start than a full-fledged firm. Since you’re working alone, you don’t need expensive commercial space, a team of attorneys, and other overhead expenses. Be that as it may, you’ll still have to invest in your solo practice if you want to succeed. Before jumping in headfirst, you must consider the costs.
You will have to cover the basics like registering your business and acquiring any licenses, permits, insurance, and taxes. You will also need a designated office space complete with essential techs and supplies like computers, printers, fax machines, filing cabinets, and organizers. Lastly, you’ll need to budget for marketing, and outsourced services like legal contracts and documents, paralegal or legal secretaries, and trial graphics.
Keep in mind that until you start generating revenue, you’ll have to cover these costs and your personal expenses. If you don’t have the means to do so, you’ll want to consider ways to save on expenses and taking out a loan or credit line.
Building a Brand
Whether you’re just getting started or you previously worked for another firm, you’ll have to develop a brand. Now that you’re on your own, you have to make a name for yourself to start bringing in clients. Essentially, you’ll have to convince your target clients that you’re the best attorney for the job. Developing a brand can take time, but you can use a lot of resources to give you a boost.
Start by creating a website that lists information about your practice, field of law, and services. You’ll also want to create social media accounts to interact with leads and gain clients. Registering for associations and law groups also works to add to your credibility.
While focusing online is vital, you mustn’t forget the importance of traditional marketing as well. Ensure that you’re attending networking and community events and handing out print materials like business cards and brochures. If you’re not well-versed in marketing, outsourcing to a freelancer or agency is highly recommended to increase your chances of success.
If there’s anything the world needs, it’s attorneys that will go to bat to protect their rights. So if you have the educational background, a license to practice, and the determination to succeed, your solo practice can make a big difference. Despite the many challenges of going solo, a thorough plan can make things easier to manage. By giving careful consideration to the factors listed above, you can start developing strategies and implementing systems to create a reliable brand that does its part to serve the community.