About one percent of new lawyers decide to start a solo practice. This can be a thrilling and slightly scary experience as you become solely responsible for your success and income. As a new attorney, you need to know the law and basic business management.
Keep these tips in mind when you start your law practice.
Know the Numbers
When it comes down to it, numbers don’t lie. Before you start a law firm, you need to know how much money you need to make. Start by making s list of your expenses, both personal and professional. Then add 30% for taxes.
Now decide how much you want to charge per hour. With these numbers, you can figure out the minimum billable hours you need to support yourself and your new law practice.
Have the Right Technology
Thanks to modern technology and development, you only need a reliable computer to get started. Invest in a high-quality laptop that allows you to work from anywhere. Spending more initially will save you from unnecessary downtime later on.
It can also be helpful to have an external hard drive for increased file storage capacity. If you are worried about facing technology issues or are not tech-savvy, it’s wise to have an IT service in place just in case something goes wrong at the worst time possible.
Purchase the Tools
Beyond a laptop, you may find it helpful to have the basic office supplies. These include things like printer paper, printer, copier, scanner, pens, pencils, highlighters, and markers. You can click here and learn more about what you need to outfit your office.
Pay Attention to Overhead
Your law firm’s overhead is the cost to run the office. The higher this expense, the more money you need to make before you turn a profit.
Office space is typically the most expensive piece of overhead. While you need a place to meet clients, you don’t need to rent the most expensive office space in town.
Arrange for Marketing
Having a website and hiring a law firm marketing let the general public and potential clients know you are available. Even if you start a practice as a solo attorney, your website should be professional and informative. If you are tech-savvy, you may be able to make your own website from a template.
However, if you want a more complicated website, then hiring a professional will be your best bet. In addition to a website, you need to decide what other type of advertising and marketing you will do.
Start Your Law Practice
By keeping these tips in mind, you are ready to start your own law practice. Whether you are a new lawyer fresh out of law school or have many years of experience under your belt, you can succeed. So after you follow the rules for naming your firm and buying malpractice insurance, keep these tips in mind for the business aspect of your new firm.
Check out our other articles for more helpful guidance on managing and growing your new law firm.