5 Things To Do Before Opening a Law Firm

5 Things To Do Before Opening a Law Firm
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Last Updated on October 4, 2020


Becoming a lawyer takes years of hard work and dedication. Many aspiring lawyers have an idea of what their ideal career path looks like. Some people prefer working for existing companies and do not wish to open their own firm, while others spend years thinking about when and how to open their own practice. Anyone who wishes to open their own practice should plan carefully and ensure that they have everything they need before they begin accepting clients.

1. Plan Ahead

Opening any business requires forethought by the owner or owners. Take the time to think about everything that will be needed to create and grow a successful venture.

A company that is owned and operated by one person will operate differently than one founded by partners. Create a business plan and conduct research to determine how to properly market to potential clients.

2. Build a Saving Account

Most new ventures are funded by the founder or founders and donations or loans from their family or friends. Even companies that have an exceptional business plan to present to lenders and investors can have trouble raising funds. Be prepared to finance the company from the start until a profit can be made.

3. Get an Education

Anyone who wants to practice law needs to get the proper credentials. While a legal career may be of interest, aspiring entrepreneurs may also want to consider a business degree or certification. Learn more about online options at any point to research which program is the right choice. Talk to a school counselor for more information, as they are trained to guide students in the right direction.

Taking the time to become fully educated about all aspects of running a law firm can be hugely beneficial during the process of opening a business. Some people do not decide to pursue a career in law until after they have completed some or all of their schooling in something else. That is fine, as that education can still be useful. For example, someone with online health degrees would likely be able to use that knowledge and experience to specialize in medical malpractice or other related fields.

4. Specialize

Most lawyers select a specialty and focus on becoming an expert in that field. It is not only impractical but also incredibly difficult to learn how to practice law in many different industries. Be prepared to study the chosen industry closely and learn all of the technical terms, what sort of cases typically arise, and what sort of loopholes exist.

5. Network

Join associations and other groups to meet people who can become lifelong business associates. Having a pool of people to draw from can be useful when looking to hire a new employee or find resources. Having good relationships with other local lawyers can also be a great way to send and receive referrals that benefit both parties.

Opening up a law firm can take more work than joining an existing company, especially in the beginning. However, many people feel that the benefits make the endeavor worthwhile.


This post is provided in partnership with ValuedVoice.

Book photo created by freepik – www.freepik.com

About the Author

My Life, I Guess is a personal finance and career blog by Amanda Kay, an older millennial from Ontario, Canada that strives to keep the "person" in personal finance by writing about money, mistakes, and making the most of whatever life throws at you.

 

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