Tuesday, December 27, 2016

Five Tips for Starting Your Own Law Firm

At Attorney at Work, Jeff Kerr draws on his own experience in offering these five tips:

  1. Keep it lean. 

 For every dollar spent, you’ll ask: “How does this expenditure increase my ability to generate revenue?” Getting to the next level often requires a willingness to increase operating costs, but you’ll invest wisely because you’ll know you can function without frills.

  1. Specialize.
  2. Be smart about leaving your current job.Most lawyers start their first firm after leaving another law practice. It’s extremely important to wrap up with your past firm and transition clients in a way that won’t create legal or ethical problems.
  1. Prepare for a ramp-up period. While starting your own law firm can be inexpensive, that doesn’t mean you can jump in without financial backup. Building a base of clients and cases takes time.

Make sure you have enough in savings to cover your living expenses while revenues are growing.

  1. Don’t skimp on essential tools.  For instance, you may save money up-front by using a cheap scanner and PDF editor, but these will cost you time that could be spent more efficiently.

For full explanations, please click here.

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https://lawprofessors.typepad.com/legal_skills/2016/12/five-tips-for-starting-your-own-law-firm.html

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