Tuesday, December 27, 2016
At Attorney at Work, Jeff Kerr draws on his own experience in offering these five tips:
- 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.
- 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.
- 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.
- 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.