Thinking Of Starting Your Own Law Firm? Remember These Tips

Increasingly more and more lawyers are taking the entrepreneurship plunge and launching their own firms within five years after starting their law practices.

The journey toward entrepreneurship is not an easy process and there would several challenges. Sometimes these challenges could lead you to doubt your decision, as the success continues to evade you despite your best efforts. However, you should not get disheartened and continue your journey to see the fruits of your efforts.

“Don’t worry about being successful, but work toward being significant and the success will naturally follow,” Oprah Winfrey, an American talk show host, television producer and author, once said.

So, if you have already decided to start your independent law practice then go with all your heart.

However, do consider following few things, before you take the entrepreneurship plunge.

Clarity On Practice Areas

• In the quest to sustain your firm, do not try to accept any work that comes your way and instead start with a niche practice area, which interests you the most. Even, the peripheral work from that niche would do, but not beyond that.

• This will help you to build relations with other law firms, which may not be offering services related to those practice areas, and they would refer you for such works since you are not competing with them by accepting all sorts of work.

Choose Firm Name Wisely

• Most young lawyers are falling into the trap of choosing a name for the firm, which is unique, or a name that may have some element from the Latin language. It is advisable not to fall in this trap.

• Your client is not a lawyer and you don’t have to impress your client by the mere name of your firm. Instead, choose the firm name that is related to your practice areas.

• Some of the well-known law firms such as TMT Law Practice (where TMT is referred to as a practice of Technology, Media & Telecom), or Economic Laws Practice (ELP) are good examples.

• It could become tricky if you base the firm name on the founders’ name or surname. When the firm grows beyond a certain point and wants to induct new partners, or for some strategic reasons, if you decide to merge your firm with other firms, the renaming such firms often becomes a bone of contention. So, choose your law firm name wisely.

Vibrancy & Office Location

• The potential clients expect you to solve their problems or give the solutions when they approach with you with any sort of work. It is necessary that when they visit you in the office, they feel the vibrancy and confidence that you will be able to sort out their issues.

• The characters of Madhav Mishra from Hindi-language crime thriller legal drama web series Criminal Justice, or Saul Goodman from Better Call Saul, an American crime and legal drama television series, may interest people when they are looking for entertainment.

• However, when people are looking for conflict resolution, they will turn to lawyers who mean business. For example, they would prefer to hire Harvey Specter from Suits, an American legal drama television series, or Helen Gamble and Eugene Young from The Practice, another American legal drama television series.

• It is acceptable even if your office location is not in a posh business district in the beginning when you take the entrepreneurship plunge, but the clients must get the vibe of seriousness and professionalism from you and your firm.

Saving For Rainy Days

• Even if some of your clients from the existing firm assure you that they will reach out to you following the start of your independent practice, most may not actually shake the apple cart.

• Also, there could a situation where they genuinely want to give you work, but they may not have enough work to offer you.

• Therefore, it is absolutely necessary for you to create a contingency fund provision of at least three quarters to meet your personal and professional expenses. Such provision will help you to stay afloat even when the workflow is meagre without compromising your lifestyle.

• The contingency fund provision will also ensure that you are not forced to pick up any work that comes your way and dilute your focused practice areas.

Staring your own law firm is not as intimidating as your colleagues or seniors may describe. All you need is a well-planned strategy and the confidence to stay put for a long time in order to succeed.