You’ve studied for years, you’ve worked hard, and now you’ve finally graduated from law school and are ready to start your own law firm.
This is very exciting. Starting your own firm is a big goal with tons of potential, but it will also require a lot of work and planning. Fortunately, we are here to help.
In this article, we take a look at how to start a law firm in order to take your law career to the next level. Keep reading to learn everything you need to know.
Choose a Name for Your Firm
What are you going to name your firm? No matter if you’re going to be a solo practice or going into business with a team, the firm will need a name. Choose something that will distinguish you from every other firm in town.
Pick a Location
It’s true what they say…location, location, location. You want to try to be in the center of things. Pick a location that is easy for clients to find, and is located near municipal buildings such as the courthouse. Just keep in mind that the location and type of building you choose to rent or buy will have a huge impact on cost.
Get the Proper Documentation
As a new law firm, you’re going to need permits, licenses, and identification numbers. This includes a federal Employer ID Number, as well as all necessary state and local licensing.
You’ll Need Office Equipment and Supplies
Starting a law firm from scratch is a very expensive endeavor. Not only do you need to find a building, but you’ve also got fill it with office furniture, equipment, and all necessary supplies for conducting business. This includes computers, printers, copy machines, and a telephone system.
With all of these major expenses, you might want to consider applying for Balanced Bridge Funding.
Hire Your Staff
You might think you can run things by yourself, but that’s simply not possible. Running a law firm is a major operation, and you’ll want to focus on your clients, so you’ll need a staff to take care of day-to-day operations within the firm.
Keep in mind that if your firm has more than one attorney, each of you will need secretaries and paralegals in order to keep things running smoothly and efficiently.
Put Together Your Law Library
Every good law firm needs a research library. This is an invaluable resource for the job, and it’s also incredibly expensive. Given the evolving nature of the law, these volumes will have to be constantly updated, thus your library isn’t a one time expense, but you cannot have a thriving, successful practice without it.
The Basic Steps for How to Start a Law Firm
When it comes to starting your own law practice, this guide to how to start a law firm will help you get started. It’s much like starting any other kind of business. You need a location, employees, furniture, and supplies. And it all costs money. This article will help guid you as you start the next exciting phase of your career.