There you sit. It’s 7:30 p.m. You haven’t eaten, and by now you have missed your son’s hockey game. You are still not done with the brief that has to be filed tomorrow. You work about 12 hours a day (including Saturday) because you have a 2100 hour per year billable requirement. The firm bills your time at $250 per hour, but you certainly don’t get paid $250 per hour that you work. You wonder why you don’t just go out on your own. Keep that $250 for yourself. You could do this on your own.
Congratulations! You graduated from law school and you have passed the Bar Exam. Big things are in store for you. You have always wanted to be your own boss, run your own firm. You would do things differently than the firms you worked for during law school. You have a plan. You have a computer, an internet connection, and you know how to use Word – you are ready.
Regardless of what motivates you, starting your own firm is not for the weak at heart or risk averse. You'll have to generate your own paycheck because the bills won't wait. Time and financial constraints can take a toll. Before you grab the hammer and hang out your shingle, make sure you are considering every aspect of starting your own firm. Planning is the key to success.
Do you know everything you're going to need? Do you have a budget? Are you getting a loan? Do you have a business plan? What about phones? If your needs are bigger than your budget, what should you prioritize? At Affinity, we have been providing advice to lawyers launching new firms a combined 75 years. We will help you walk through everything – and determine what you need, what can wait, what you can’t live without, and what will make your life easier and more efficient. You learned about the law in law school. Nobody told you how to run a successful law firm.
Will you have support staff? How will you handle payroll? Where will you bank? Computers? Scanners? Printers? Do you still need a fax machine? Where will you save documents? How will you name documents? What will you use for backup? Where will your office be? Will you meet clients in your office? How will you bill your clients? Hourly? Flat Rate? Contingency? What will your bills look like? How will you manage Trust accounts? Who will your malpractice carrier be? Will you use Exchange? Office 365? Should you encrypt email? How will your protect your client’s data? Will you need a server? Do you need a website? What will your firm logo look like?
Is your mind racing yet?
Join partner Barron K. Henley, Esq. on Thursday, July 23 from 12-12:30 Eastern as he walks through the essential elements of planning a new law firm. https://attendee.gotowebinar.com/register/3228726157819179522