In this YouTube video, the SMB Team runs through a checklist on what’s needed for a person to start their own law firm. This information is helpful for injury attorneys and any other attorneys who might want to create their own practice.
Lawyers need to figure out whether they are leaving an existing firm or starting from scratch with a new one.
If they are leaving an existing one, the lawyer must first wrap up and finalize their partnership issues.
Choose a practice area and a location. This advice sounds simple, but the reality is a new lawyer cannot afford to niche down too small and work in a geographical area that doesn’t have enough of a population to sustain a law firm. If picking a central metropolitan area, then only choose one or two niches.
Cut expenses and get creative for starting capital. Use low-cost advertising methods and word of mouth for organic traffic. Ensure that purchasing a domain name is done early in the process.
Take one or more months to plan out missions, values, business objectives, and key performance indicators. As the business grows, a new lawyer will refer to these often as guideposts.
Figure out a client acquisition strategy. Obtain marketing help where needed, starting early with low-cost methods, and consider getting a case manager as soon as possible. Lawyers spend about 50% of their time doing administrative things with their caseloads that could be used to work on their client’s cases.