Start the Practice: Founding Your Own Law Firm

Mature Lawyer with clientsBeing a lawyer gives you a lot of opportunities to work on different cases and with different people. It is one of the few jobs in the world where you do not work on the same, boring thing every single day.

It is a great career, to say the least. And, it could be better by doing something risky yet rewarding — starting your own law firm. If you have ample experience, a broad network, and some bravery, now may be the time to start your practice. There are a couple of things you have to take note of, though.

Here are some of them, according to Chicago-based industry expert Legal-Lease:

The Team

If you decide to start your own firm, you need a reliable team. Other than your partners, you should have someone who will help you run your office. You will need a legal secretary and a paralegal. Keep the team small, but make sure you have the latter two on board. Do the rest of the legwork while the business is still in progress.

The Funding

Of course, money is an issue here. You have to get enough funds. Remember, a practice is still a business. If you are willing to bootstrap it, then good. If this is quite problematic for you, however, you might need to apply for a business loan or look for investors. Better yet, you may want to find partners, pool your money, and start the practice.

The Office

The law firm should have its headquarters. More commonly, some lawyers use their homes as their base to minimize costs. But, if you want to have a centralized office — especially if you are working with partners — you may consider subleasing an office. It is more affordable than renting out an entire space for your team.

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This isn’t practice anymore (pun intended). You’ve got to keep these things in mind and do your best for your law firm to succeed.