Before you open your own firm: Part 1

I am going to go back to the beginning with this post. Let’s say you are an attorney or a law student and you are thinking about opening your own practice. What should you do first?

Before you do anything else, ask yourself these questions:

Are you a self starter who can complete tasks without supervision?

Are you realistic about the projects you undertake?

Do you finish projects on time?

Do you ask for help and accept constructive criticism?

Do you like dealing with different people?

Are you confident in your abilities as an attorney?

Can you emotionally handle the downtimes that will inevitably come?

Is your family supportive? *

Have you ever run a business before?

Can you get clients? *

Are you willing to do the administrative tasks of running an office?

Do you have any special training or interests that you can use?

Can you survive financially during the tight times?

What business can you get in the first year? *

Do you have a marketing plan?

The three questions with the "*" next to them are the most important. Let's spend a little time with those.

First, is your family supportive? As Shane and I said in previous posts, the most important thing we had was the support of our families. This is going to be stressful – both emotionally and financially. There is no way around that. You need a good support system to make it through this. You also may need someone to hit up for a loan!

Second, can you get clients? It doesn’t matter if you answer the other 14 questions positively. If you cannot get clients, you do not have a practice. At the base of every firm, there are clients. If you want to represent individuals, you need to get them as clients. If you want to work for other lawyers, you still need to get them as clients. This may be THE most important question.

Third, what business can you get in the first year? Be realistic about this. This is a key part of your business plan. You need to know what business to expect so that you can plan everything else. Figure out not just what clients you can get, but what other work you can do to keep the lights on. Do not be afraid to do contract work, make appearances, etc….

These are the basics that everyone should ask themselves before they decide to open their own firm.

Comments

[Andy Michaels' Blog on Internet Marketing and Online Success]

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[Steve]

I father is a lawyer with a small law firm, I never appreciate it until now. Its difficult to start your own law firm, unless you have good social connection (eg. your dad is a senator or movie star, haha)