Tips to Start Your Own Law Firm

After graduating from law school, it is time to put those new skills to the test through the practice of law. While some find success joining an already-established firm, others seek to open their own. This ambition, while aspiring, can be much easier said than done. Opening a law firm takes time and careful planning. For new lawyers, this can be an overwhelming process. However, with the right tenacity and research, it is not impossible at any stage of life.

Determine The Specialty

When some hear the term “law”, they often associate it as just one entity. However, this is not exactly the case. There are various forms of laws that tackle specific needs and practices in different areas of the industry. For example, let’s take a look at real estate. If there is a problem between a landlord and a tenant, then a lawyer who specializes in these disputes is needed. This would differ from an estate attorney or even a criminal law attorney. Take the time to consider what to specialize in before opening a law firm.

Find a Good Location

As with opening any kind of business, location is one of the most important factors to success. Granted, when it comes to opening a law firm, location is not the end all be all as reputation, networking, and advertising will help immensely, but it is still one to be considered. For new lawyers, working remotely for a little to save on rent payment is a good idea to get the finances in order.

Acquire a Permit or License

In order to be classified as a legitimate law firm, certification and licensing is an absolute must. In addition, an employer identification number (EIN) is also needed. However, keep in mind that the rules are different depending on where the law firm is being opened. Some forms of licensing aren’t necessary for some states, so be sure to research your state’s guidelines.

The Essentials

Once the office space is opened, it’s time to start adding the basic essentials. Be sure to add furniture like a couch, a few chairs, file cabinets, a library, telephones, printers, scanners, fax machines, and computers. Equipping the space with all of the necessary furniture and technology for success is vital to appearing professional and staying organized.

Opening a law firm is hard work, but can come with a great end result. Take the time to think about everything before taking action. Rushing things can lead to mistakes, which is something all new lawyers need to avoid.

Originally published on ChartWestcott.com

Chart Westcott is Co-Founder and COO at Ikarian Capital, LLC a long/short equity biotech focused investment adviser. Read more at http://chartwestcott.net.

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