Whether you have just completed your internship or you are a salaried lawyer who has gained experience in the law market, the common dream of most lawyers is to open an independent law firm, stand at the front of the stage, make decisions and of course earn well. However, along with the freedom and release from the firm, the managing partner, and the internal office rivalry, there are quite a few disadvantages in 'managing the show', as well as a lot of responsibility and dealing with new and not necessarily understood managerial aspects.
An in-house lawyer may earn a fixed salary, but it is often insufficient, even if you have accumulated a high mileage in the law market. Beginning a journey of your own independent law firm isn’t a decision that should be made on a passing whim. The decision to open an office is mainly based on two main components:
It must be taken seriously: The decision to open a law office should be informed and based on the thought that of all the options available to you, this is the best for you at this point in your career.
You must have adequate commitment: It is imperative to be fully committed to this move and of course to your future customers as well.
Step A - Formulation of a business plan
So where do you start? The first step is to formulate a business plan that gives the firm a 'road map', that looks at obstacles and leads the idea of establishing the firm. A business plan should be drafted as a formal document that includes:
Goals to be concise and clear - Implementation of the goals that are formulated in a measurable way and include a schedule for implementation.
Financial numerical data. Regarding the resources available to the firm, including initial capital, and the projected financial needs that accompany its initial stages of life.
Knowledge: In this instance, a specific niche may be your goal. Such as business law or family law. You must know the difference between assets, liabilities as well as the differences between a green card and a b1 visa, if working within this type of law.
Forecast expenditures are expected during the period of construction. Depending on the initial capital available to you during the establishment process.
Phase B - the phase of physical transition
One of the most famous statements in the business world is that a law firm must have the prime location! This is the mantra of the business world, but …Why is it so important? A big city is likely to gain much more exposure than a small town - as naturally, there are plenty more reasons for business and more people who will need your expertise. However, you must also consider the implications of renting in a big city too. The downside is the high costs involved. Also, renting shared offices has an advantage, which is the cost. But if you have your own space more than likely you will have added accolades. Starting this journey takes meticulous planning and you should certainly consider market research before making your decision.