Business

Finishing Law School? Start Your Own Law Firm

If you set your sights high enough and even if you succeed by half, you will surely be a star in your own right. It’s something like dreaming of starting a law firm when you are still in college. Fellow students might call you insane but when you are really serious of branching out on your own and not being another pen pusher in a dingy law firm after graduation, that’s the way to go. Yes, it’s definitely not for the faint hearted but once you have a good plan in place, nobody can stop you from succeeding in your project.

Most importantly, there are a lot of people who will tell you that there is not a chance that you can set up your law firm including your classmates, professors and visiting lecturers. Ignore them; they have never tried so they are not in a position to know.

The moment you decide that this is the route that you are going to take in life follow a few systematic steps in the right direction.

  • Plan in Advance – Make starting your own law firm an obsession in life. Draw up a detailed plan on all the variables that you can possibly think of – the location, the financials, marketing and anything else that comes to your mind. For authoritative tips, ask around especially external lecturers who have established law firms of their own. You can be sure that they will patiently give you a hearing and proffer a lot of advice. After all they have once been in a similar situation before and hence will be sympathetic to your cause.

If you are not sure about the finer nuances of business, get in touch with a consultant who will draw up a business plan for you with all relevant variables and methodologies to start off depending on your initial budget. The most important thing is breaking even as soon as possible and that will be a crucial part of the business plan.

  • Specialise in one area of law – Decide on one area of law that you want to specialise in well in advance. The age of general law firms are all gone. While in law school, choose your area and get an internship in a well known firm to pick up the ropes. If conveyancing and property law is your forte and you are in a law school in Victoria, Australia, contact a property and business lawyer in Melbourne for an internship program. Most law firms are very cooperative in this regard.

  • Starting off – After passing out from law school, do not waste time and start off quickly since you already have the infrastructure drawn up on paper. Choose a location that will be convenient from the clients’ point of view. A commercial lawyer in your area should be able to help you get an office of your liking. Have an attractive website designed, developed and SEO optimised by a reputed digital marketing agency. Establish a referral network. Refer clients who walk in through your door with cases not pertaining to your field of law to others who are experts at it. You can be sure that they will return the favour when the time comes. The stronger and wider this network is, more will be the business that will come your way.

Start off with these simple pointers and work your way up over time.

Leave a Reply

Your email address will not be published. Required fields are marked *