Posted by Jay Kamlet on May 20, 2015
Helping your independent law practice grow without breaking the bank
You may have thought about the challenges of small business ownership, if you’re thinking of starting your own law firm, but you can overcome anything that seems like an obstacle. Some of the challenges are:
- Finding clients
- Finding office space
- Buying equipment, supplies and software
- Having the right telephone system
- Obtaining a line of credit
- Establishing business practices
- Building a reputation
There are so many advantages to owning your own law firm that you shouldn’t let the challenges keep you from your dream. If you own your own firm, you can accept only the clients you want and practice the areas of law that interest you most. You don’t have to worry about impressing a senior partner, and you can take a day off for family activities when you need to.
Here are some of the ways to overcome the challenges and grow your law practice on a lean budget:
- If you are wondering how to find office space – and whether you should sign with other attorneys for a common space or lease your own office – you should know there are places like LawBank that offer affordable alternatives to traditional office space. From flexible office leases to co-working spaces, you don’t have to be burdened with a long-term lease commitment or overhead costs.
- To advertise your business and attract clients, start with your own website and a blog. You can also spread the word through social media. These are all relatively low-cost methods to market your new law business. Here is information about using social media and some tips about building your online reputation.
- Another way to get clients is to ask for referrals. Let everyone know you have your own law firm and are accepting clients. Attending a local bar lunch where you can connect with other lawyers and spread the word about your areas of practice.
- It is possible to buy used office furniture for your new business, such as desks, chairs, lighting equipment, cabinets and bookshelves, and other items that are like new, yet inexpensive. It’s also possible to purchase refurbished computer equipment that is just like new and costs less. Again, LawBank offers a nice alternative: You can set up in our fully furnished space on day one and save yourself the hassle of hunting for bargains.
- Financing your new business is a challenge, but is possible. People use a variety of means, including personal savings, Small Business Administration loans, bank loans and loans from friends and family.
- It pays before starting to have a business plan in which you outline your business needs and how you plan to minimize cash outlay and office expenses.
Launching your own law firm is one of the most rewarding things you will ever do. To learn more about how to grow your independent law practice in Denver, please contact us.