Posted by Jay Kamlet on Aug 11, 2016
Set up your new law business for success
Below are a few things to keep in mind while preparing for growth as an independent law practice or small law firm:
Most small law firms are sole proprietorships. While this business status is easy to form, it can expose you to liability for judgments and business debts. Judgment holders and creditors can come after your personal assets to collect. Insurance policies can help to reduce some of this liability, but it’s often best to form a limited liability corporation or a corporation, which will help shield you from personal liability.
You want your business to be successful. You might even envision a future business with multiple locations and many employees, but take baby steps and don’t spread yourself too thin. Manage your growth sustainably, and definitely don’t take on too many expenses.
Gain a competitive edge
The best way to gain momentum over your competition is to stay proactive and to plan for any challenges you may face. Write a business plan and consider connecting with a small business counselor through your local Small Business Development Center (SBDC).
Also, consider factors that will make your law firm stand out, such as a convenient location or providing above-and-beyond customer service.
Hire the right employees
When you are ready to take on support staff or a partner, don’t just hire someone based on experience alone. Consider all factors, including personality, creativity and innovation. Your employees should fit your firm’s culture.
Find a place to grow
While many independent lawyers start out in a home office, that can often leave you feeling isolated s you build your business. Choosing shared office or co-working space, such as LawBank, allows you to maintain your autonomy while working alongside like-minded peers. Developing a strong support and referral network is one key component to encouraging future business growth.
Starting your own law firm takes time, planning and dedication. To learn more about LawBank’s professional office and co-working spaces for lawyers in Denver, reach out to us today.