Starting a law firm requires some business savvy
After you have logged your time at a big law firm, you might be ready for the next challenge. For many lawyers, that means starting a law firm of their own. With new technology and in the modern legal landscape, going independent can be easier than ever, but you will want to avoid these common mistakes:
You never know when a colleague or supervisor from a previous job will be in a position to help you. Leave a big law firm on good terms, and keep in touch with the people there.
As a new business owner, the quality and depth of your network can make or break your business. Your reputation precedes you, so set personal differences aside and exit gracefully.
Too much ambition
When starting a new law firm, you don’t have droves of associates to carry a large workload. Choose clients selectively to ensure that you can provide high-quality service to each one. More clients might mean more money, but poor service can sink your business quickly.
On the flip side, excellent service can result in referrals and new client leads. Then, you can add staff as your business grows.
Using a big law model for a small firm
At Big Law, you had an endless stream of high-level clients and always something to do. When you first make the mid-career move to a solo practice, things won’t be like that. During lulls in caseload, take time to work on marketing and other activities that build your business or professional skills.
In addition, think creatively about billing, case management and other functions. As an independent lawyer, you can build your business using a more nimble and efficient model.
If you are considering making the mid-career move, contact us today. LawBank serves as a community to independent lawyers in Denver. We offer affordable office space and coworking space at two central locations.