A successful small law firm runs lean
Working as an independent lawyer has many benefits, including better work-life balance and more control of your career. Too often, though, lawyers hesitate to start their own firms due to fear of the unknown. At the end of the day, a successful small law firm relies on a lawyer-owner who is business savvy.
Managing a new, independent law firm means you need to run lean. Now is not the time for extravagance, but you can find ways to work comfortably even on a budget. Here are a few places to start:
- Find the right office space. Your rent is one of the most expensive part of running a business so find one that is affordable. A shared office space like LawBank gives you access to a professional space to meet clients without the huge overhead of leasing a stand-alone office. Shared office spaces also offer additional benefits, such as an on-site receptionist and Internet connection.
- Make wise spending choices. As a small firm, do you need expensive advertising? In most cases, no. You do need an online presence (a website and blog), and in-person networking can help you build a client base. You should also invest in software that can help you manage your practice efficiently, but talk to other independent lawyers to determine the must-haves.
- Hire someone to help. When the time is right, hire an assistant who can help with research and discovery, or consider outsourcing functions like marketing. Hiring wisely can help you maximize your time and take on more clients.
- Choose cases strategically. Though you may feel like you have to take every case that walks through your door, in can pay to be a little choosy. Focus on cases in a niche practice area and/or an area of law you enjoy. If you structure your new law business well, you will find more enjoyment in your work. That often translates into more satisfied clients and referrals.
Running a small law firm means you take on the title of business owner in addition to lawyer. As you build your firm, make smart business decisions along the way.
Contact us to learn more about our shared office space for lawyers in Denver. Work alongside fellow entrepreneurial lawyers at one of our two central Denver locations.