5 Essential Tips To Get You Start With Solo Law Practice
Starting a solo law firm may be the best decision you will ever make. Being in charge of your career and not being accountable to other people will increase your chances of success as an attorney.
However, law schools only teach you how to think like a lawyer and don’t dedicate much time teaching you how to start and run a law firm. This article will provide you the essential tips that will help you get started with your solo law practice.
Reasons To Start Your Solo Law Practice
1. Be Your Boss: Starting your law practice gives you the flexibility to work at your pace. You don’t need to deal with an erratic boss who emphasizes putting in time at the office to add billable work even if there’s nothing much to do.
2. More Money In Your Pocket: You are most probably being underpaid for the work that you are putting in if you’re not one of the equity partners at the firm you are working for. It also leaves you questioning what portion of the amount billed to the client will end up being credited into your bank account when you get paid. But if you run your firm, you will not have to wonder about this anymore. You can get paid whatever percentage of client billings you want, provided you still meet all your other financial obligations to run the firm.
3. Take On Interesting Projects: You seldom get to choose your clients or your cases when you work for someone else. However, when you start your own law practice, you may have the possibility to take on more exciting projects. You can decide which cases to take on and choose to concentrate on a specific practice area.
4. You Want To Make A Difference: There are very few attorneys passionate about the law and want to make a difference in the world by helping people who need it the most. It is perhaps one of the best reasons to start a firm, as passion often leads to success.
5. You Like Challenges: If your current job isn’t giving you enough of a challenge, you could begin to feel sluggish and fall into a monotonic routine you can’t get out of. It’s essential to feel challenged and engaged in your work to maintain a sense of purpose.
Starting your law practice challenges you at every step of your business journey. It will give you a profound sense of meaning and responsibility. It will help you embrace fears and make you stronger than you were before.
The advantage of law business, unlike any other business, is that you don’t need much to get going. Following are some of the essential tips to get you started.
5 Essential Tips To Get You Start With Solo Law Practice
1. Naming Your Solo Law Practice
Naming your law firm is perhaps one of the fun aspects of launching your solo firm. However, you have to be mindful while choosing a name. There are specific rules about law firm names. For example, you can’t name your law firm as Smith & Ellis, LLP if there is no Ellis.
2. Get Your Website And Digital Marketing In Order
There used to be a time when one could build a law firm without the help of digital marketing strategies or social networking platforms. But you leave a ton of money on the table in this day and age if you’re not going digital.
As the field of the law becomes more competitive, it becomes increasingly essential to have a crystal-clear digital marketing strategy that helps you get new leads, connect with potential clients, and improve brand awareness.
The fundamental aspect of any digital marketing strategy is a website. Your firm doesn’t exist if you don’t have a website. Learning how to build a website and market your law firm is the last thing you want to do after going to law school and trying hard to reach the bar. It’s better to leave that work to experts like Oamii, who are specialized in marketing law firms.
3. Get Law Malpractice Insurance
There is always a risk of making a mistake, and being held liable for it is always present in the law profession. No matter how experienced or talented an attorney is.
Buying legal professional liability insurance gives you peace of mind and is a crucial part of managing the risk of malpractice claims.
Many factors are affecting the cost of legal malpractice insurance. For example, if the law firm size is less, it can expect to pay less for malpractice insurance.
4. Use Your Network
The phrase ‘your network is your net worth’ suits more for attorneys. Take advantage of your connections to get new leads and referrals for your firm.
For example, if you’re doing family law, talk to your counselor friends in your city. Similarly, if you’re doing personal injury work, reach out to that physical therapist cousin.
It’s never too late to the network if you think you don’t have enough people in your network.
5. Use Technology To Your Advantage
As a solo attorney, your computer is your most significant asset. If it goes down, you’re momentarily out of business, so it is worth investing in a reliable laptop.
It’s essential to operate efficiently and assure security for yourself and your clients. Hence, it makes sense to invest in software licensing along with equipment.
Following are some of the essentials which you may need before venturing into starting your solo law practice:
1. A good laptop
2. Mobile phone and a tablet
3. Printer, scanner, and/or copier
4. Microsoft office
5. G Suite for professional email program
6. Tabs3 for time and billing
7. Clio for practice management
Having your solo law practice is challenging and amazingly rewarding at the same time. You need to manage the business, send out the bills, do the legal work all by yourself. It will help outsourcing accounting and digital marketing to the experts to lessen your burdens and focus only on building your business.