Five Key Things to Get your Business or Firm Up and Running

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By Mark Metzler posted 03-21-2021 11:25 PM

  

Whether you are fresh out of law school or looking to get your own practice started after a couple of years of experience, starting a law firm can be challenging. People are creatures of habit and feel safe within the realm of the known. 

Just because your practice is new and modern does not mean that the clients will flock your way. You need to earn their trust and here’s how to do that. 

Keep your finger on the billing pulse

If you want to get the word out and grow your client base, your prices need to be competitive. It is a well-known fact that hiring a lawyer is not a cheap exercise. Ordinary folks do not always know what they are paying for and are taken aback by the fees that lawyers charge. 

To swing some clients your way, giving them a breakdown of what they are paying for will at least let them know that you are not ripping them off. To do this accurately, you need proper billing software. 

To find out more about time and billing software for accountants and lawyers, you need to explore the services of ImagineTime. There is no need to waste time figuring out how much to charge clients. With their software, you can easily convert time into an invoice. The software even allows you to collect money via online payments. 

Carve out your market

If you walk into any town, you could have your pick of general law practices. However, not many practices specialize in specific areas of law. Hopefully, you got into law because of a passion for law. 

This is going to keep you grounded and motivated in the starting years while you establish yourself as an expert in a particular field. Taking on general cases is not what your focus should be on, but they will pay the bills as the practice grows. 

Have a plan

Your law firm should have goals and a plan that maps out the road to becoming an established law firm. Many young firms do not fully realize that a law firm is a business like any other and should be run like one that aims to make money. 

Not many law schools expose their students to cost analysis, balance sheets and overheads, but these are things that need to be taken into account when building a business plan. Initially, most of your financial work will be done in-house, but eventually, you will need professional accounting help. 

Decide on digital or physical offices

2020 taught us that most businesses could be run from home. Law firms are no different and you should decide from the beginning how you want to operate your business. Both physical and digital offices have pros and cons. 

The biggest advantage of a remote office is that your firm can grow across a much wider geographical region. This makes niche practices much easier to establish as you have a wider area of clients who can access your services. 

Never stop networking

Networking is not something that should be done when your firm starts up. You should never stop networking, as referrals could play a major role in how quickly your practice grows. To build your network, you need to participate in community events, attend bar functions and find boards to sit on. 

The more you get out there, the faster your firm will become a familiar name in the community. The point is to become a household name in your community and doing Pro Bono work is a great tool to this end. 

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