So, you want to make use of your Law degree but you don’t want to be confined to a firm’s offices? Or you’re looking for a change and think that starting a solo law practice is the best thing for you at the moment?
If the statements above resonate with you, then you really need to know the following six things. Here are some of the best tips or bits of knowledge that you must be aware of before starting a solo law practice!
Assess Your Finances Before
Unless you’re a professional Seattle personal injury lawyer, you do need to fully assess your finances before you make this move. It doesn’t matter if you are switching jobs or simply start your law career – you need to know if you can handle everything!
At the same time, look at creating a strict budget with the purpose of cutting out the expenses that you don’t necessarily need to have.
Get Yourself an Amazing Business Computer
If you’re working solo, you need a literal beast when it comes to a personal computer. But that’s not all. You also need a scanner, printer, and so on.
Always remember that you’re about to do the tasks of all of the people in a law firm. You need to be properly prepared to do them!
Low Overhead!
Expenses add up faster than you think when you manage your own business. As such, it goes without saying how important saving money is. At the same time, it’s essential to build as many potential referral sources as possible – as they contribute to your overhead.
Choose the Name Carefully
So, you are practicing law solo. In short, this means that you can’t have an “and” in your firm’s name, nor the plural of some commonly used terms such as “offices”.
This might not seem like something important, but the wrong name can get you into some trouble. Needless to say, it can affect client retention as well.
Purchase Law Malpractice Insurance
You have to pay around $1500 a year for full, comprehensive law malpractice insurance. Of course, most states don’t require you to have one – but it’s clear that it can come in handy.
Moreover, if you’re not as experienced as you’d want to be and realize that, then such insurance is more than just recommended.
Branding is Essential
The branding of those that practice law solo is as important as the branding of those fancy, big, corporate firms. This means that you have to set up a website for your practice, as well as a couple of social media accounts.
It might also help to have a LinkedIn account active, as it can bring in some clients as well.
The Bottom Line
It’s safe to say that a solo law practice is not for everyone. You need good managerial skills, high attention to detail, the ability to perfectly manage your finances, and so on.
Basically, this job is for multi-skilled people that want to bring the best out of their Law degree. Not only that, but this job also offers the chance for you to be better paid than the usual position in a law firm – that is, if you play your cards right.
