Answer four key questions to take the initial steps necessary to bring your law firm ownership goals to life.
You’ve made the decision to start your own law firm. Or, maybe you’re still a little hesitant because you don’t know where to begin. Either way, I can help. I’ve been in your shoes, and I now have Airington Law as proof that the process is possible—and completely manageable.
So, let’s get to it with a list of questions that will guide you through the initial steps necessary to start building your own law firm:
1) What clients do you want to serve?
First and foremost, you need to identify your ideal practice area. Then, determine which cases are your favorite. From there, you should develop a profile of your target client. This allows you to effectively niche down your services, which is something every business owner (regardless of the industry) needs to do in order to function effectively and successfully. When you know who your target client is, you can position yourself as the expert they need.
2) Where do you want your office to be?
Whether you want to run virtually, in-person, or a combination of both, you need to find a home for your practice. How much space do you want, and what will that space look like? Will it be a building downtown, an office park near your home, a co-working space, or a dedicated room in your own home? Regardless of your initial choice, do some research and determine your budget to help you make the final decision.
3) What kind of business do you want to run?
Yes, your law firm will be your business! Do you envision yourself with a staff, or will you be a solopreneur? Think about this with respect to your firm’s growth goals, too. And remember, running a business isn’t only about managing staff. Now is also the time to start thinking about company policies so you can develop the company culture you envision.
4) What do you want your work life to look like?
Whether or not you bring on employees, it’s important to establish your ideal work schedule. Not only will this create better work/life balance, it will serve to establish clear hours of operation. So, go back to your ideal practice area and determine how best to align your schedule with the needs of the clients you aim to serve. Then, you’ll need to think about how you’ll put that schedule into place. What systems will you need? What technology will you use? Do your research, make your list.
Is all of this making sense? Trust me when I say that you can sit down with the above and create the footprint of your law firm. And if you get stuck, reach out! I got stuck, too!
I had the hardest time nailing down my ideal practice areas, case types, and clients. It’s so tempting to take on any clients you can when you’re newly established, but for many reasons, this is counterproductive. They say the “riches are in the niches” and it’s totally true. The more specific you are in identifying the clients you want to serve, the easier it will be to build a law firm that’s efficient and profitable.
And you absolutely will be efficient and profitable!
Remember, I’ve been there, which is why I wrote a book and developed a course that will take your answers to these questions to the next step (and beyond)—because I believe in your ability to do this.
Let go of the idea that now isn’t the right time. If this is something you want to do, and if you’re willing to strategize and prepare, then the time will always be now.