Everything You Need To Do To Set Up Your Own Law Firm

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So, you’ve just graduated from law school – congratulations! Right now you are probably thinking about how you can put your qualifications to good use. Well, you have two main options. You could go and work for an already established law firm, or you might prefer to become your own boss and set up your own. These days, lots of newly graduated lawyers are choosing the latter option as they like the idea of being their own boss and only working on projects that they choose.

Whether you are completely new to the legal industry or have already been working in a law firm for a number of years, you might have no idea of how to go about setting up your own company. Here are a few things you need to do in order to set up your very own law firm.

Write A Business Plan

You won’t get very far with your firm if you don’t have a business plan in place. This plan gives you the chance to set out your ideas and to write down how you will finance your new firm. It’s also worth setting yourself a few goals and targets to try to hit within the first few years of operating the firm. These should help you to aim high and make it a huge success.

Start Your Marketing

The only way you are going to attract any clients to your firm is by using some very engaging marketing campaigns. As a lawyer, you probably won’t have any marketing experience or knowledge, so it’s best to get in touch with the likes of Elite Lawyer Management so that you can outsource this to someone who knows exactly what they are talking about. It’s best to start marketing your firm at least a month before it is fully set up. That way, you can get some clients on your books for when you do launch.

Figure Out Your Niche

Every law firm has its very own niche, so you will need to figure out what your specialism will be as well. Do you want to work in family law? Business law? Or perhaps your interests lie more in property and estate law? Once you know what your niche is going to be, you can then start to tailor your firm so that it appeals to clients in this specific sector.

Hire A Team Of Employees

There is just no way you will be able to fun a law firm on your own, no matter how qualified or experienced you may be. So, you will need to start recruiting for some employees to help you out. You might be able to carry on with being the only legal expert in the firm for the first year or two to keep costs down, but you will certainly need a receptionist or assistant to help you with all the admin.

Hopefully, all of these tips will help you set your own successful law firm up. Good luck with it!

3 Things That Could Curtail Your Career As An Entrepreneur

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So, you’ve decided that 2019 is going to be your year. This will be the year in which you shake off the shackles of employment and smash the glass ceiling that has restricted your ambitions for too long. This is the year in which you’re finally going to go into business for yourself. You’ve already started formulating your business plan, costing up your cash flow projections and carrying out some rudimentary market research. You’ve started making appointments with mentors and business angels and it’s looking increasingly like this germ of an idea you doodled in your margin on a particularly frustrating work day might just be a viable business endeavor.

This is an exciting time, but it’s also kind of scary. After all, you’ll be venturing into uncharted territory and the decisions you make in your first year of trading will have far-reaching and long-lasting repercussions for your nascent business and your personal life.

Watch out for these potential threats that could curtail your entrepreneurial career even before it’s begun…

Burnout

Long hours and a punishing schedule are to be expected for new entrepreneurs but even those in the early stages of running a business deserve at least a semblance of work life balance. Entrepreneurial burnout is a real problem and can have disastrous consequences both for your business and your personal life. Burnout can impair your judgment, make you less able to make even simple decisions and make you short tempered and emotionally volatile.

If you’re to avoid burning out it’s vital that you take sufficient time away from your business and find positive ways to manage your stress.

Trying to keep it all in house

When starting out you’ll likely have a clear idea for your operational parameters. You’ll want to do things your way as this will be at the core of what makes your brand and your business stand out from your competitors. And while this is certainly admirable, be wary of keeping everything in-house. Not only can it put unnecessary pressure on you and your employees it may not even be the most cost efficient way of operating.

Entrusting certain areas of your operation to outsourced service providers can save you time, effort and money without compromising what makes your business unique. Click here to read more if you’re curious about what outsourced service providers can do for you.

Borrowing more than you need

The last thing your business needs is for its cash flow to be inhibited by a millstone of debt. By all means borrow enough to allow you to do what you do as well as possible but be wary of excessive borrowing.

Your cash flow will be one of the most important deciding factors in whether or not your business stays afloat. It will determine your ability to pay your vendors and your employees on time or be able to afford the kinds of capital investments that will facilitate your growth.

The more you borrow, the more your monthly business loan repayments are likely to chip away at your profit margins and make your cash flow harder to manage.

One of the finest lines you’ll have to walk is investing sufficiently in your business while also keeping your overheads manageable.

Steer clear of these common threats, however, and business success is within your grasp!