In the United States, the legal business sector has about $160 billion in market share. The average salary of a lawyer is $139,880.
If you’re considering opening up your own law firm, there are different things to know. It can feel overwhelming to figure everything out, from the competition to marketing.
While this might seem tough, it doesn’t have to be! Read this guide on what you should know about building a solo law practice today.
See the Numbers
You have to figure out your budget and how much marketing your law firm will cost. Make a list of expenses for your personal life and business.
Consider expenses you can reduce for your small law firm. Figure out how much you’ll need to make to pay your bills and have a profit.
Have Low Overhead
Your solo law firm relies on you to keep the overhead low. Consider your office space and which location will be best.
A home office might save you money instead of going into a physical one. If you do share the space with others, you could reach out to them about referrals.
How to Market Your Law Firm
Get your website up right away. If you’re not a graphic designer, you might want to hire someone who could design it.
How your website looks will make the first impression on your potential clients. Keep your budget in mind when you look for design packages.
Ensure it’s a clean design and that your audience can easily navigate it. The website needs to be mobile-friendly since some traffic might be on their phones.
Have distinctive brand colors throughout your site and stick to them. If you print out marketing material, it should have your brand’s colors.
Be Open To Contract Work
Be open to contract work to grow the reputation of your company. Register with a staffing agency to get started. These opportunities might lead to reviews for your site.
Have an EIN
Obtain a Federal Employer Identification Number. It’s free to receive.
It’ll identify the IRS and your bank. While you could give your social security number to clients, it’s not a good idea to give that out.
Have a separate account for your business. Tell the bank that you need an Attorney-Client IOLTA Trust Account.
Consider a different bank to avoid wrong transactions. Remember that most states will only allow you to transfer checks, not cash. Abide by the rules, or the Bar association might look into it.
Things To Consider Before Building a Solo Law Practice
This guide gave you an overview of what to know before building a solo law practice. If you have any questions along the way, consider hiring a mentor.
Think about your budget and what you’ll be comfortable with going forward. Would you like to read more content with businesses in mind? Be sure to check out our other articles today!