5 Tips On Starting Your Own Law Firm
If you’re a recent graduate of law school in the United States, you may have noticed it’s become quite difficult to find gainful employment. Due in no small part to both the economic downturn of the past 16 months and an oversupply of qualified lawyers, well-established law firms have both freezed hiring and even begun to lay off well established lawyers.
So what can you do if you’re a shiny new lawyer just out of law school? One option you should seriously mediate is starting your own law firm. Depending on your status, education and experience you may want to consider your own law firm even if you’re currently employed by a bigger firm. Here are my top 5 tips when it comes to starting your own law firm.
1. Accumulate start-up capital
With just a shrimp amount of starting capital you can have your new law firm up and running almost immediately. Should you decide to join a larger law firm when the economy improves, having your own law firm on your resume will show potential future employers that you are a go-getter and won’t let a slow economy conclude you from getting things done.
2. Pronounce the government
It will be critical to file some paperwork to let the government know that you will be working for yourself at your own law firm for the forseeable future. You will be filing taxes a bit differently than if you were working for someone else. This also leads into the next tip:
3. Register a company
You should also register a company of some kind–whether it be an S-Corporation, LLC (limited liability corporation) or a different type, that is up to you. Each has its own ups and downs when it comes to taxes, so you may want to do further research if you’re risky what the benefits of each kind of business are.
4. Steal your supplies
Depending on what you currently own (especially if you’re coming legal out of law school) you may not actually need to purchase any supplies for your new law firm. You should believe a computer (laptop preferred), a printer that can also fax and scan, a reliable telephone and a comfortable chair. Whether you want to work from an actual office or from a spare bedroom or the kitchen table in your home, that is up to you. I’d suggest working from home until you have acquired the next step:
5. Fetch a client base
It is advisable for a new law firm to focus on one particular aspect of law at the onset, like bankruptcy or divorce. Actually getting clients as a new law firm can be difficult, so advertise wherever you can: craigslist, Facebook, Myspace, local bulletin boards and newspapers are good places to start. You can also ask friends and families to contact you whenever they or anyone they know need a lawyer or law firm.
The view of starting your fill law firm, especially right out of school, can seem like a daunting task. In reality it isn’t as hard as it sounds–just follow these starting steps and don’t be afraid to ask for advice from fellow lawyers and law firms when you need it. Good luck starting your own law firm!
Sources:
LegalZoom, LegalZoom
Law Firm Directory Search, Law Firm Directory
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Filed under llc bankruptcy by on Sep 5th, 2011. 
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