What to Consider When Starting a Law Firm of Your Own
MOS: Medical Record Review 8596 E. 101st Street, Suite H Tulsa, OK 74133
When starting a law firm of your own, there are several important things to consider. You must have a clear idea regarding the types of legal services you will provide, whether you would use outsourced solutions such as medical review services to help with any medical litigation you may be involved in, the way you will relate to your clients, and what you expect to earn from your legal business. So, what are the major considerations involved? •
The first thing to do is to reflect on your own interests and strong points, and the opportunities you have in your area. At present, legal technology makes it easier for you to practice over a larger geographic area and even expand into other legal areas than your own. Take into consideration your personality, likes and dislikes before choosing an area of practice. Customize your practice to your personal strengths and this will ensure that your professional life is exactly what you want it to be.
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Consider the location of your office. A careful consideration will reveal the fact that some legal specialties work better in certain locations. For instance, you can succeed by practicing oil and gas law in Texas, corporate law in Delaware or Nevada, elder law in Florida, and so on.
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Consult with others who are more experienced. It is best to talk to solo practitioners in your area or those who work in small firms in your preferred location. You need to learn things like their daily schedules, their likes and dislikes, their law firm marketing plan, their business cycles, and any cautions they can offer about their areas of practice.
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Have enough capital to get through the start-up phase. Make sure that before startup, you set aside at least six months of working capital. To find out how much cash you will need, make sure to talk to someone who is already in the business. Your start-up costs would involve office space rental, stationery, marketing and billing rates, the number of billable hours you want to have, and how many employees you plan to hire.
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Obtain permits, licenses, and identification numbers. Your law firm will need an Employer ID Number or EIN. There may be additional state or local licensing requirements that vary by locale.
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Create a sensible long-term budget for your legal business. When planning a budget, you must consider start-up costs and operating costs. Expenses include those for: o
Accounting
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Bank charges
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Bar and other organizational dues
www.mosmedicalrecordreview.com
(800) 670 2809
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Insurance
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Continuing legal education
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Couriers
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Employee benefits
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Equipment maintenance
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Entertainment
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Law books/periodicals
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Office lease
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Marketing
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Office supplies
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Online services
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Software
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Staff salaries
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Social security and Medicare matching
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Postage and printing
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Telephone
You can reduce costs by either renting a fully furnished office space or sharing space with other lawyers. •
Take into account marketing strategies. Marketing is important to attract clients and so you need to get the word out regarding your service. Join organizations that can lead you to business, and mail announcements to everyone you know. It will also help if you can schedule two or three lunches per week with potential referral sources. Determine what type of marketing and advertising you will use – online advertising, brochures, newsletters, business cards, and signage are all options to consider.
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Have some cash saved in the bank in case you need it later. If you are employed, you could apply for the largest home equity line you can get and own a home. This will allow you to deduct the interest on some of the money you may have to lend yourself. If you wait until after you leave your current job to apply for a loan, it could be more difficult to qualify for a loan since you would be self-employed.
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Be ready to accept change if required. If you find that you are not enjoying the work, the people you associate with or some other thing, be ready to change. You can move on to a more preferred area of law and revamp your law firm marketing messages.
www.mosmedicalrecordreview.com
(800) 670 2809
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Consider other important points such as the following. o
Obtain necessary insurance such as malpractice insurance. Obtaining and maintaining professional liability and additional applicable insurance is very important.
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Open the required accounts for your office such as trust account.
Over years of providing medical records review for attorneys, we understand the challenges involved in launching and maintaining a law firm. However, once you consider all the important things involved in starting a legal practice and identified a niche, it is easier to start your own firm. Think about how you would set up the attorney-client relationship, and also what client retention strategies you would adopt. It is important to create a checklist for establishing the attorney-client relationship. Have a standard engagement letter to clients and include in it all alternative and optional provisions regarding considerations such as scope of work and fees. Discuss those terms with your client, and then customize the legal letter template to close the deal. Opening and running your law firm can prove very challenging, but it is extremely rewarding in the long run.
www.mosmedicalrecordreview.com
(800) 670 2809