Categories: Advice

Law Firm

Today’s letter goes out to all the lawyers out their trying to open up their very own firm. Opening your own law firm can be tricky, but after years of law school, almost anything seems possible in comparison.

If you’re looking to go down a legal path, check out the basics you need to set up your own firm:

Where to start?

As every business does, you need to start with a business plan. Create long term and short term plans. Think about where you want to be located. Consider financials and market analysis. And once you do a great deal of planning, grab an extra set of eyes to look things over. That’s the beauty of law school- you’re surrounded by many like-minded people, many of whom will want to be, or will have done, exactly what you’re trying to do. Reach out to alumni, professors, friends, to give their two cents about your big plans. Next, focus in on one area of law. You may think you can handle anything a client throws on you, but it’s easier to become an expert on one thing rather than trying to cram in a lot of last-minute research all the time to try and accommodate different areas.

Incorporate

Once you have everything figured out on paper, it’s time to finalize those plans. We don’t have to tell you the benefits of incorporating. The prospect of saving on taxes, adding legitimacy to your brand, and protecting your personal assets is well worth the paperwork.

The Health of the Law Firm

Is this a healthy industry to get into right now? It’s one thing to get hired at a firm after law school, it’s a whole other deal to open your own. Thought the recession hit the industry pretty hard, as most industries, the realization that it’s smarter to focus on just one aspect of law, rather than all aspects emerged as a result. So the smartest thing to do now, post-recession, is market yourself as an extreme expert in one area- that’s the safest bet.

Interested in starting your own law firm? Need some help? Give us a call at 1-877-692-6772!

Deborah Sweeney

Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With extensive experience in the field of corporate and intellectual property law, Deborah provides insightful commentary on the benefits of incorporation and trademark registration. Education: Deborah received her Juris Doctor and Master of Business Administration degrees from Pepperdine University, and has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in corporate and intellectual property law. Experience: After becoming a partner at LA-based law firm, Michel & Robinson, she became an in-house attorney for MyCorporation, formerly a division in Intuit. She took the company private in 2009 and after 10 years of entrepreneurship sold the company to Deluxe Corporation. Deborah is also well-recognized for her written work online as a contributing writer with some of the top business and entrepreneurial blogging sites including Forbes, Business Insider, SCORE, and Fox Business, among others. Fun facts/Other pursuits: Originally from Southern California, Deborah enjoys spending time with her husband and two sons, Benjamin and Christopher, and practicing Pilates. Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Deborah, and MyCorporation, have previously been honored by the San Fernando Valley Business Journal’s List of the Valley’s Largest Women-Owned Businesses in 2012. MyCorporation received the Stevie Award for Best Women-Owned Business in 2011.