If you answer yes to all these questions, then you may be ready to start your own law firm!
Can you guide yourself?
If you lack self-motivation or need someone else to gear you up and point you in the right direction, you may want to wait a bit until you start your own firm. Entrepreneurship is for those who can work alone, don’t need to be reminded of their remaining tasks and are independently driven to succeed.
Do you have a healthy way of handling stress?
Running your own firm may make your hair fall out. Regardless of the reaps of benefits, it will be stressful at times. You have to produce quality legal work, represent your clients in a professional manner (and deal with their stress), work under pressure, and maintain your life outside of work alongside this. Think about how you have managed previous stressful situations and ponder on if you think you can manage it on a more intense scale.
Have you done your homework?
You need to have a plan in order to successfully start your own business. Where you may have masses of experience in the legal sector, how much do you know about the business world? Research, liaise with business experts and be as knowledgeable as you can about the business sector.
Does law feel like more than ‘just a job’?
You need passion, passion and more passion. It will motivate you through the tough times, as starting your own business is no easy venture. If working in the legal sector just feels like “any old job”, this may not be for you.
Do you stand out from the crowd?
And we aren’t talking about having bright blue hair, here. Do you have something that you know will make clients turn to you? What can you do differently? If you find yourself constantly copying others when you are stuck in a rut at work, you may need some more years before starting your own firm, because, when managing your own business, what works for others may not work for you. Refrain from copying and try and dig deep to guide yourself through your own challenges.
Top tips on starting your own law firm
- Don’t be afraid to make mistakes – This is the only way you will learn and move forward.
- Plan, plan and plan some more – Being organised is your best bet. Write out a business plan and (try to) stick to it. Know the competitive advantages of your firm like the back of your hand. Lay out your mission statement, market analysis and your financial goals.
- Have and maintain a strong network – Will your current clients follow you? Try your best to maintain a strong relationship with current clients, so they follow you when you venture out alone…they can be your first ever clients under your new law firm!
- Network some more – have an eye-catching website and online presence to help guide potential clients your way. And, don’t be shy! Go to networking events and get your name out there!
- Focus your expertise – It may be more beneficial to hone in on a particular area of law. Pick a niche; juggling divorce cases alongside M&A due diligence may prove difficult.
- Don’t be afraid to start small – The beautiful thing about starting your own law firm is that you need not spend masses of money on specialised equipment, or even large office space. All you need is a phone, computer, a smart suit, a place to meet clients and of course, your legal expertise. Once you have established a strong client base and developed, then, of course, think about expanding.
