Thinking of setting up your own law firm?
Posted on July 6, 2016
If you have been thinking of setting up your own law firm and are working on your business plan, then you will have realised that you will have to develop a range of skills to a new level.
Where will you work? What facilities will you need? Do you have sufficient storage? Do you need facilities to meet clients?
What hardware will you need? Which is the best software for time recording, work flow and contact management? How will you manage security?
Can you accurately forecast your profits and cash flow? How will you manage invoicing and banking? What is your pricing strategy? Do not forget to plan and make provisions for holidays, sickness and pensions.
Are you ready to be responsible for all regulatory compliance, obtaining insurance and ensuring quality control?
Are you confident that you can build a strong brand? What will your unique selling point be? How will you raise the profile of your firm?
How many old clients will instruct you in your new firm? How many new clients will you need? Where will you meet them?
As you read this list, you may well have wondered how much time you would have left for fee-earning, never mind getting out and meeting new clients.
A key question that you need to consider is whether you have ambitions to build a practice that employs other lawyers or whether you wish to practise as a sole practitioner.
In the latter situation, one option would be to join Artington Legal as a consultant. This would provide you with all the back-up support that you need to practise as a consultant for a small percentage of your fee income.
The benefits of working as a consultant under the Artington Legal brand are:
- you can do as much or as little fee earning as you wish (set your own flexi-time);
- you can offer your clients more competitive rates (they do not need to pay for a fancy atrium);
- you will retain the vast majority of everything you bill (you do not need to pay for an office in Beijing);
- you will have more time for your family or your hobbies (no stressful commuting);
- you can focus on client care (no internal meetings or office politics);
- you will have efficient support and state-of-the-art software from your first day; and
- you will have opportunities to socialise and work with other like-minded lawyers.
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.