Being your own boss sounds good when you say it out loud, but being an entrepreneur takes a lot of work. Starting your own law firm allows you the option of choosing the type of law you practice and even which clients you can take on. For instance if you know very little about the basics of child custody and more about criminal law, you can choose to practice criminal law and refer family law cases to another firm that specializes in those cases.
Remember your law firm is a business and takes time and effort to run. If you’re thinking of just practicing law and forgetting about the other duties that come with the business side of running a law firm, you should re-think opening a firm. If you’re all in, you must be prepared and come up with a business plan, marketing plan, and time for planning and strategizing for your business. Even if you’re taking an hour out of your day to work on your business, it’ll ensure that you’ll be a success!
The last thing you want is to be unsure of your costs and pricing in front of your clients. Be upfront about all costs and inform clients of the possibility of additional costs before you proceed with their case. To be sure that you’re covering all of your costs, including the cost of administration, you need to come up with a business plan before you crack open your doors. In your plan include the cost of a home-based office or office space and an administrative assistant or a virtual/AI administrative assistant.
Most lawyers think that they can make money with their current clients and word of mouth but the truth is you need a marketing plan. Digital marketing is important and having a social media presence as well as good reviews can take you a long way when it comes to attaining customers. If you’re unclear how to market yourself over the internet with blog posts, social media accounts, and professional business pages there are marketing firms that specialize in digital marketing for law firms.
It is important to work with a firm that works specifically with law firms because they know the keywords and terms to use that will bring you up in near me search results, attract your target audience to your site, and land you more potential clients.
It is important for everyone, whether they work for themselves or work for a company, to have a good work-life balance. Budgeting your time can be really hard when you have a business and practice law.
Although you may not want to, deligating marketing or financial tasks to other companies or just using AI to help you through it can give you more time for yourself, your clients and your family. Look into possible solutions to help you run your office and give you more time for yourself.
Being an owner and operator of any business can be rough. You want to work on everything yourself so that you’re in total control but when it comes down to it, being the owner gives you that control. You’re in control of your office, clients, contractors and every potential employee in your company.
Make time to budget your finances and come up with a good business plan. Choosing the type of clients you’d like to work with and working on your own terms is the key to being happy as an entrepreneur but delegating your office work and digital marketing plan can give you a better quality of life.