Ask any entrepreneur what it takes to succeed in business, and they’ll warn you not to let your work life spill over into your personal life. Being a successful entrepreneur in the law field means even more commitment. Your clients’ lives will become your own — you’ll need to meet with them, touch base with them, and be at their beck and call.

In the law field, you’re still on call 24/7 — even when you’re away on business or enjoying a relaxing weekend at home.

This can take its toll on your relationships, stress levels, and overall life balance. When was the last time you were able to go out to dinner or attend a party without the fear of being called?

If all this sounds familiar, it’s time for a reality check!

Setting Up Your Law Firm (the Right Way)

For anyone looking to start up their first law firm, these are the questions you should be asking yourself.

Do you speak the language?

Before you dive into law practice, have you acquired the basics? For example, do you know what it really means to be an entrepreneur?

Entrepreneurs are self-starters — they don’t wait for opportunities to fall into their laps; rather, they pursue opportunities and make them happen. They seek out assistance when needed but have the ability to make hard decisions on their own and bounce back from failures.

Most importantly, entrepreneurs are able to think on their feet — always prepared for any challenge that comes their way.

Take your new law practice as a chance to become an entrepreneur and gain valuable experience that will pay off in the long run.

Do you enjoy the hustle?

You may have no interest in marketing at all. That’s fine, but if you’re not committed to this profession, you’ll have a hard time maintaining a sustainable business.

As an entrepreneur, you’re exposed to so many different situations and people that it’s inevitable that you’ll run into problems — and often.

You’ll need to be comfortable wearing many hats, and being a marketer is one. Develop your marketing strategy, invest in local seo for lawyers, keep up with social media, and work with external agencies to get the most out of your budget.

It’s not easy, but then nothing is for an entrepreneur! 

How do you approach the laws of business ownership?

Now that you’re an entrepreneur, what are your priorities? Are you going to work full time in the office or work from home every other night? Or will you find yourself struggling to run a successful business? 

No matter how much experience and knowledge you have, there’s no getting around the fact that owning a law practice — if not handled properly — can be financially taxing. Attracting new clients and maintaining your existing ones takes incredible energy.

So, what’s your plan to get things done?

Can you survive the long hours?

Starting a law firm means that you’ll have to work long hours. This is standard among most lawyers and is often required to make ends meet. 

Is this something that you can handle or want to handle? Prioritizing your personal life is crucial, but if your business takes a backseat, it can be hard to recover. 

Find a healthy balance for yourself and make sure that your clients know it. This will build trust with them and lead them to favor your law practice over others.

What’s the worst-case scenario? 

Go ahead, paint the picture! Business is all about figuring out what is the worst that can happen and planning accordingly. 

As an entrepreneur, and especially an entrepreneur in the legal field, you’ll need to balance risk with benefit and mitigate against the worst you can imagine. 

Ask yourself: what’s the worst that can happen if I can’t find a new client? How can I make this situation work for my business? 

Are you always prepared for the unexpected? 

As an entrepreneur, you should be prepared for anything and everything to happen. Leave nothing to chance, plan in advance, and have contingencies in place well ahead of time. 

Think about how you will handle your employees when they are sick or need some time off; what if an employee doesn’t perform up to par or ends up causing problems with other staff members? 

What’s your plan to manage and motivate your employees?

Motivating, inspiring, and mentoring employees are common practices among successful entrepreneurs. Your employees need to know that you’re there for them if and when they need advice or encouragement. 

They also need to feel comfortable coming to you with questions or concerns about their department. No matter how busy you are, your law practice depends on the proper execution of each department — so being a good manager is key!

How will you handle financial responsibilities?

As an entrepreneur, you’re responsible for every expense that happens within your law firm. This includes everything from expenses in the office to payroll. As such, you’ll need to carefully monitor where your money is going and how much your employees are making. 

Is this something that you’re comfortable handling? Are there ways that you can trust employees with this responsibility? 

Are you prepared to put in the time?

Running a law firm takes a lot of time. You’ll be working long hours, and often it’s the small details that can make or break your business. 

Plan well ahead of time what needs to be done and how you will handle these tasks. This will allow you to work smarter, not harder, and leave less room for error in your business operations.

Does the law of business ownership align with your values? 

Most entrepreneurs have worked hard and prepared for what’s to come for many years. It’s important that you can align your values with this profession and know that you’re making the right decision.

It’s tempting to start a law firm because it’s lucrative and because you believe in justice, but it isn’t worth going into business if you feel unsure about what you’re doing or if your work isn’t aligned with your core values. 

Is 2022 a Good Year to Open a Business?

It’s no secret that the next twelve months will be challenging. There’s a huge inflation bubble that is likely to pop, and the US is still reeling from the effects of the coronavirus pandemic on both the economy and people’s lives.

All of these things may leave you feeling like perhaps this isn’t the best time to start a business, but the great thing about the legal profession is that there will always be call for the work of lawyers and legal professionals.

As an entrepreneur, you’ll have to work hard and be incredibly nimble at the same time. 

The Next Steps: Planning to Open Your Legal Practice

Set clear goals and target markets for your law practice 

As a small business owner, you’ll need to be very conscious about how much time is going to be spent on your business, as well as how much revenue is being brought in by these efforts. 

Earnings will come from many different sources, including dues from members, case fees, consulting fees, and offers of employment with clients. Knowing where spending capital will yield the most income at the end of the day is the first step towards making a solid financial plan for your law firm.

Create a business plan to lay out your financial goals and plans

Having a firm plan in your mind will help you to envision where you’re going as well as know how much time is needed. 

It’s important to have the knowledge, but more importantly, the drive and passion. 

Set up a full-time secretary for your office; this is key for running a legal practice properly 

This person will be crucial for many things that are required of you in running your law practice. Their role will include everything from answering the phone, preparing documents, and serving customers to basic clerical tasks like filing or doing photocopies with clients while they wait.

Build your network for referrals and for monitoring the competition 

As an entrepreneur, you’ll want to build a network of other firms that practice law in your area, as well as people who have experience in your field of work. 

This will allow you to learn about the best practices in the business and make sure that you’re staying on top of trends, new developments, and regulations. 

Find potential clients who need legal services 

This is crucial because it will allow you to get referrals from other firms while also identifying areas where they wouldn’t normally go unless they had a legal problem that required their services.

Set up a space for your firm based on the needs of your business and clients 

The first step for any budding entrepreneur is to determine what type of space will be needed for their legal practice. 

This can be either in an office or in your home, and it’s ideal to have the proper space so that you can focus on work rather than worrying about getting everything set up.