Starting a law firm from scratch is very difficult because there are a lot of things that you have to take into account and spend money on.
Naturally, you’ll talk with and get help from the other partners of the firm and, eventually, successfully start your law firm. However, one of the big questions, in this case, is whether you invested your money in the right places or not!
As such, in the following lines, we’ll take a look at what law startups or fresh law firms should invest in for a proper start on the market.
Marketing/Advertising
Obviously, with the new age of online, people would rather look for law firms online instead of going out and start looking for them. After all, it’s much easier to do so!
Moreover, it is also easier for law firms to advertise themselves and put up marketing strategies to attract more clients in the online environment. This is why most of them now invest in specific law firm internet marketing, a service that takes care of their online presence and branding. One of the first things any law firm should invest in is online presence!
Technology
Even though online presence is important, you can’t monitor what happens on it without the proper technology. Furthermore, law firms have also made the switch from shingles to computer documents and software – in some cases.
It is essential that you invest in a good internet service, decent computers for the employees and lawyers, a copier and a scanner, maybe even a fax machine – and, last but not least, you will still need a copywriter!
On top of that, a proper phone system is also worth funding, to facilitate communication between lawyers, their clients, and secretaries.
Office Space
Most new law firms think they’d rather have technology, features, and amenities instead of a decent-looking office. They consider that they can endure working in a bad or ugly space until the law firm grows.
However, most of them don’t take into account the fact that they’ll have to meet with their clients in their offices, as well as schedule meetings, discussions – not to mention the necessity of multiple conference rooms.
When thinking of how much you should invest in the office space, consider whether you’d like meeting with your clients in the restaurant across your law firm HQ – in short, space is really worth the money.
Licenses, Fees, and Taxes
Even though you have enough capital to start your law firm, you should always consider future fees, licenses, and taxes.
On the other hand, you may think that your firm will be subject to taxes only, but some states may require you to register it as a business and pay licensing fees as well. It is better to invest in a fund that could cover the first months or half a year of existence of your firm.
Try to predict any change or evolution – in either good or bad – that you may have to deal with.
The Bottom Line
Given the aspects mentioned above, it is clear that a new law firm must invest in its image and branding. The ones mentioned above are the four essential things that almost every business is based on and are most likely required by a fresh law firm, especially if they want to succeed. There are other things that you should invest in, but those can be easier to achieve with the help of the things we just mentioned.
