However, before you jump in there are some steps you need to take.

Crunch the Numbers

Spend some time looking at your finances. Calculate how much money you’ll need to make to pay your bills, support your family and provide for yourself. Next, calculate how much it will cost for your new law practice to operate. If possible, eliminate extra expenses like subscriptions. If you’re working for yourself, getting your finances in order will give you some security. Refinance your student loans to reduce monthly expenses. This will allow you to take out a new loan in order pay off the old one. Add up the expenses and allow for taxes once you have figured out how much. Next, determine the amount of business you’ll need.

Choose Resources Carefully

You won’t have the same resources as large corporations when you start your own business. This can lead to high costs. It is not uncommon to spend a lot on office space. Make sure you choose the best location for your clients. Because everyone can refer others, location is important. You should also choose your banking carefully. You will need operating and IOLTA accounts as well as dedicated accounts. You will need to be familiar with the rules surrounding these accounts. You should also carefully choose the bank. While smaller banks may offer greater value, larger banks might have more resources. Know your potential referrals. You might find smaller banks more inclined to refer your company to other clients.

Everything in One

Even if your startup is a start-up, you already know that there are legal requirements to launch a startup. While not legally required, other elements are vital and important. Even if your practice is small and solo, you’ll still need a website. You don’t need to make it fancy. However, the style you choose will depend on what area of law your practice is in. It doesn’t matter what area of law you practice, it is important to make a positive impression. This is often the first thing potential clients see about your practice. Name your firm carefully. Names for law firms are subject to certain rules that may not be applicable to other businesses. It should accurately reflect the firm. Even a minor detail, such as using an office instead of an office, could get you in trouble.

Rely On Your Network

Consider the people in your professional network that you can rely on to refer others. Ask your accountant for help in spreading the word if you’re considering entering tax law. Talk to family lawyers and counselors if you plan on working in family law. If you are currently employed at a law office owned by another person, you should not do anything that could be taken as stealing the clients.