Thinking About Starting a New Law Firm?
Many lawyers break off from their firm to start up a firm of their own. Venturing down the startup path can be fueled by passion and vision, the need to control your own destiny, or getting out of a declining firm before it's too late.
No matter the motivation, you have been trained as a lawyer - not as an entrepreneur. Even those with an entrepreneurial spirit will stumble out of the gate if they don't have the right help or access to the best resources.
Before getting caught off guard by various challenges, read about these 3 obstacles to getting your law firm start up off the ground. This awareness can help you to be better prepared for the journey from the get-go.
1. Complete Lack of Clarity
Far too often lawyers branch out to start their own firm and detrimental decisions quickly follow, all because they lacked a clear vision for what they wanted to do.
It's not enough to try and start a law firm. You need to decide who your law firm is going to serve and why. You need to know where your capital is going to come from and how. You have to know what systems you will use and how to manage them.
Firing from the hip to transform the vision of your new firm into reality is not going to cut it.
2. Time Constraints
When starting a new firm time is absolute of the essence.
Operating under the cloud of confidentiality you have to decide who your firm will serve, which clients will follow you from your old firm to the new one, get financing, register as a legitimate entity, and so much more. If your momentum slows even a little bit your new firm will fizzle out before ever seeing the light of day.
When you make the decision to start a new firm you create a ton of moving pieces and demands on your time. You need structure, you need deadlines, and you probably won't know where to begin if you don't have the right guidance.
3. Bad Management Systems
It's 2021 and business moves at a much more rapid pace than ever before. Payment systems are more robust, customer management systems can be customized to your new firm's preferences, and you can set marketing systems on autopilot if you want to.
It all sounds great and helpful on paper but you're an expert in the rule of the law, not in selecting systems that will help run a business or a law firm.
Without the right knowledge of what systems to use, or training on how to use them you could be set up for failure. Management systems look like a shiny new toy that will make your life better, but will actually make it worse if you pick the wrong ones for your new firm.
We are systems people at heart and want to help you pick the management systems that set your new firm up for ultimate success. Schedule a call with us today so we can help you make the right decision for your firm. We've helped a growing number of firms implement automation software, such as HubSpot, that has streamlined their ability to develop new business.
For your new firm to get off the ground you need a proper plan and the ability to execute flawlessly.
Schedule a call with us for help overcome these obstacles and more so that your new firm soars once it's off the ground.