We hear many reasons for starting a new firm. Two of the most compelling strategic reasons include:
The opportunity to create a unique client offering
- The freedom to execute quickly (We refer to this as having the ability to "turn the ship into the wind".)
Market aware partners who realize they are missing opportunities frequently decide that starting a new law firm is the best way to accomplish their goals. Their vision and passion fuel the creation of these firms.
In other instances, lawyers are unhappy with their existing situations and want more control over their futures. Normally, these partners are searching for a more competitive overhead structure, better compensation, more influence on decision making and better personal relationships.
Still other lawyers are forced into starting a new firm as a result of their existing firm declining or breaking up. When this occurs, speed is essential to ensuring that no client losses occur from the negative publicity. Whatever the reasons for starting a new law firm, the steps in the startup process are much the same and are as follows:
The main elements of starting a law firm
Finding the time to plan, execute and manage these steps is daunting. Investing in the right outside support will make this process more efficient, move at a much quicker pace and produce a better result.
As a helpful starting point, please download the detailed NEW LAW FIRM STARTUP CHECKLIST to give you an understanding of the steps involved in starting a law.
|NEW LAW FIRM STARTUP CHECKLIST|