Starting your own business is a big undertaking in any industry. For lawyers, once you strike out on your own, it’s only you who is in charge of everything — from business development to streamlining organizational processes for yourself and your staff. But starting your own law firm isn’t as scary as you may think. In order to prove that, we’ve debunked a few of those pesky myths that might be holding you back from going out on your own.
Myth #1 – I won’t have enough billable work
This is usually the #1 concern for lawyers who are considering going solo. Of course, it’s hard to give up a guaranteed, dependable salary in favor of a risky move like starting your own business. But you likely have more resources at your disposal than you realize. Once you get the word out about your transition to a solo or small practice, your friends, family and former colleagues are all great sources of referrals to potential clients. Additionally, industry and small business networking events are great places to get the word out about your practice and meet potential clients.
Myth #2 – There are too many upfront costs
Depending on the industry, starting up a business can be costly. Office space, software and cost of materials can add up pretty quickly. Luckily for lawyers, the service you’re selling doesn’t require much more than your laptop, a decent printer, case management software and your brain. To save on costs, you can even work out of your home until you build up your client base enough to justify having an office. Until then, you can hold meetings with clients in co-working spaces or at restaurants and coffee shops.
Myth #3 – There will be too much administrative work
Even small law firms handle a fair share of paperwork on a daily basis. In order to avoid mix ups, mistakes and disorganization, it’s a smart idea to start your small law firm with a program that helps you manage your matters efficiently. Programs like Smokeball are designed specifically to help solo and small firm attorneys keep their matters in order and get work done faster. With this kind of software, you can do the best work possible for your clients in less time. Before you know it, your firm could go from a solo practice to a multi-attorney firm in no time!
Becoming a legal entrepreneur can sometimes feel like a scary journey, but with the right support systems in place, running a successful solo or small practice firm is within reach.