You probably have been thinking about starting your law firm for a while now. Working in an already established personal injury law firm has equipped you with the right networks and experience needed to start your own. From this point on, making decisions towards self-employment might be a little weighty, but doable.
For you to start a personal injury law firm, you have to broaden or change your perspective about the law. You have to think like a lawyer and an entrepreneur. All the decisions that you will make should be towards helping your clients and your law firm to thrive. These decisions begin right from opening a personal injury law firm. Here are the critical considerations you have to ruminate over as you plan to open your personal injury law firm.
Know the Capital Needed to Start and Operate the Business to Profitability
Calculating capital needed to start and run your business until it becomes profitable is very crucial when starting your personal injury law firm. A law firm is like any business. It will not become profitable on the first day of operation. It will need running capital to meet the expenses incurred daily. You should also prepare projections for your business. Some of the mandatory costs that you will have to incur include advertising and running costs. In advertising, you should calculate the rate of conversion and the amount spent on a given case.
If you are not good with numbers, you can always call your favorite CPA to help you come up with better financial plans for your business.
Mobilize Sufficient Capital
Once you know the amount you need to start and run your personal injury law firm, you need to mobilize funds. Avail funds required to meet your running cost. Personal injury law firms make money through the high number of cases that come to their way and litigations. In the first year, you might have to build your profile by working on pro bono cases. You might also hire assistants in your first year. Make sure that you have enough cash to run the business and keep everyone comfortable.
Draft a Great Business Plan
Writing a good plan will help you to acquire funding in case your sources of income runs low. A plan also guides your steps as you build your business from the ground up. You must ensure that your business plan is comprehensive and detailed. It is wise for you to seek advice from other personal injury lawyers who run their own law firms. The plan should have all the numbers and projects for your business. These numbers will ensure that you get sufficient funding to operate your firm with minimum disturbance.
Rent a Cheap Office
Given that you will need a physical address for your office, it is only wise to get one that will not break your bank. Find an appropriate location within a great building that has been tuned to suit an office, and then set up shop.
The office should be affordable. It should fit your tight budget considering your first year might not be your great year in business. You can consider sharing a space with another business that does offer the same services as yours. Cutting on costs is a great way to go further without running out of monetary steam.
Get Good Case Management Software
Many court appearances and depositions define personal injury lawyers. Therefore, you will have to work with lots of paperwork. Here is where a great Case Management Software comes in handy. It will help you organize all the cases you have alongside the materials you need to appear in court for litigation. It will also eliminate your likelihood of over scheduling. The program will also cut labor costs. You will not hire people to work on numerous documents that come your way.
Choosing the right Case Management Software can be a little confusing. Choose one that will suit your business needs better.
Have a Business Structure
A business structure increases efficiency. Draft a clear organizational structure where every employee fits a given job description. Define each role at length. Ensure roles do not overlap or that there is no duplication of functions. These clear role descriptions will save on cost while improving efficiency