Does the idea of starting a new business in 2016 seem appealing? Would you like to change your career path and try something entirely new? Then becoming a lawyer and launching a legal firm could be perfect. The benefits of working in that industry should be obvious. For instance, lawyers are some of the best-paid professionals in the country. Most of them can afford to retire at an early age. However, they carry on working because the role is interesting, and it provides a lot of job satisfaction.
The step by step process listed on this page will make your life much easier. You just need to follow each piece of advice to ensure you don’t overlook anything important. Starting a legal business the right way will take a long time. Even so, it’s worth the effort because you will become financially stable for life. The best lawyers choose that job because it allows them to give something back to society. It would help if you already had a law degree, but there’s still plenty of time for that.
- Select the legal niche most appealing to you
It’s important to select your chosen legal niche before heading back to university. All students will learn the general law and also specialize in a certain subject. You should make your selection based on all the available information. There are hundreds of articles online that explain each law area in depth.
Make sure you perform a lot of research before making your decision because there is no going back. People who want to earn the best wages should select criminal or corporate law. However, those who want to give something back should think about personal injury law or something similar. Drug lawyers at Brown & Crouppen say their jobs are very rewarding too. Just make sure you choose something where you can represent victims if you have a social conscience.
- Research the best universities
It’s no secret that most of the best-paid lawyers in the country attended the same law schools. Sure, you can study the subject almost anywhere these days. However, you should aim to score a place at a top university for the best outcomes. Harvard and Yale are obvious choices, but you’ll have to impress a lot of people to go there.
Once you have a list of your most preferable law schools, you can start sending applications. There is a section on the application that asks why you want to attend that particular university. Make sure you flatter the Dean by writing about all the amazing people who’ve graduated from there in the past. With a bit of luck, they will offer you an interview.
- Learn, learn, learn
Becoming a qualified lawyer can take more than five years. Your degree in law is only the first step towards achieving your goal. Once you have completed your course, there are other qualifications you need to obtain. Depending on your niche, that could mean continuing your education for another two years. You need to find work with an established law firm that operates in your niche. You will become a junior lawyer and work alongside more experienced professionals.
During your internship, you should learn more about the day to day realities of the job. You’ll also learn how to conduct yourself in a professional work environment. People who select family law or something similar will need good social skills. When someone breaks down in your office, you must make them feel at ease.
- Get some experience
You should have become a fully qualified and capable lawyer at this stage. That means you could go out and start your business right now. However, it’s more sensible to wait a while and build your reputation. People with a good track record can always charge more for their services. Also, you’ll find it easier to attract clients if you are known as on of the best lawyers in town. For that reason, you should stick to your current role for at least another twelve months.
That should give you enough time to work on a few cases and build your portfolio. Spending more time in the courtroom should also mean you relax into your position. It can take a while before lawyers seem confident and sure of themselves when standing in front of a judge. Working alongside experienced legal experts a little while longer isn’t going to hurt. You should still earn a decent wage now you are fully qualified.
- Network with other top lawyers
Unless you want to start a very small law firm, you’ll need to network with other top professionals. You need to find people who are willing to come and work for your clients once everything is operational. Maybe there are some people at your current firm that would like a little more freedom?
The best thing about networking with other lawyers is you won’t have to worry about investment. So long as you can get two or three more people involved, you should have enough cash to finance the operation yourselves. At the end of the day, your running costs are not going to be very high. As you will learn in just a moment, all you need is suitable premises.
- Register your company
Now you’ve found people who are willing to go into business; it’s time to register your company. Get in touch with the IRS and let them know about your plans. They will then create a tax account so you can pay the government at the end of the year. Pool your finances to rent suitable premises in a desirable location.
There is no point basing your business on the outskirts of town because people won’t travel that far. You need to find premises in popular areas where there are a lot of residents. That way, you shouldn’t have to spend as much on marketing because people will encounter your brand name naturally. It’s worth looking for somewhere a little larger than you need at the moment. That would allow you to expand quickly if things go well.
- Promote your services
The main issue faced by new legal firms relates to established companies already serving local people. For that reason, you need to work hard to ensure your brand stands out from the crowd. Internet advertising is always a good idea because it allows you to reach thousands of potential clients fast. However, legal professionals find alternative methods produce the best results.
Perhaps you might like to buy some advertising space on a billboard in town? Maybe you could offer lucrative deals to new clients? Most lawyers will not charge for their initial consultations, and you should follow suit. You’ll make enough money when you get clients who want you to become their main representative.
- Seek high-profile cases
Whenever a high-profile case arises, hundreds of lawyers clamber to their feet and start making offers. It could be that a famous local person has been arrested on a murder charge. Whoever represents that person is going to get a lot of media attention. Indeed, winning that contract could mean your business is propelled into the mainstream.
Cases that get a lot of press coverage are always good for your company. Winning those cases is also good for your reputation. When you have successfully defended someone in the public eye, it won’t be long before others are knocking at your door. Celebrity lawyers can earn as much as those working in the corporate field. However, their workload is usually much lighter.
- Expand your operation
As with any new business, you should aim to grow your law company and expand into different niches. The successful completion of that task could mean you become the one-stop shop for all legal issues in your chosen areas. So long as your employees produce good results, it should be easy to expand your operation fast.
You can move to new premises, employ more lawyers, and spend your time managing the company. When all’s said and done, you can only work as a front-line lawyer for so long. At some point, you will have to take a backseat and focus on the business. Of course, that shouldn’t matter too much if you have twenty experts working for your brand.
People who manage to follow that process are going to have a very successful business on their hands one day. When your company is worth millions of dollars, you can sit back and live to good life. Either sell the brand to someone else for a nice profit or continue to grow the operation. No matter what you decide to do, your bank manager is going to have a smile on his face every time to visit for meetings.
It’s impossible to say how much you might earn during your career. However, top lawyers in this country can charge hundreds of thousands of dollars for a single case. Your outgoings are very low, and so profits are exceptionally high. Do yourself a favor and start working your way through this process today. It could be the best thing you ever do.
