Many lawyers may dream of breaking away from the shackles of their corporate head office and going it alone; being their own boss and setting up their own legal practice. The demand for good lawyers will always be there so if you think you have what it takes to set up and run your own firm then take note of some of the considerations below to help you on your next endeavor.

Insurance

Taking out professional liability insurance is a must for lawyers. Malpractice insurance will protect you from suffering a considerable financial loss should you make errors in the provision of the legal services you offer. In fact, in many jurisdictions taking out indemnity insurances is a legal requirement and you will be obliged to purchase this cover to enable you to practice.

Choose Your Field of Expertise

When it comes to the law there are many fields of practice and your firm will need to be confident in the area of law it offers. Perhaps you are a specialist attorney for appellate consulting or a successful personal injury lawyer, if so then it stands to reason that this is the area of law you expand your practice into. Before you do however you need to be confident that there is a demand for your offerings in the location you choose and if it isn’t you will need to consider whether you can compete online. This is important because there is an abundance of lawyers in local towns, cities and available online so you will need to make sure your firm’s services are actually in demand and able to stand up to the competition.

Don’t Overlook Marketing

Traditionally lawyers have taken the view that their reputation speaks for them and as such, they do not need to market themselves. While this used to be the case times have certainly changed and if you want your firm to succeed you will have to get to grips with the marketing. Chances are competing law firms are already promoting their services be it via social media marketing, content marketing, or more traditional marketing methods. At the very least you will need a high-quality well functioning website. If you do not think you have the time or skillset to embrace modern-day marketing then consider outsourcing this to a marketing agency to get your name out there.

Treat It Like a Business

You may be a lawyer by trade but if you want your firm to succeed you need to treat it like a business. Take simple steps like ensuring you have a business plan, a marketing strategy, and all of your finances in order. Keep your overheads low and limit the pro-bono work you do, in the early days at least. If you do not think you have the business acumen needed to run a successful firm consider where you might be able to get additional help to ease the pressure. Perhaps you could outsource your finances to an accounting team, hire an office manager or employ the services of a business consultant to help get you off the ground.