A lawyer has several reasons to start his or her law firm. A few of them are tired of meeting the unending demands of bosses who’re never happy and very difficult to please, while others like to work on specific cases or want flexible work hours. According to an article published in Forbes, some attorneys like to start a new legal firm due to loss of employment or downsizing. No matter what is the reason, starting your legal business in the US is an essential and challenging undertaking. Here are essential things you must know when starting your legal firm:
- Think of the entity you need to form
Consultation with a business attorney as well as an accountant is imperative on what kind of an entity you need to establish. The choice of entity will have an impact on numerous business functions and that includes your exposure related to company debts as well as additional responsibilities and of course taxes.
The common types of entities for small and mid-sized legal firms are:
- Sole proprietorship
- Limited liability partnership
- Limited liability company
- Professional Corporation
Once your entity is formed, you should file for an Employer Identification Number (EIN) in the US.
- Look for a good name for your legal firm
It’s not only important from the marketing perspective to help you gain more clients but a legal name for your law firm should sound professional and pertinent to the business. A catchy and relevant name will help to attract clients and create interest to learn about your legal business, its nature, its area of knowledge, and the services provided.
Research Names for Law Firm, make a list of at least 10 names and choose the one that suits your law firm’s vision, mission, and goals.
- Logo is important
Your legal firm should have a logo professionally designed and look consistent across various media. There are a few things to consider including:
- The use of colors
- Logo in different formats, especially a vector file
Your law firm’s logo together with fonts and colors ascertains the character of your marketing materials. That’s why you need to design a logo quite early when starting your new law firm.
- Software and Hardware
When you set up your new law firm, it will need software like MS Office Suite as well as an email system. Besides, you will also need a case management application. As far as hardware is concerned for your new business, you will require computers, laptops, phones, and printers.
- Office space
Though many legal professionals have virtual offices or shared office options, a dedicated and physical space is essential for all the right reasons. First, a professional setting is important when you have meetings with your clients and operate your law firm. A physical office is essential with a business name and address to rank better in search pages online.
Now that you have set up your new law firm, it is essential to promote your business and legal expertise to gain more clients.