The Fool on the Hill: Management Considerations for New Law Firms

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Presentation transcript:

The Fool on the Hill: Management Considerations for New Law Firms

Considerations . . . Why start your own firm? How do you prepare?

MORE Considerations Office Space . . . Financial Issues. . . Data Storage Decisions . . . Timekeeping . . .

What we did right, And what we did wrong . . .

Develop a Business Plan Find an IT consultant Use a Practice Coach Groundwork . . . Develop a Business Plan Find an IT consultant Use a Practice Coach Talk to other new firms

Finance and Business Considerations Seed money – how much do you need? Should you lease or purchase office equipment? Should you use a business credit card? Should you obtain a line of credit?

Finance and Business Considerations There may be additional challenges for firms that practice multiple types of law

Finance and Business Considerations Client payment plans: Could non-traditional payment plans work for your practice?

Office Space: Should I own or should I rent? You may have to personally guarantee the lease or mortgage Benefits associated with ownership include rental income and equity But, if you own the space, you will likely have unexpected expenses when things break down or get damaged And, if you have partners with whom you co-own the space, you will need to develop a plan in case the partnership breaks up

Office Space: Should I own or should I rent? If you rent, you have increased flexibility for the office to grow or change locations If you rent, you don’t have to worry about building maintenance or upkeep But, you are not growing equity

Office Space: Virtual Offices

Office Space: Virtual Offices Save money Offer a convenient place for you to meet with your clients BUT BEWARE . . . You cannot be misleading ANOTHER OPTION: SHARING SPACE . . .

Data Storage Cloud V. Server

Data Storage Maybe you don’t need a long term storage solution? Depending on the size of your firm and practice area, consider including language in your client agreements that all documents will be returned to the client at the end of the case

Timekeeping Research timekeeping software Establish clear policies, and Hold yourself and your employees accountable