In a post-pandemic world, have you become well acquainted with freedom and decided you’re tired of working for someone else? Considering going out on your own?

We have an important reminder for you: You could be the best lawyer in the world, but that doesn’t mean you’re ready to run a business.

This is because the skills it takes to practice law and run a business aren’t mutually exclusive. But, if you have the right attitude, determination and grit, it’s certainly possible for you to succeed.

Don’t let us deter you, here are just a few benefits of opening your own firm:

• You make the rules, you’re the boss. You can pick your practices niche, aka area of law, choose your hours and of course, hire people that you want to work with.
• You can do more than just practice law. Of course, all things legal will still be your foundation, but you can get your hands dirty in all areas of business.
• Getting to pick and choose your clients. Not interested in that matter? Simply say no. You probably wouldn’t have said that when you were working for someone else.

What you will need to start your own firm (at a very practical bare minimum)

Savings of course

Businesses don’t start making money straight away. So, in addition to the money you will need to open your doors, you will need to have enough dollars in the bank to cover your living expenses for approximately 6 months.

Start-up costs

Are you going to have your own office? Hotdesk? Work from home? You will need to invest in marketing (every lawyer needs clients), a website, business name registration, insurance, utilities, etc. Read more on start-up costs here.

Hardware and Software

Do you already have your own devices? Who uses just one screen these days? And once you have the hardware, what software applications will you be using on them? You will need legal-specific software applications (Practice and Document Management Systems, Print Tracking) and then more general applications too (Microsoft 365 and the Adobe Suite).

Now, there are many more things we could encourage you to consider: accounting, staffing, personal goals, social media, KPI’s and budgeting- just to name a few. But we hope our list is enough to get you started.

Our top tip: Seek professional assistance. You want to put in place best-practice solutions from the very beginning so you have a strong foundation to build on. This means that as you grow, you aren’t constantly having to update the way you work. Invest the money now, increase productivity later.

ServiceScaler’s consultants can mentor you through the process of putting the right technical infrastructure in place that will help your business not just grow but thrive, long-term. Get in contact with our team today. We wish you all the best for opening your practice, good luck!

enquiries@servicescaler.com | (02) 9146 6339 | www.servicescaler.com

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