There has been over a 15 percent increase in the total number of practicing lawyers in the United States over the past decade. If you are starting a new law firm, you need to know how to navigate this competitive marketplace.
Knowing some common pitfalls for opening a new legal practice will help you ensure that your new law firm survives the brutal competition inherent to the world of law.
You need to be competent in business ownership as well as law if you hope to have any success. Check out these mistakes to watch out for so you can make the best law firm possible.
Overextending Yourself as a New Law Firm
Unless you have a ton of disposable resources you will want to keep things small at first. Don’t take on too many cases and keep your overhead costs low to ensure that you don’t overextend yourself.
Starting as a local law firm that only caters to your immediate area is a good strategy as well. As you build credibility and connections within your community you can begin to expand and take on a higher caseload.
Not Having a Marketing Strategy
If you don’t get any leads your law practice will never grow. One of the most important small business practices for a new law firm is to develop a workable marketing strategy.
Nowadays the best way to do that is to focus on digital marketing for legal firms. Most leads are generated on the internet nowadays so by focusing on digital marketing you will be getting the most customers for the best price.
Not Establishing Your Expertise
What type of law does your practice focus on? Did you make this apparent to your potential clients? Criminal law is a different discipline than corporate law. Ensure that you establish and advertise your expertise.
If you want to expand your practice and lack expertise in a certain area of law you may want to consider partnering up with another lawyer. If you do so make sure to iron out the details before making any big moves.
Neglecting Customer Service
Customer service is one of the most important factors for all areas of business. In the world of law, it is essential. Your clients will come to you during their times of greatest need. You must treat them kindly and professionally.
When you are starting out in particular, word of mouth will go a long way towards expanding your practice. Ensure that what people say about you is positive by emphasizing great customer service.
Create the Best Law Firm Possible
Creating a new law firm is an exciting proposition, but you need to do it the right way. How you start your law firm will serve as the foundation for your business later in life. Start right and build the foundation your business needs.
Make sure to avoid the common mistakes many new lawyers make when starting their practices outlined in this guide. If you need further information about a variety of different topics, check back with our website.