Whether your law firm is just starting out, or you have been established for some time and are looking to expand your operations, it’s essential to carefully plan and prepare for the challenges that lie ahead if you want to be sure of future success.
From finding your USP and having adequate insurance cover to hiring the right employees and creating the best possible working environment for yourself and your clients, there are numerous steps you can take to build a solid foundation for growth.
Most small law firms operate as sole proprietorships. This is a straightforward and low-cost way of running your business, but it can expose you to personal liability for certain business debts and other judgments. This, in turn, could put your personal assets, such as your home, at risk.
You can take out a range of insurance policies to reduce some of this potential liability, but you may want to consider forming a limited liability corporation as an alternative to sole proprietorship as this will shield you from any personal liability.
Another way to ensure your company always remains on a firm financial footing is to purchase after the event insurance from a reputable company like Box Legal on behalf of your personal injury clients. Such policies will protect your clients as they will cover any costs incurred by the defendant should your client be unsuccessful.
These policies also cover your own costs incurred during the pursuit of a claim which might typically include medical or police reports, court fees, and other expenses. Having such cover in place means you can rest assured that, regardless of the outcome of the case, you will not be left out of pocket.
Choose the right location
While you may be tempted to simply work from home in the early days of your enterprise, or hire the cheapest office space possible, such a move could prove detrimental to your future development.
Although many people now search for services online, a significant number do so in order to find services in their area. Establishing a presence in a particular area or a specific street can help boost the visibility of your firm. Opting for an especially convenient location can also help stave off the competition.
Ideally, choose a location that allows you to start out small but provides room to grow in the future. Make the most of a small space by keeping office furniture to a minimum or opting for space saving designs so that you and the members of your workforce can remain comfortable and efficient.
Hire the right team members
Recruitment decisions should never be made on the basis of experience alone. Carefully consider all aspects of a future employee including their personality and how well they will fit into the culture of your firm.
If you want to be sure your vision for the future of your firm is fulfilled, you need to surround yourself with people who see things the same way. Otherwise, your firm will lack cohesion and struggle to succeed
Find your competitive edge
While running a law firm is very different to running a Silicon Valley start-up, you can still learn many lessons from such organizations about the best way to nurture and grow your business. Adopt a customer-centric mentality where the chief goal is achieving the highest possible level of client satisfaction.
Take some time to research what your close competitors are doing now as well as what they might plan to do in the future and see if you can find ways to beat them at their own game. Staying proactive and planning ahead will allow you to gain momentum which will help take your business to the top of your field.