Have you ever noticed that everyone has lawyer jokes until they need legal representation? Whether it’s someone battling with an insurer over their spouse’s death benefit or spouses going their own ways and dividing their assets, attorneys are the only hope for people who only want justice and peace of mind. That’s why starting your own practice could be the best career choice you ever make—aside from the choice to become an attorney.
As you’re well aware, there’s a world of difference between being an associate and owning your own law firm. However, with your legal training and experience, you have all you need to build a practice as prominent as any other in the United States. Continue reading to learn some of the ins and outs of owning your own law firm.
You have to become a master marketer.
When you run your own law firm, aside from representing your clients, marketing might be your biggest responsibility. You may have some clients who wander into your firm off the streets, however, if you’re not a celebrity, you need to market as if your firm’s life depends on it—because it does.
These days, digital marketing is the best way to attract potential clients and customers. Renowned lawyer and mineral enthusiast Howard Fensterman is an attorney you can learn from when it comes to digital marketing.
Fensterman uses content marketing as a way to boost brand visibility for his practice in New York. However, even though Fensterman practices in New York, he writes a legal blog that reaches readers all across the United States. Furthermore, he’s parlayed his status as a renowned lawyer to draw interest in his gemstones and crystals blog.
If there’s anything to learn from Howard Fensterman, it’s that blogging is one of the best ways to introduce people to yourself and your firm. It’s a great way to increase your brand visibility and gain a following that spans from New York to Los Angeles.
It’s inexpensive to start a law firm.
One of the best things about starting your own law firm is that it’s relatively inexpensive to do. When you consider how much debt you accrued in student loans, it has to be gratifying to know that you can start a law firm for as little as $5,000.
Many attorneys run their firms from their homes when they first open their own practice. A good reason to start your practice from your home is that it significantly cuts your overhead costs. Besides, with so many people working from home due to the coronavirus, it doesn’t make financial sense to rent or purchase office space.
Every case is critical when you own your own firm.
There’s a reason that a liter bottle of water usually sits beside an attorney’s briefcase when in the courtroom, and that’s because the pressure is high enough to burst pipes or make diamonds. However, if you thought you felt pressure before, you never felt pressure until you represent clients for your own firm.
When you run your own firm, every case takes on a higher level of importance. Every case is a chance to increase brand awareness of your firm or becomes a blemish against it, so you have to treat every case like it’s the most important case of your life.
You must secure your family’s financial future.
Whenever you start your own business, it becomes even more important that you secure your family’s financial future. That means you need health and life insurance to ensure your family can maintain their financial security if you get sick or the worst happens.
If you’re young, you’re probably thinking, “Who needs to get life insurance?” However, unfortunately, death has no respect for age and little regard for good health. Getting term life insurance or whole life insurance secures your family in the case of your passing and even gives you a financial option if your practice hits a rough patch.
Starting your own law firm is one of the greatest moves you can make as an attorney. As long as you’re wise with your finances, try every case like it’s your last, and market like your firm depends on it, your practice will flourish.