The prospect of being your own boss by starting your own law firm is very exciting. Before you make the drastic move to quit your old job, follow these tips about opening your own law firm from Christopher Small of “The Art of Lawyering” podcast.
Before starting your own personal injury law firm, know that you will be taking on a far greater workload than you are now. Not only will you have to be a lawyer, but you also have to be your own marketer and head of human resources.
You not only have to know personal injury law but the business laws of your state.
Unless you have a lot of money saved up, you need to use a fee-based practice. Contingency fees, although popular with the public, take a long time to resolve. It could be months, or even years before you ever see the money. In the meantime, you have pressing bills to pay. You will also need to get business loans to help you get your firm started. Although credit cards can help with immediate cash flow, in the long run, they can get you into trouble if you can’t pay them. You may need to moonlight a side gig in order to pay the bills in your first years.