I have a confession to make. I tend to be a bit of a loner. That’s not to say that I don’t like people – I do. But I like to figure things out on my own, then enjoy the pride that comes with knowing that I did it all by myself. If you are learning how to start a law firm, that type of mentality simply doesn’t work.
Let me give you an example. A few weeks back, I posted about how important it is to have a to do list when starting a law firm. One of the items on my to do list was to contact an accountant. The sole reason I wanted to see an accountant was to line someone up for help with filing my income taxes, when the time came around next year. I didn’t realize how valuable of an asset a CPA could be.
So this week I met with my accountant, and it became quite clear early on in our conversation that I needed his advice on a lot more than just my tax return. We started off by talking about what type of business entity my firm would be. In my business plan, I determined that I would be a sole proprietorship for now, then transfer over to a limited liability company. In speaking with my accountant, I determined that an S-corporation would be best for my needs,starting right now, for several reasons (limited liability combined with increased separation from personal taxation is only one reason). My accountant further helped me determine what type of bookkeeping system I will use, and gave me a few other things to think about when dealing with my bank accounts. The best part about all of this? The initial consultation was free!
The point is that starting a law firm by yourself, and expecting to figure everything out on your own is nearly impossible, unless you’ve done it before. Grow your network of people that you can turn to for help, even if it is just a simple question.
Saturday, July 24, 2010
Thursday, July 15, 2010
Starting a Law Firm - Implementing Office Procedures
One of the things you will want to think about when starting a law firm is how you will run your office. The goal is twofold - efficiency and consistency. You want to be as efficient as possible, meaning you don't want to spend a lot of time thinking about handling administrative tasks, or doing them for that matter. You also want to be consistent with your office procedures.
This is one aspect in how to start a law firm that I have had trouble with. I think there are several reasons for this. The first is that I have no business background, or any training in running an office. I have the Maryland family attorney and Virginia DUI attorney stuff down. In other words, I can practice law but the other stuff is taking some serious work.
The other reason is that I am doing some of this planning while also marketing my new law firm and doing work for my clients. This is one of the disadvantages of starting a law firm before having everything 100% planned. Right now, I probably spend 75% of my time marketing and 10% of my time doing work for clients, which leaves a lot less time for administrative and planning matters.
So as part of my law firm to do list, I have several office systems that I want to plan and implement. For example, I want a system for new or potential clients - from logging their first call or email to intake sheets to opening the file. I also want office procedures for a filing system, telephone calls, accounting, billing, and case management. I'm sure there are others, but that's what I can think of right now.
The good news is I have some resources to help out with my office procedure. You don't need to invent the wheel here, but you do need to implement a system that you are comfortable with, that works best for you.
This is one aspect in how to start a law firm that I have had trouble with. I think there are several reasons for this. The first is that I have no business background, or any training in running an office. I have the Maryland family attorney and Virginia DUI attorney stuff down. In other words, I can practice law but the other stuff is taking some serious work.
The other reason is that I am doing some of this planning while also marketing my new law firm and doing work for my clients. This is one of the disadvantages of starting a law firm before having everything 100% planned. Right now, I probably spend 75% of my time marketing and 10% of my time doing work for clients, which leaves a lot less time for administrative and planning matters.
So as part of my law firm to do list, I have several office systems that I want to plan and implement. For example, I want a system for new or potential clients - from logging their first call or email to intake sheets to opening the file. I also want office procedures for a filing system, telephone calls, accounting, billing, and case management. I'm sure there are others, but that's what I can think of right now.
The good news is I have some resources to help out with my office procedure. You don't need to invent the wheel here, but you do need to implement a system that you are comfortable with, that works best for you.
Wednesday, July 7, 2010
Starting a Law Firm - Getting Things Done, Part 2
In yesterday's edition of Starting a Law Firm, I posted about the importance of maintaining to do lists as a reminder to get things done. But I realized that it is difficult to really grasp the to do list concept without some examples.
So today I will let everyone know what my current to do list entails. In this post, I'm only listing the A priority items, and in the next post, I will list my B and C priority items. This is just an example of a list, and you should create yours in a way that makes you more productive. Keep in mind also that I keep multiple lists, for all aspects of my professional and personal life, and this is only the list for the "business" side of my law firm. I also keep one for the "lawyer" side, which contains work to be done for clients (obviously, I can't disclose that list on the public blogosphere). Believe it or not, I also keep a list for my personal life. Why do I do this? Because it helps me get things done. I also read somewhere that a very common characteristic of successful entrepreneurs is the obsession with making lists.
If you haven't opened your doors yet, and are reading about How to Start a Law Firm, then you will only have the business side to do list. So without further ado, my A priorities for today:
1. Contact CPA (I have a name, but will not use it here) for appointment.
2. Sign up for [bar association] lawyer referral service.
3. Add content to family law page of website.
4. Post to Starting a Law Firm blog.
5. Write criminal law article for website.
6. Go to bank and deposit checks.
7. Order office supplies.
8. Contact two attorneys for lunch networking meetings.
This was my A priority list at the beginning of the day, and will keep me plenty busy. After this post, I will have checked off the first 4 items. Also, in re-writing my list, I noticed that I broke one of my own rules - to be specific. Some of my items are not nearly specific enough, which is something I will need to work on. The easiest way to do this is to come up with a broad goal or something you want to get accomplished, then create more specific set of items that need to get done in order to accomplish the broad goal.
After getting through my A priority items, I will move on to the B priority items. Actually, the B priority items compose the majority of my list, and I usually bump a few of these up to A priority items each day.
So today I will let everyone know what my current to do list entails. In this post, I'm only listing the A priority items, and in the next post, I will list my B and C priority items. This is just an example of a list, and you should create yours in a way that makes you more productive. Keep in mind also that I keep multiple lists, for all aspects of my professional and personal life, and this is only the list for the "business" side of my law firm. I also keep one for the "lawyer" side, which contains work to be done for clients (obviously, I can't disclose that list on the public blogosphere). Believe it or not, I also keep a list for my personal life. Why do I do this? Because it helps me get things done. I also read somewhere that a very common characteristic of successful entrepreneurs is the obsession with making lists.
If you haven't opened your doors yet, and are reading about How to Start a Law Firm, then you will only have the business side to do list. So without further ado, my A priorities for today:
1. Contact CPA (I have a name, but will not use it here) for appointment.
2. Sign up for [bar association] lawyer referral service.
3. Add content to family law page of website.
4. Post to Starting a Law Firm blog.
5. Write criminal law article for website.
6. Go to bank and deposit checks.
7. Order office supplies.
8. Contact two attorneys for lunch networking meetings.
This was my A priority list at the beginning of the day, and will keep me plenty busy. After this post, I will have checked off the first 4 items. Also, in re-writing my list, I noticed that I broke one of my own rules - to be specific. Some of my items are not nearly specific enough, which is something I will need to work on. The easiest way to do this is to come up with a broad goal or something you want to get accomplished, then create more specific set of items that need to get done in order to accomplish the broad goal.
After getting through my A priority items, I will move on to the B priority items. Actually, the B priority items compose the majority of my list, and I usually bump a few of these up to A priority items each day.
Tuesday, July 6, 2010
Starting a Law Firm - Getting Things Done
One of the things that is imperative when starting a law firm is to consistently get the things done that you need to get done. At some point, the excitement of being your own boss and making your own decisions will wear off, and the reality of needing to get clients and earn income, while running a business, will set in. For this installment of how to start a law firm, I want to talk about the "to do list."
You may already have a detailed business plan or you may be a fly by the seat of the pants type person. But at some point, you need to sit down and lay out the things that you have to get done. For that, I am a firm believer in the to do list. Each evening, I write a list for the next day of things I would like to accomplish. I prioritize each item with an A, B, or C, and make sure I get the top priority items finished. If some of the lower priority items don't get finished, I roll them over to the next day's to do list. It is also important to check off the things that you get done, so you know you are accomplishing things.
The key for the to do list is to be specific. Don't just write that you need to research accountants, or work on your marketing. Include tangible goals, with action words. For example, "call John Doe, CPA," or "invite three attorneys to lunch," or "post to how to start a small law firm blog."
Above all, just keep doing things. Don't get discouraged. Keep moving forward with your plan. Keep checking items off your to do list. Eventually, when you get your first client, or unlock your own office for the first time, it will all be worth it.
You may already have a detailed business plan or you may be a fly by the seat of the pants type person. But at some point, you need to sit down and lay out the things that you have to get done. For that, I am a firm believer in the to do list. Each evening, I write a list for the next day of things I would like to accomplish. I prioritize each item with an A, B, or C, and make sure I get the top priority items finished. If some of the lower priority items don't get finished, I roll them over to the next day's to do list. It is also important to check off the things that you get done, so you know you are accomplishing things.
The key for the to do list is to be specific. Don't just write that you need to research accountants, or work on your marketing. Include tangible goals, with action words. For example, "call John Doe, CPA," or "invite three attorneys to lunch," or "post to how to start a small law firm blog."
Above all, just keep doing things. Don't get discouraged. Keep moving forward with your plan. Keep checking items off your to do list. Eventually, when you get your first client, or unlock your own office for the first time, it will all be worth it.
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