Starting a Law Firm - Getting Help

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.