Have you decided that now is the right time to go solo in your legal career? We’re happy for you, because we’re sure that you have made this decision because you believe it to be the right one for you. It takes real strength to go it on your own, especially after having been a part of a firm for so long, so we salute you.
We’re going to be offering you some advice about the kinds of things that you’re going to need to do this, so if that’s what you’re looking for then you’re in the right place. Ready? Let’s get into it.
Meet The Requirements
In order to go solo with your legal career, you need to make sure that you meet the requirements that allow you to do so. For example, you need to have practiced law for at least three years in the last ten, and have between 2-5 years of experience in the legal industry overall. However, the more experience you have, the easier it’s going to be.
As well as this, you need to ensure that your license is up to date for your state, and you also must have the correct insurance before you can proceed.
Business Plan
Once you know you meet the requirements, then comes time to sort out the business plan. Starting a legal career on your own is similar to starting any other business – you’re not going to get very far without some kind of plan in place. So, you need to think through this carefully, think about what you want your legal business to be, how you want it to operate, and how you’re going to make it happen. It’s not easy to come up with this plan, so give yourself time to work through it.
Plan Your Budget
You’re then going to need to think about how much it’s going to cost to get yourself up and running. It’s recommended that you have enough savings to sustain you personally for 6-12 months as you may not be able to make much money during this start-up period.
However, on the business side of things, you need to make sure you know how you’re going to fund this. Have you got the money yourself? Are you going to need the help of an investor? Or, are you going to opt for a small business loan? The choice is yours, but securing that funding is imperative to success.
Use Software
Finally, if you want to see success as a legal business owner, you need to use the correct software to make this happen. You have the more general pieces such as anti-virus software, bookkeeping software and so on, but then you have more specialized options for law firms such as private cloud eDiscovery which allows you to take full control of your data.
We hope that you have found this article helpful, and now have a stronger understanding of what you need if you’re going solo with your legal career.