Whether you just passed the bar and want to strike out on your own or you’re planning to leave behind your old firm, it can be intimidating to start up a law firm on your own. Just because you understand the legal side of starting your own practice, it doesn’t necessarily mean that you’re confident with the business side of matters. What should an attorney consider when starting up a firm?
Three Important Things a Lawyer Needs to Consider Before Starting a New Firm.
First of all, every business needs a website nowadays – every business. So the first thing you should do after you pick a name for your firm should be to acquire a URL. It should go on your business cards and be prominent in any TV, newspaper, magazine, or radio ads that you run. Be sure that the webpage has a ‘Contact Us’ feature that gives your phone number, email address, and a form to fill out directly. A blog is also a good idea as you can use keywords to attract new clients from web searches.
Another important factor is to select the right office space. You need enough room to operate. You will need a waiting room, a place for a receptionist, room for files, and an office where you can both speak to clients and comfortably spend long working hours. At the same time, you want to keep your overhead low, so don’t bite off more than you can chew space or cost wise. Don’t forget to factor in things like a cleaning service.
This is a no-brainer for lawyers, but obviously you have to protect yourself from lawsuits and so insurance is a must. Whether you refer to it as Legal malpractice insurance, professional liability insurance or E&O insurance, you know what we are talking about. Be sure to shop around and don’t just take the least expensive insurance you can find. Not all legal malpractice policies are created equal. You don’t want to get stuck finding out later on that your professional liability insurance doesn’t cover grievance matters. Also, be sure to check the fine print to see the effect that defense costs have when it comes to malpractice actions. Have a frank conversation with your insurance agent to be sure that you understand fully what you are getting. If you are not sure where to start, this is one area where many colleagues and even competitors will be happy to share what has worked for them.
Obviously, there is a lot to consider when starting your own firm and we have only begun to scratch the surface here. Developing a business plan, acquiring capital, opening a bank account, coming up with a marketing strategy, having business cards made, hiring staff, and more is needed to get the business going right. A website, the right office, and professional liability insurance are just three of the many things that will help you to get off on the right foot.
Written by: Paragon Underwriters, Inc.
Source: CNA PROfessional Counsel
Cloud Computing – An Overview
Lawyers are increasingly looking to cloud computing as a way to increase the efficiency of their firms’ practice management and document storage solutions. While cloud computing is reshaping law practice management, lawyers must recognize and manage the related risks inherent with this new technology.
Vendors offering “cloud services” provide document storage services as well as access to law practice management software on a pay-as-you-go basis. These services store documents in the cloud, making them available from any secured device from any location. In addition to offering document storage solutions, “cloud” vendors also offer a number of law practice management applications such as email, calendaring, integrated billing programs and client management tools.
The Potential Benefits of Cloud Computing for Law Practice Management
Numerous companies are now offering cloud-based services focused specifically on the needs of law firms. These cloud vendors market various benefits in seeking to move law practice management functions to their cloud. These benefits include the following:
1. Reduced Cost/Reduced Capital Expenditures
3. Accessibility of Data Across Different Devices
Make sure to vet all of your vendors to know what type of situation you are getting in to, where your data is being stored and how/when that data can be accessed.
Ethical Implications of Using the Cloud in Law Practice
The two ethical rules implicated when engaging a cloud vendor are… Read the Full Article >
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Source: CNA PROfessional Counsel
The Latin term “Pro Bono” literally translates to “for the good.” Although state and bar associations have varying criteria for what constitutes pro bono work, it is generally understood to refer to legal services performed free of charge for the public good, often on behalf of individuals or organizations of limited means.
Pro bono work can enrich a lawyer’s practice and prove beneficial for law firms. All lawyers, especially those newer to the profession, can gain knowledge and experience by handling pro bono matters that involve substantive legal work. The satisfaction of contributing to the public good and improving the lives of clients has its own humanitarian rewards that are impossible to quantify. Law firms encourage pro bono work in order to:
- Train their associates.
- Recruit law students and other lawyers.
- Enhance their own public reputation by giving back to their communities.
- Develop business.
More corporate clients are requiring substantive responses from law firms regarding their pro bono programs on Requests for Proposals and Requests for Information. While no states currently require their attorneys to perform pro bono work, several states have adopted American Bar Association Model Rule 6.1, which encourages lawyers to devote at least 50 hours per year to providing legal services to those clients of limited means.
While pro bono work can be a positive experience for lawyers and law firms, it remains the practice of law and thus has inherent risk. Problems often occur when lawyers and law firms take an inattentive approach to pro bono matters, failing to dedicate the attention and care that would be given to a paying client. READ MORE >