One of the hardest things to do when starting a small law firm or solo practice is to develop discipline with your finances. Many attorneys spend money on things such as hiring staff they don’t need and building an expensive website, before they have a solid client base. Here are a few financing tips that will help your firm at the beginning and at later stages as well:
- Focus on the client
What is the best way to gain clients in your area of practice? This is an essential question to ask yourself as you start to build your client base. Since clients are the lifeblood of your law firm’s success, this is the one area you can splurge on (every once in a while). Especially for a new firm, spending money on going to conferences, building a website (that’s affordable), and doing some basic online marketing (social media) will cost time and money. Based on your area of practice, account for building and retaining your client base in your budget and don’t be afraid to go over budget if you think something will significantly build your client base.
- Do things yourself
Like stated before, hiring unnecessary staff is a common mistake among small law firms. There are many administrative tasks that you, as a solo practitioner or a partner at a small law firm, can do yourself. For instance, drop off filings at the courthouse yourself. This may cost you some time, but if done in an efficient way can save you a significant amount of money and give you a constant pulse on your practice.
- Don’t confuse necessities for luxuries
Although there are a lot of ways to consolidate your expenses and reduce your budget, do not neglect the things you need most to keep your firm running. A common thing that lawyers neglect is insurance coverage. In any business, you want to protect your assets and the health of your business. Professional liability insurance can protect you from a suit brought by an angry client, and you never know when a suit may be brought against you. Even if you win this case unprotected, it could put your practice into a hole that is impossible to climb out of.
If you are a small Firm or solo practitioner seeking Professional Liability Coverage, we are here for you! Please visit our website (www.protexurelawyers.com) or call (877) 569-4111 for a Quick, Free Quote. Our policy rates are extremely competitive and geared towards the needs of small Firms and solo practitioners. Don’t forget to Like us on Facebook, Follow us on Twitter, and, as always, follow this WordPress Blog for the latest news, tips, and guides for small firms and solo practitioners!