Starting up a personal injury law firm can be a rewarding undertaking, especially to attorneys who have a risk-taking and adventurous spirit. However, setting up a law firm is a complicated process that requires more commitment and planning than just passion and desire to break free.
If you have been practising law or working under a personal injury law firm and want to set up your firm, there are certain things you need to understand before taking this path. But you can still succeed in starting up a personal injury law firm when you have the right tips, even if you have not owned a business before.
This article analyzes some of the things you need to know when starting a personal injury law firm. Check it out!
- Develop a Good Business Plan
As with any other business, a well-written business plan is essential in starting a personal injury lawyer. Your plan should not be just in your mind, but you should take a pen and a book or get your fingers on the keyboard and write it.
The most crucial things to include in your plan are your business goals, marketing and technology strategies, a clear organization structure, and the implementation strategy.
When developing your business plan, it will help if you seek help and advice from established law firms like the Jones Whyte Law to acquire the relevant information.
2. Get Your Clients
Before moving out of the law firm you were working in, you should determine whether your clients are willing to move with you to your new firm.
Starting up a personal injury law firm without clients is difficult, and you might not be able to stay afloat.
You should analyze your current firm's contractual compulsions and see if you are allowed to move out with your clients.
It is always important to be ethical when taking your clients even if you might not work on the firm anymore.
3. Have Enough Capital
Starting and running a personal injury law firm effectively requires you to have sufficient capital to get all the equipment needed and hire relevant staff.
Keep in mind that you might not get many returns in the first year, and if you don't have sufficient capital, you may run bankrupt.
Experienced lawyers who have successfully established law firms recommend that you have at least savings worth a one-year salary. It is always prudent to assume that the worst can happen and save accordingly.
4. Rent Affordable Space
Bearing in mind that rent tops in the list of the consistent costs you will incur, it is wise to find an inexpensive space for a startup.
But you also have to ensure that you choose a strategic location. You can even consider sharing space with another business as long as you are not competing.
For instance, you can rent an office with a lawyer specializing in a different law field, like property or divorce law.
In this case, you may even get referrals from the other business whenever they have clients seeking personal injury services.
5. Have a Website and Case Management Software
A quality business website is one of the most effective ways to market your firm. Ensure that your website is informative and user-friendly so that clients can learn about your services online.
Having a case management software will help you organize your cases well and avoid overscheduling. It will also save on labour costs as you won’t have to hire an employee to deal with paperwork.
Starting up a personal injury law firm can be challenging but very achievable when you use these tips and plan strategically.
How do I write a business plan for a law firm?
- Mission statement and values. Reiterate your mission statement and core values here.
- Geographic location and areas served. Identify where your offices are located and the geographic areas that you serve.
- Legal structure and ownership.
- Firm history.
What does a personal injury lawyer handle?
personal injury lawyers are lawyers that help people who have been physically or psychologically injured as the result of the negligence or intentional act of another party. Personal injury lawyers are civil lawyers. They primarily handle negligence and intentional tort cases.
Is it worth getting a personal injury lawyer?
If you sustained serious injuries in an accident that will require long-term care or left you with permanent disabilities, you should hire a personal injury lawyer immediately. Only an experienced lawyer can calculate how much your injuries are worth.