Opening a law firm is a dream for many lawyers. Hanging your own shingle can be a bold change after working for others throughout your career. Whether you are a new lawyer or have practiced for decades, you might be setting up your own firm for the first time.
If you are starting a medical malpractice law firm, you will need knowledge and experience in that field and also a general understanding of running a business. Here, we will discuss some tips for successfully opening a medical malpractice firm.
Create a Business Plan
A good business plan is the start of any successful law firm. It sets out how your legal practice will operate. Consider your business plan as a roadmap of your goals.
The plan can include information such as:
- The scope of your legal services
- Your budget
- The fee structure you will use
- Your ideal clientele and caseload
- A strategy for attracting clients and growing your client base
- Short-term goals for your firm
- Long-term goals for your firm
A well-developed business plan can be used when approaching potential lenders for startup capital. It can also be used as a guideline for you to work from as you develop your firm and grow your client base. As you operate your practice, you can reflect on your business plan to see if you are meeting your goals and projections.
Of course, you can always alter your business plan and update it as you go along.
Without a business plan, lawyers starting their own firm risk disorganization, unrealized potential, and a business without solid direction. In essence, this can mean the difference between turning a profit or struggling to pay your bills.
Generate Startup Capital
If you have practiced medical malpractice law, you know that revenue is not always consistent from month to month. Some medical malpractice cases can take months or even over a year to resolve.
If you are working on a contingency fee basis, your firm will be expected to pay certain costs upfront. This requires working capital to cover costs and overhead expenses. Having a sufficient amount of startup capital is then critical to getting your law firm off the ground.
Some costs you could be expected to cover include:
- Rent
- Business loans
- Employees
- Law firm management software
- Marketing costs
- Court filing fees
- Expert witness fees
- Costs associated with obtaining reports and other evidence for each case
Ideally, you will have enough startup capital to cover your costs for at least your first year in business. This will allow you to focus on the work at hand, and to do the tasks needed for your firm to thrive.
If you do not have startup capital saved or are a newer lawyer, you can approach banks, financial lenders, and investors to request loans. This is where the business plan described above will be especially useful.
Build a Client Base
Your medical malpractice firm will be nothing without clients. Attracting clients with worthwhile cases is critical to moving your business forward.
If you have been practicing in the area of medical malpractice, you might already have a book of business you can bring to your new firm. Perhaps you might have a good reputation in your area for handling medical malpractice cases and can attract new clients more easily.
Whether you have existing clientele or are starting from scratch, you will need a strategy for generating clients. This should involve a marketing plan to attract business to your firm.
Marketing plans for a medical malpractice law firm can include:
- Online advertising
- Print advertising
- TV and radio advertising
- SEO and other Google search ranking upgrades
- Social media marketing
It is not enough to run a few ads and expect potential clients to flock to your new law firm. Marketing is a tool you must always use, at least to some extent, for your practice to thrive.
With These Building Blocks in Place, You Will Be on Your Way To Starting Your Own Medical Malpractice Firm
Starting your own law firm can be daunting. To set up your practice successfully, you will need to remember the important tips and tricks described here. A thriving medical malpractice firm has to start somewhere, and we wish you all the best in your endeavors.