Forbes have kindly done something that will disabuse the notion that starting a law firm is a walk in the park.

Speaking with five chief legal offices and lawyers from the Forbes Legal Council (for prestigious law firm applicants only, they say), the magazine distilled the following key messages about starting your own law firm.\

Focus on quality leads, not just quantity

Work on building strategic partnerships with people rather than simply networking like fury hoping that business will come your way.  Build a symbiotic relationship with businesses that you can actually complement.

Endless opportunities

Remember that the opportunities are boundless in a new world where there are challenges and opportunities everywhere, not just in your immediate locality.

Learn how to market your new firm

Know that you’re not going to start with the phone ringing – you need to know that there will be a need to attend conferences and work to build your new business, which can be hard, but requires focus on law marketing.

Realize you’re running a business

You may find yourself spending more time working on your business than actually practising law.  All the perks and infrastructure that comes with a large firm is something you have to build yourself – filing, billing, premises, staff . . do we need to go on?

Make sure you’re up for the challenge

An obvious one, but make sure the excitement of the new adventure is something you’re really able to handle.  If not, look around for something else fulfilling to make your new career.

Source: Forbes

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