<p style="text-align: justify;">There are over 1.3 million lawyers practicing in the US, but only about <a href="https://www.ibisworld.com/industry-statistics/number-of-businesses/law-firms-united-states/" target="_blank" rel="noopener">443,000 law firms</a>. This means there&#8217;s plenty of opportunities for lawyers to strike out and establish their own law firm business.</p>
<p style="text-align: justify;">What about you? After <a href="https://newsforpublic.com/hottest-legal-practice-areas/">becoming a lawyer</a> and gaining experience, have you been thinking about starting a law firm of your own?</p>
<p style="text-align: justify;">Keep reading to learn how to start a law firm in your locale.</p>
<h2>Make Your Business Plan</h2>
<p style="text-align: justify;">Starting a law firm is a terrific goal, but you&#8217;ll need a detailed plan to make it happen. This needs to include items like:</p>
<ul style="text-align: justify;">
<li>Your mission statement</li>
<li>Your area of focus or expertise</li>
<li>Your financial situation (how you&#8217;ll pay for the business)</li>
<li>Finding and furnishing an office location</li>
<li>Developing a marketing strategy</li>
</ul>
<p style="text-align: justify;">Seek advice from an accountant, a banker, or even a fellow lawyer about the steps you need to take to create your business plan.</p>
<h2>Choose Your Niche</h2>
<p style="text-align: justify;">What competitive advantage do you have over other lawyers in your area? Did you study a niche field like maritime law, libel, or immigration? If so, it might be easier to market your new firm.</p>
<p style="text-align: justify;">Otherwise, if you&#8217;re planning to open a family law or criminal law practice, think about a sub-specialty to focus on. For example, could you carve out a niche in adoption, civil rights, or environmental law?</p>
<h2>Establish Your Name &; Entity</h2>
<p style="text-align: justify;">You can choose to name your law firm after yourself and include &#8220;Associates&#8221; or &#8220;Group,&#8221; if you&#8217;ll work with other lawyers. Your other option is to name your firm after your locale (&#8220;San Diego Family Lawyers&#8221;) or a word that encompasses your mission (&#8220;Liberty Law Group&#8221;).</p>
<p style="text-align: justify;">Check to make sure your chosen name is available, then register as a sole practitioner, <a href="https://www.investopedia.com/articles/personal-finance/011216/s-corp-vs-llc-which-should-i-choose.asp" target="_blank" rel="noopener">professional corporation</a>, or LLC.</p>
<h2>Consider Your Finances</h2>
<p style="text-align: justify;">You&#8217;ll need to open a dedicated bank account for your business, as well as a trust account or IOLTA account to accept payments from clients. Research tax requirements and liabilities in your state and ensure you have enough set aside.</p>
<p style="text-align: justify;">If you don&#8217;t already have it, you&#8217;ll need to get liability insurance, worker&#8217;s comp coverage, and other insurance mandated in your area. You also need to determine how you&#8217;re going to bill clients and how much you&#8217;ll pay your employees.</p>
<h2>Network &; Advertise</h2>
<p style="text-align: justify;">Your final step is to get the word out about your brand new law firm. Join local lawyer associations and focus on growing your network through personal and professional referrals.</p>
<p style="text-align: justify;">You&#8217;ll also need to build a website, claim your Google My Business account, and grow your following on social media. If marketing your website and building your online presence isn&#8217;t your strong suit, that&#8217;s okay. An SEO company like The Hoth can help you out with more <a href="https://www.thehoth.com/solutions/law-firms/seo/" target="_blank" rel="noopener">info.</a></p>
<p style="text-align: justify;"><strong>How to Start a Law Firm &; Grow Your Practice</strong></p>
<p style="text-align: justify;">Starting a law firm of your own is an exciting endeavor, but it takes a lot of preparation and planning. Follow the steps listed above and you&#8217;ll soon be on your way to establishing and growing a law firm.</p>
<p style="text-align: justify;">Now that you know how to start a law firm, what comes next? Keep browsing our site for other articles related to business, law, finance, and much more!</p>

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