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Planning For Your Law Practice

So, you have decided to start your own law practice.  By now, you may have some idea of how to manage a law practice – monthly overheads ie rent, staffing, salaries, office upkeep, expenses and above all, getting clients.  You are probably aware or have heard from the experience of others the dos and don’ts when it comes to managing a law practice.  Perhaps, the most important aspect in managing a law practice is the ability to financially maintain the law practice and ensure that income meets expenses.  While you may have these in mind, there are other aspects which are worth considering in planning your law firm’s journey.

Adaptability
Utilise technology, revolutionize your practice.  Maximise the use of artificial intelligence.  For example, you can dictate directly to your computer to save time typing and losing that train of thoughts.  

Quote
Quote your fee reasonably bearing in mind the amount of time that will be spent, manpower involved and experience that is put in the work for the client.  With this, any uncertainty in the client’s mind on your professional fee can be swept aside effectively.  They know how much will be spent towards your service, without the risk of having to pay up more in the future.

Upfront Payment
Avoid accepting a brief without upfront payment or you might end up doing work for free.  It is good practice to have clear and precise terms of your service before taking up the work.  For courts matters, if the client is unable to make payment after repeated reminders, consider discharging yourself from acting further.  

Remember, the proper way to get out of this situation is by obtaining a formal discharge.  Do not take any action that may backfire since you still owe a duty to comply with the Court’s direction.  Hence, do not purposely omit to file an affidavit or submission as the consequence can lead to a cause of action against you.
 
Knowlegde
While it may be argued that legal knowledge per se is not a factor of financial strength, a lawyer who is starting up ought not to take this lightly.  After all, clients will only engage a lawyer who can get the work done and this is where legal skills prove to be crucial.  In essence, build up the financial strength of the law practice through client confidence, and there is only one way to do it – brush up on legal skills.  Impress your client in court, not in a café. 

That being said, allocate a portion of your capital, or monthly income to set up a library.  This will be your tool of trade.  A few books on contract law and company law are good enough for a start.  As your law practice grows, the library should follow.  Don’t forget to include budget for books in your monthly target, or you can work out a policy of one book per file, paid out of disbursement.  Consider online subscription of law journals that comes with attractive packages to negotiate for.  These will keep you on top of your practice.
 
Do not hesitate in buying books.  Don’t think twice.  It is an investment and indeed, a real one.  It enables you to advice client properly, which in turn grow confidence and enhance your reputation.  Once you have that, clients will come.  Knowledge in specific areas of law helps practitioners to plan, strategize and manoeuvre a file practically and economically.  Certain legal arguments can only be gained through research.
 
Be that as it may, it always depends on our perspective and the situation that we face.   Managing a law practice is not just about making sure you can make ends meet.  It’s also about making sure the law practice grows and prosper along with your legal career.