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Building a House -What to Consider Before You Found Your Law Firm


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Building a House -What to Consider Before You Found Your Law Firm

  1. 1. Presented by: Jared D. Correia, Esq. Law Practice Management Advisor LOMAP Website: Blog: Email: Twitter: Phone: (857) 383-3252
  2. 2. o Don’t Procrastinate o Be Efficient o Stay on Top of Things
  3. 3. o Learn from Lincoln o Would You Advise Your Client Otherwise? o Practicing Law (and Managing a Law Firm) is an Art NOT a Science
  4. 4. o Now . . . o 55,000 Licensed Attorneys in Massachusetts o 51,000 Active Attorneys in Massachusetts o And in the Future o 86% Bar Exam Pass Rate for July 2008, Including 92% Bar Exam Pass Rate for First Time Test Takers o More Attend Law School Than Ever Before; More Pass Bar Exam Than Ever Before; More Attorneys Than Ever Before
  5. 5. o Business Planning (Very) 101 o Step One: Have One o What to Include o Summary of Practice o Client Services o Administrative Plan o Tied Considerations o Budget and Finance o Marketing Plan o Begin With an Exit Strategy o Living Documents
  6. 6. o Choices o Solo o Partnership o Professional Corporation o C or S Corporation o LLC o LLP o Considerations o Tax Treatment o Liability o Statutory and Regulatory Requirements o Resources o Written Agreements
  7. 7. o Personal Finances o Necessities o Luxuries o Don’t Commingle! o Operational Account o Start-Up Costs o Continuing Costs o Research Purchases/Be Smart About What You Buy o Tie to Business Plan o Don’t Commingle! PUT ASIDE ONE YEARS’ WORTH OF FUNDS o IOLTA Accounting o Access Resources for Understanding o Tips: Different Color Checks/Cover Account Charges o Perform Your Reconciliations o Don’t Commingle!
  8. 8. o Support System o Can You Afford Live Personnel? o Virtual Alternatives o Don’t Do It All, If You Can’t Do It All o Your Family o Your Mentor REMEMBER: Every Hour You Spend on Administrative Tasks Is An Hour You Are Not Spending Billing
  9. 9. o What Are You? o What Services Do You Provide? o What Is Your Niche? o What Is Your Specialty? o How to Find Out: Self Evaluation and Market Research o Fake It to Make It o To Whom Is Your Concern o Two Types of Marketing o Direct Client o Referral Marketing o How Do You Reach Your Audience o Networking o Traditional Advertising/Marketing o New Media Advertising/Marketing: The Web and The Web 2.0
  10. 10. o Where Will You Work? o Home Office o Business Office o Virtual Office o Office Share o Hybrid Arrangements o Pros and Cons o It’s Up to You
  11. 11. Massachusetts Law Office Management Assistance Program (LOMAP) 31 Milk Street Suite 815 Boston, MA 02109 Phone: (857) 383-3250 Toll Free: (888) 54-LOMAP Email: Follow LOMAP: Website: Blog: Twitter: