The document provides guidance for establishing and managing a law practice, including developing a business plan with marketing and financial components, choosing an entity structure, maintaining personal and operational finances separately, building a support system, determining a niche, and selecting an office location. It emphasizes the importance of planning, efficiency, and leveraging resources over "faking it."

1. Presented by:
Jared D. Correia, Esq.
Law Practice Management Advisor
LOMAP
Website: www.masslomap.org
Blog: http://masslomap.blogspot.com
Email: jared@masslomap.org
Twitter: www.twitter.com/jaredcorreia
Phone: (857) 383-3252

2. o Don’t Procrastinate
o Be Efficient
o Stay on Top of Things

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. 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. 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. 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. 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. 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. 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. 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. 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: info@masslomap.org
Follow LOMAP:
Website: www.masslomap.org
Blog: http://masslomap.blogspot.com
Twitter: www.twitter.com/jaredcorreia
www.twitter.com/rodneydowell