Starting a Law Firm: Essential Steps and Strategic Reasons

 We hear many reasons for starting a new firm.  Two of the most compelling strategic reasons include:

1.   The opportunity to create a unique client offering

2.   The freedom to execute quickly (We refer to this as having the ability to "turn the ship into the wind".)

Progressive partners who realize they are missing out on opportunities often decide that starting a new law firm is the best way to achieve their goals. Their vision and passion drive the creation of these new firms.

In other instances, lawyers are unhappy with their current situations and want more control over their futures. Typically, these partners are seeking a more competitive overhead structure, better compensation, greater influence on decision-making, and stronger personal relationships.

Still, other lawyers are forced to start a new firm due to their existing firm declining or breaking up. In such cases, acting swiftly is crucial to prevent any client losses resulting from negative publicity. Regardless of the reasons for starting a new law firm, the steps in the startup process are generally the same and include the following:

The main elements of starting a law firm

Finding the time to plan, execute and manage these steps is daunting. However, when a firm invests in the right outside support, it can make this process more efficient and move at a much quicker pace, therefore producing a much better result.

As a helpful starting point in considering starting a new law firm, please download the detailed NEW LAW FIRM STARTUP CHECKLIST to understand the steps involved. Also, give us a call to answer any questions you may have. We keep all information confidential. 

Perform helps law firms create start-up plans, create accurate models that objectively consider the material economic elements, assess the risks, and ensure expectations are clearly defined and communicated to the participants. We help our clients eliminate surprises.