Starting a law firm

Of course, first you need a license to practice law in your state.

Starting your law practice requires office space, furnishings, technology and (possibly) staff, depending on your size. Since law firms are much like other businesses, your prospects for success will increase significantly by writing a business plan. That way you can establish financial, operating and client acquisition goals, including monthly expenses, monthly billings and cash flow, and then compare them to reality as your practice progresses.

Speaking of clients, attorneys are just like any other business, they need customers. Most law practices have at least a few clients when the shingle is hung. Those clients were generated from the founders' previous positions at other law firms or corporations and referrals from peers. Plus friends and family can work wonders to generate prospective clients.