Look, every lawyer working at a big firm has had that question pop into the back of their head at some point. There’s absolutely no shame in having ambition, even if your boss wouldn’t be too pleased at you becoming their competition. But if that idea doesn’t bother you, then what’s your next recourse? Opening a law firm isn’t easy — there’s plenty to be done and figure out beyond being an excellent attorney and representing your clients well. For example, is the cost actually worth the potential benefits?
That’s where LT Global comes in. Since we specialize in law firm practice management, we’re commonly emailed by potential clients asking, “How much can I earn when open own law firm during the first year?” or “How much can I earn when open own law firm, and how soon will I break a profit?”
In this brief guide, we’ll show you all the different variables that’ll determine your profitability should you go forward with your dreams of owning your own practice.
How Much Can I Earn When I Open My Own Law Firm: Staffing
First and foremost, you need to consider the issue of staffing your law firm. A lawyer can only do so much on their own, and no ruler ruled alone. Your success directly depends on whether or not you’re smart about your law firm staffing needs. Regardless of where you are, LT Global can help provide you with skilled professionals whose credentials have been earned through their thorough recruitment processes and their in-depth in-house training.
Professional staff who can seamlessly fit into your workflow and can aid you with your legal objectives might as well be falling from the sky, considering how easy we make it for you to find them. Imagine what a relief it would be to know that your start-up staff will come pretrained and represent only the best today’s workforce has to offer.
Once you’ve been paired with the right help integrated into your team, they’ll certainly represent a significant increase to your firm’s income. After all, the less time you need to spend on the many important tasks needed to run a firm, the more time you’ll have to spend with your clients and raking in billable hours.
How Much Can I Earn When I Open My Own Law Firm: Systems
Of course, no law firm is complete without a system for handling cases. Perhaps back in the 1900’s it’d be fine to have everything on papers kept in manila folders stored away in some dusty room full of filing cabinets, but the future is happening here and now.
As you may already know, legal success these days depends on you having an efficient case management software specifically made for lawyers.
Without these tools, you won’t be able to match the case load of your competitors. Unless you’re fine with getting less done than the other law firms around you, using some form of case management software is a must.
So, if you’re interested in digital tools that can help you achieve your dreams of a profitable and successful law firm, MyCase can help make that happen. We have selected this software because they offer case management tools which can expand your case load by as much as thirty-eight percent. That’s no small number and represents a considerable increase to revenue.
How Much Can I Earn When I Open My Own Law Firm: Marketing
Finally, we must consider the role of marketing in running a profitable law firm. The first impression a client gets of you likely won’t be from meeting you in person, but from hearing about you elsewhere in the world. If that first impression is bad, that could potentially cost you a client before you ever even got to see their case.
Word of mouth only gets you so far when you’re starting out, you need to understand online marketing to build a business quickly. That’s one of our specialties.
Your success as a law firm depends, at least in part, on whether or not you have a good marketing team that specializes in growing law firms. A properly equipped marketing consultant can easily take you from being a somewhat-successful firm with a decent amount of clients to being an extremely successful firm with as many clients as you can handle. Marketing makes or breaks a business, and your friends at LT Global are here to help you make your business as profitable as possible.
How Much Can I Earn When I Open My Own Law Firm: Your Future
You already know that there’s no crystal ball in determining how much money you will make if you open your own law firm. The answer to the question lies in you, your determination to succeed, the quality of your experience, and the support you choose to have on your side.
If you believe that you’re ready to take the leap and start your own law firm, LT Global is ready to stand by you and offer the support you will need to launch your firm as we have done with nearly countless firms across the nation. So, if you’re ready to bring your dreams of the future into the present, contact us today!
