One of the most difficult things to do when starting a small law firm is to develop the necessary discipline with the firm’s finances. It’s important to build a solid client base before spending money on hiring staff that isn’t essential, or building an expensive website. These are things that should be done after the firm has become better established. After all, clients are what builds a business, and should therefore be the main priority.
Happy, satisfied clients are vital to the company’s success. Clients dissatisfied with the results they receive during a case could try to resolve their issue through litigation. Lawyer professional liability insurance is the best way to defend against such clams. This is one example of money well spent.
Focus should always be on the client
One of the best ways to gain more clients is to be attentive to their needs, available (whenever possible) for conferences, or to take their calls, and show a genuine interest in allaying their concerns and putting them at ease. This is essential to gaining their trust and having them fully believe that they matter to those they have put so much trust in. Since clients are the lifeblood of any law firm’s success, this is the one area to put as much time and effort into as humanly possible.
Especially for a new firm, retaining clients will help to expand that base and significantly build on that client base, through referrals and a heightened profile. While hiring some staff members will be necessary, be willing to take on many of the administrative tasks that can reduce labor costs, as a solo practitioner or a partner at a small law firm.
For example, dropping off filings at the courthouse, rather than hiring someone to do this in the beginning makes sense from a practical point of view. This may cost some time, but if done in an efficient way can save a significant amount of money. Don’t confuse luxuries for necessities.
Though there are many ways to consolidate expenses and reduce the company budget, do not neglect those things needed most to keep the firm running. A common thing that many lawyers neglect is insurance coverage. Protect assets and the health of the business with professional liability insurance. One never knows when they will be the target of a suit brought by an angry client.