Checklist for Starting a Law Practice
-
Executive Summary
- Mission Statement
- Description of Law Firm
- Firm Goals and Strategy
- Practice Areas
- Pro Bono Activity
- Financing Requirements
-
Firm’s Description
- Ownership
- Decision Making and Operation
-
Marketing Strategy
- Target Market
- Budget
- Local Economy
- Marketing Plan
- Current and Potential Clients
- Competition
-
Firm Economics
- Start-up Costs
- Billing Projections
- Expenses
- Overhead Review
-
Financial Plan
- Budget
- Financing Sources
- Break-even Analysis
- Financial Projections
Choose the Type of Entity
- Sole Proprietorship
- General Partnership
- Limited Liability Partnership
- Professional Service Corporation/Professional Association
- Professional Limited Liability Company
Office Space Considerations
- Geographic Location
- Competition/Cooperation
- Size
- Home Office
- Executive Suite
- Space Sharing
Accounting
- Meet with CPA
- Set up chart of accounts
- Establish accounting procedures
- Internal/External Dynamic
- Purchase Software
- Payroll Services
Open Bank and Trust Acounts
- Operating Account
- Trust Account
- IOLTA Account
Technology
- Software
- Word Processing
- Time and Billing
- Conflicts Checking
- Case Management
- Accounting System
- Hardware
- Telephone
- Computers
- Printers
- Scanners
- Copier
- Fax Machines
- Internet
- Internet Service Provider
- High Speed Internet, Cable vs. DSL
- Legal Research
- Westlaw, Lexis-Nexis
- Internet Only
Office Equipment, Services and Supplies
- Photocopier
- Postage Meter
- Furniture
- Telephone System
- Business Cards
- Announcement Cards
- Office Supplies
Insurance
- Professional Liability
- Workers’ Compensation
- Health Insurance
- Property and Casualty Insurance
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