Like every other business out there today, the legal market is also staring into the face of change, and like how every type of change brings about a new front, this particular one is bringing a new set of rules to abide by. It is the end- goal of every lawyer to venture into their entrepreneurial spirit and establish themselves with an identity of their own. About 23% of lawyers today aspire to be in charge of their own law firm, within the first 10 years of their practice, quite ambitious! If you are reading this, then it is safe to assume that you are chasing the same cart. So here is the short version- The secret behind a successful corporate commercial practice is to have all the right things in all the right places. That’s it!
If you are starting out as a lawyer opening a new legal firm, follow this comprehensive guide to be the first choice amongst corporate lawyers to hire in India.
1) Know Your Role
Knowing your role is perhaps the most crucial tip you can ever get. Whether you accept it or not, as soon as you open a legal firm, you transition into being a businessman. You will have to start thinking like one. The way of thinking will always be the reason behind your success or your failure. There will always be people who would advise against opening your own law firm. Depend on your determination to show you the right path. Be welcoming towards criticism but phase out the ‘naysayers’.
2) Decide the waters you want to explore
Determining your practice areas should be the next on your list of concerns. Your practice and the stage you stand on in the industry will determine your future. This will give you the focus you will need to set the expectations for your clients as well as for your team of lawyers. Specializing in a specific segment of practice will play a massive role in building a reputation in the market. You don’t want to be a jack of all trades and a master of none. Lastly, determine the level of clients you want to represent. Test your abilities and make a start that is comfortable for you. Do not overpromise and underdeliver.
3) Decide a business model
Since you will be a businessman, you will have to decide upon a business model that your firm will work upon. The business model you decide will shape your organizational hierarchy and your billing schemes. The traditional legal framework has lost much preference and has been taken over by the ‘rocket structure’ business model that focuses on providing value services to clients, while keeping long term goals in mind. Decide what resonates with your aspirations and define a business plan.
4) Decide your calling card and your workplace
Now that the functional aspects have been taken care of, it's time to decide what your firm will be called. It is most common to name your firm after the founders, but you should take the high road on this one if your founders’ names are too complicated of too common. You need to come up with a unique and catch name that floats over the flood of legal firms out there. Ask your friends and family. They will give you honest suggestions and might come up with a great name for your firm. Choose an office location and manage your licenses and permits. You need to run a legal firm ‘legally’. Get office supplies, hire people to setup your workplace and start your practice.
5) Market your services
Your law firm needs clients and clients will only hire you as their corporate lawyers in India if you let them know that you’re out there. Market your firm extensively. Get a great looking website with intriguing content. Showcase the benefits you offer and be active in networking. Go where your clients are and get referrals from your clients. That is a great way of displaying your credibility to other potential clients.
