Starting a law firm: How to choose your business partners
Why it’s important to pick your partners wisely
You may be interested in starting your own law firm, but don’t want to do it alone. Whether you have a few colleagues who are interested or a group of old college friends in mind, finding a couple of like-minded individuals can be a great way to start your own legal practice.
However, it’s important you choose your partners wisely to ensure the overall success of your business and avoid any unwanted bumps along the way. From communication skills to industry connections, each member of your team should tick all of your boxes to safeguard the future of your law firm.
So, before you get too carried away with getting the band back together, consider the following top tips when starting a law firm with a group.
What to consider when starting a law firm as a team
One of the first things to think about when starting your own law firm is what skills and specialisms each member of your team can bring to the table. This is particularly important when starting a boutique law firm, where each member of your team will be expected to offer legal services in a niche practice area. That’s why, before you jump in at the deep end, we’d recommend taking a step back and reviewing how your skill sets will work together to form a viable business structure.
When you’re thinking of starting a law firm with friends in the legal industry, it can be useful to review each of your client bases. Whilst it is possible to start a law firm with no client base at all, having a list of clients ready and waiting to receive your services will help kickstart the operation of your law firm. This can also help add value and credibility to your business from the very beginning.
If you’ve previously worked or studied together, you’ll likely know whether or not you have the synergy required to start a law firm as a team. Complementing each other in skills and personality is bound to make the process of starting and running a law firm as smooth as possible.
How to start and manage a law firm
Once you’ve made the decision and got your business partners lined up, you need to decide how you’re going to start and manage your law firm.
Luckily, the Bamboo Platform can guide you through what is otherwise a complex process.
Bamboo is a law firm operating system which enables lawyers to start boutique law firms, without having to navigate regulators, choose systems, run bank accounts or build regulatory controls. Instead, Bamboo can provide everything you need to set up and manage your own law firm with ease. By handling all of the back-office processes, you and your partners can focus on delivering high-quality legal advice to clients through your very own regulated law brand. Here to support the operation of your law firm, with Bamboo, you’ll be able to focus all of your time on building client relationships and establishing company culture.
So, if you’re interested in starting a law firm with a group of like-minded professionals, feel free to get in touch with Bamboo. We’d be more than happy to review your business plan and discuss how Bamboo can help you achieve your goals.