Some tips on starting a law firm?

lskinner
Mon, 14 Mar 2011 09:22:33 +0000

Will more clients be attracted if you were previously a partner of a law firm?



Yes, but mainly because of the experience and connections you had from your previous firm. So becoming a partner as a springboard to starting out on your own is a bit circuitous. Besides, if you are already a partner at a law firm and you want to continue doing the same kind of work for the same kind of clients, the simpler approach is just to bring in clients yourself. You will be able to get a decent cut of the revenue you generate and you won’t have to worry about keeping the copy machines running.



How much money is needed to start a law firm?



It depends on how fancy you want to get; what kind of business you will be doing; and your personal financial needs. Jay Foonberg recommends that you start out with enough financial resources to pay all your expenses and living costs for a year.



How much do partners at a big firm make annually? Compared to the head of a smaller firm?



It varies a lot from firm to firm and from partner to partner. I’ve been told that at a big firm, a senior partner will usually make about double the firm’s PPP and a junior partner about half. At small firms, the variation is even greater.



What is the best way to publicize a law firm in Los Angeles?



I have no idea, but I would point out that first, entertainment law is extremely competitive. When you are opening a business, you want to avoid the things that everyone and his brother is trying to do. That’s why all the experts will tell you never to try to start a country inn. There are just too many people doing it and they will make it difficult for you to make a good profit.

Second, no successful Los Angeles attorney is ever going to tell you the clever marketing techniques he developed by years of painful trial and error.