How to Form a Law Firm
- 1). Decide whether you want to start a solo law firm or have a partnership. Some attorneys want to be their own boss and work by themselves. Others wish to start a law firm with a friend or group of friends. This is a matter of personal preference and how you think you can work the best.
- 2). Choose a legal structure for your law firm business. Law firms are businesses and how the law firm is structured has liability and tax implications. If you are going to have a solo practice, consider whether you want to be a sole proprietor or a professional corporation (if your jurisdiction allows attorneys to create one). If you are starting a partnership, you must consider forming a general partnership or a limited liability partnership (if your jurisdiction allows attorneys to create one).
- 3). Decide which areas your law firm will practice. If you have prior experience as a seasoned attorney, you will probably want to continue practicing in the area of your experience. If you are a new attorney, consider the areas that you enjoyed the most in law school or have clinical experience in.
- 4). Pick an office location. There are many options available to new law firms. Some firms wish to rent traditional office space, others practice from home, and some prefer to utilize the services of a virtual office. Consider your budget and how often you will need to meet with clients when making this determination.
- 5). Purchase the necessary insurances. Research which insurances are necessary in your jurisdiction and purchase them. Liability insurance and malpractice insurance are two insurances that should be considered.
