Despite fears about the legal industry as a whole as well as the legal education sector, new law firms are popping up all the time. In fact, it is easier now than ever to start up a solo practice with a very modest budget. More legal professionals are more than happy to branch out on their own, either immediately after passing the bar or after just a few years of practical experience. Other legal practitioners are banding together with former classmates and respected colleagues to form small- to mid-sized legal firms fairly early on in their years. So, what do new law firms need to know about budgeting and surviving the first few years of operation? Surprisingly, money isn’t the biggest factor.
What Types of Marketing are Most Important for New Law Firms?
While the size of a new and upcoming law firm can have a lot to do with budgeting and projected growth, there is a totally different and singular deciding factor – the area of law your firm specializes in. If you chose to practice in a part of law where the market isn’t oversaturated, it is safe to bet that your law firm will do at least respectably well. Other parts of law, such as environmental law, require a higher level of specialization and a larger projected budget in order to be successfully broken into. Learn how legal website marketing can reduce your overall budget, enabling you to grow your law firm to even greater heights. Online marketing in general is seen as more cost effective to legal professionals, so be prepared to explore everything that can be done to promote your firm on the web.
Getting the Most ‘Bang’ Out of Your Law Firm Marketing ‘Bucks’
A budget of maybe $10,000 can last a small, newly established law firm for quite some time. For an international firm with hundreds of lawyers, that same amount might only cover about a week’s worth of online marketing. Regardless of how much you are prepared to spend, always look into maximizing the value for your investment. Hiring a professional legal marketing firm is often the best way that an attorney can work to get the most out of a budget.
Growing Client Lists Equals a Growing Budget
Lawyers who have graduated from law school in the past decade are generally going to have a smaller budget for their law firms. The reason for this is amazingly straightforward – recent law school grads often have a lot of remaining student loan debt. So, if you are still on the hook for $50,000 or more in unpaid student loan debt, it is going to be harder to get financing. This causes those looking to start law firms to find themselves in a conundrum. If only they could make more money, they could pay off their school related debt faster, but their student loan bills make it harder to take on additional financial responsibilities. Growing your client list should be the primary factors concerning both your online marketing strategy, as well as how you allocate your law firm’s budget.
You don’t need to take out a large loan in order to create a new law firm. Lots of attorneys work out of small offices, go without hiring paralegals, and really work with a shoestring budget until they start to get an established client base. There are many ways that you can chose to budget for your newly opened law firm. Go with the one that makes the most of online marketing.