Starting a Law Firm Guide: Key Financial and Ethical Considerations

Getting a law practice off to a successful start means making a few sound decisions. Common questions about financial matters, ethical boundaries and best practices inform these choices for the solo practitioner, space sharer or new small firm member. Finding the right answers to eight key questions will help any new lawyer make a smooth professional debut or transition. This guide will help you do just that.

Your first client: You, Esq.

For the new lawyer it’s the ultimate teaching moment. How to best organize, finance and launch one’s own practice. For established lawyers setting up a solo shop or joining a small firm the issues are the same. Selecting the right business entity, soliciting clients and choosing accounting systems require business and practical sense law schools often don’t teach.

The Hanging Your Shingle Resource Guide contains practical advice on those essential points plus:

• Choosing (or not) a partner
• Setting up business and IOLTA or client escrow accounts
• Taking credit cards in payment
• Selecting a fee structure
• Outsourcing cost centers to concentrate on fee generation

The Resource Guide shares sound ethical and financial advice, practical tips and key takeaways you can bank on. For example, the decision to accept credit card payments often leads to headaches, but in the guide we outline plusses (like the convenience it offers you and your clients), concerns (as in processing fees and the potential to commingle funds), and ways to minimize such concerns. Additionally, we include valuable resources and relevant ABA rules considered must-haves by seasoned practice owners.

Download the Full Guide

There’s no end to the number of decisions you’ll need to make as you get started in your new firm, but we want to help ease the transition. Gain full access to the Hanging Your Shingle Guide today—simply fill in the form on this page.