Things to consider
Perform self-assessment about starting a practice
- Tolerance for Risk
- Managerial Skills
- Marketing Skills
- Confidence Level in Legal Skills
- Specialized or General practice?
- What is the target market?
Write a Business and Marketing Plan
- Projection of gross receipts
- Projection of overhead and expenses – including personal needs (see Accounting / Banking Needs)
- Projection of net receipts
- Cash flow projections
- Projection of hours worked
- Marketable experience
- Setting fees to make a profit
- Source of business (contacts / referrals / experience / conflicts / etc.)
Written fee agreements (LIANS’ Sample Letters and Precedents)
Resources
“Developing a Law Firm Business Plan” Law Society of Upper Canada (retrieved February 4, 2016)
“Considerations for Opening a Law Office: Financial Plan and Budget” Law Society of Alberta (retrieved January 29, 2016)
CBA Ethical Practices Self-Evaluation Tool
Nova Scotia Barristers’ Society, Code of Professional Conduct [section 3.1: Competence; section 3.2: Quality of Service; Chapter 6: Relationship to Students, Employees and Others]
LIANS Family Law Standard #3: Lawyers’ Competence