How to set up a law firm
There's no simple answer. It's complicated and time consuming.
In an ideal world you might want to outsource this process and concentrate on finding new clients, never the less the essentials to consider are;
- Do you want to go down the Recognised (Partnerships or LLP's), Sole Practitioners or Licenced (ABS) route ?
- Have you considered that the timeframe maybe from 12 to 16 weeks (longer for an ABS) ?
- Will a member of the team be qualified to supervise ?
Do you have a comprehensive business plan (marketing strategy, IT systems, Insurance, Forecasts) ?
Have you organised your Professional Indemnity Insurance ? (£3 million for ABS's & £2 million for Partnerships)
Have you established the "controls" by which the business will operate ? (monitoring, training, risk management)
How will you handle client funds ?
Have you nominated a COLP & COFA ?
What data management system have you got in place ?
What procedures are you putting in place to manage your Money Laundering obligations (so to speak) ?
Have you considered your exit strategy ?
As mentioned (a couple of inches ago) it's not an easy process to work through. Our team can either work up a full proposal for you to implement or we can simply provide a supervisory procedure where your proposal is checked before it's submitted.
If you'd like to discuss setting up a law firm please call on 0845 603 0708.
Legal Brokers Ltd
Starting a Law Firm
Providing a range of different services we are a multi-faceted business that can assist with online marketing, organic Search Engine Optimisation, Pay Per Click advertising, Legal Recruitment, Property Searches, White Label Conveyancing, Franchising, Law firm sales, Fee Sharing and providing PII quotes.