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Many attorneys leave law school with big dreams of opening their own law firms. They have visions of making real changes in their communities and they want to practice law their way while selecting only those cases they are most passionate about. That”s all fine and good, says LegalAuthority.com founder A. Harrison Barnes, but a healthy dose of reality is crucial, too. There many considerations that go into making that leap from graduating law school to becoming your own boss, and most importantly, says Barnes, is a solid game plan that includes a presentation for funding. Regardless of whether you”re approaching your local banker or are attempting to secure a small business loan, there are certain requirements that might fall outside the education you gained in law school.

Once you”ve secured the financing, another vital recommendation A. Harrison Barnes offers is to have at least twelve months of operating expenses banked. In fact, he says it”s almost a must and to not be prepared is dangerous, at best. Starting a new legal firm is challenging, but to start it without enough capital is almost certainly destined for failure. Recognizing the harshness of the words, he reiterates its importance and says a lack of operating expenses is the number one reason small law firms fail within the first thirty six months. Again, your business plan is invaluable as you are seeking your start up funds. Until you”ve built your legal practice with paying clients, you’ll need to be able to fall back on your start up funds for those early months.
Secretaries and paralegals are usually hired from the beginning. This is where LegalCrossing.com can help. Because we have access to thousands of jobs across the country, we also offer the most qualified candidates to fill these roles. Teaming with LegalCrossing.com ensures you have the most experienced pool of personnel found anywhere.
Building your positive cash flow throws an entirely new set of dynamics into the mix. How many new clients you gain in the first year, your billing rates, how much of those billable hours you’re able to collect, overhead and reinvestment monies are all part of those dynamics and play a significant role in determining your failure or success. Not aggressive or patient enough to handle the collections aspect? Consider using LegalCrossing.com to find the right personnel who can gracefully collect those fees without alienating the client. If balancing your own checkbook is a tremendous chore that you dread every month, then a bookkeeper who is both ethical and accurate is exactly what your new law firm needs. LegalCrossing.com has the right personnel for a well rounded office staff that can work with you as you work to ensure your new firm soars.

While beginning a new law practice is challenging, seeing the fruits of your hard work come full circle is one of the most satisfying experiences you’ll have in your life. A solid business plan, a compatible and hard working staff and your vision and education can all come together to ensure its many years of success. LegalCrossing.com stands ready to play its role as well.

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