You’ve made it. You’re nearing the end of that all important first year in business. You’re a success. Things have gone better than you’d hoped. Your second legal malpractice premium is about to come do. Be prepared.
When starting a law firm, folks often ask, where do I start? The question invariably involves entity formation, bank accounts, and funding. The only way to tackle a problem like this is one step at a time. Here’s what you’re going to do.
“Always plan your day around lunch.” – Judge Smith am I writing a post about lunch? Because, when Judge Smith told me to plan my day around lunch – I initially thought he was kidding. I’ve come to learn that he wasn’t. I met Judge Smith at lunch with my bosses.
If you have a regularly scheduled appointment (not a real estate closing where times often change out of my control), and you spend more than ten minutes in my lobby – I will buy you an appetizer and a beverage at a Max Restaurant. I will hand you a $25 gift card to the Max Restaurant Group for your inconvenience.
One of the challenges that I faced was printing a single check from QuickBooks. I buy checks, three to a page. Printing that “third” and single check was a problem.
The video below provides you with a no cost (other than a piece of paper that can be reused) solution.
Starting a law firm? Use a bank near your office. Opening a law firm means spending time in the bank. Initially, you will spend hours setting up the right accounts. I have an operating account and two IOLTA accounts. The bank also extends me a line of credit. Lawyers trust accounts are highly regulated and are time consuming to open.
The first time Meghan and I experienced how difficult starting a law firm is happened in a bank. Actually it happened in a bank for four and a half hours. And then in another bank for another four hours. Dealing with banks taught us the first law of managing a law firm: Everything you need takes forever.
“It never ends well. It can’t end well. Don’t try to make it end well.” – Lawyer Friend to Me. The usual advice goes something like this: Professionals should give four weeks notice; do everything possible to leave on good terms; and send a joint letter to clients. That advice sounds nice. It’s the path … Read more