The Malaysian legal industry is constantly growing due to new entrants into the legal field. As many students get out of school of law, existing firms get new recruits. More and more individual practitioners get into partnerships and establish law firms. The process of branching out from an existing organization to form a new law firm is just like getting in any other business venture.
A law firm normally provides this kind of opportunity to lawyers and other legal professionals to work together. It is therefore evident that many law firms have to be started in order to accommodate the new entrance into the market and provide better client support. Setting up a new law firm is like starting a new business or expanding an existing business. These come with a demand for capital, labor and entrepreneur skills. Like any other business venture, enough capital is required for start up and for growth of the business.
A well written plan outlines various business details including firm history and profile, its physical location, personnel requirements, marketing plan, services offered, competitive analysis, strengths, weaknesses, opportunities, threats and financial projections. The financial plan must include the required and available capital together with actual and expected sources. The legal practitioner needs to gather enough information in order to draft a good plan. This information should come from different sources and be adequate enough to support the new firm in areas of financial management, recruitment and insurance among others.
Law firms are normally identified by their name and location. It is important to select an appropriate name. Normally, the firm takes up the name of one of the owners in the case of partnerships. One partner`s name comes first but it all depends on the agreement among partners. Choose a physical location that can easily be reached by customers. This will give clients and staff an easy time when coming to consult and work respectively. It is also a great idea to start from home in order to minimize start up cost. Alternatively, sharing an office with an existing firm is not a bad idea at this stage.
Establish a personal office Setting up an office involves getting the furniture, stationery, computers and other accessories into the chosen premise. A waiting lounge or room and a receptionist area form part of the initial set up. The area needs to be well arranged with an attractive receptionist desk, potted plants and impressive decorations. The inner office which hosts the legal practitioner must have a desk, some book shelves and a computer.
Law firms normally the name of the owner. In selecting a name partners must agree on whose name appears first and complete the list of the name accordingly for example a name such as Blair and associates can be applicable to a law firm. Apart from those who choose to operate from their home lawyer normally identify and setup offices within a trading centre, whether this is work or home based, it must be accessible to both clients and employees who have to commute from different locations it must not be close to distractive business such as noisy pubs or untidy back streets or very hidden places in town such sites may cause clients to form a negative opinion about the firm. And question its credibility.
When all else is done, marketing remains the key to growth and success. Inform people about your new law firm. Use mass media to communicate to as many potential clients as possible. Send out your contacts to the people and communicate your mission, vision and values to your contacts. This will take the business to the next level and attract success.
A law firm normally provides this kind of opportunity to lawyers and other legal professionals to work together. It is therefore evident that many law firms have to be started in order to accommodate the new entrance into the market and provide better client support. Setting up a new law firm is like starting a new business or expanding an existing business. These come with a demand for capital, labor and entrepreneur skills. Like any other business venture, enough capital is required for start up and for growth of the business.
A well written plan outlines various business details including firm history and profile, its physical location, personnel requirements, marketing plan, services offered, competitive analysis, strengths, weaknesses, opportunities, threats and financial projections. The financial plan must include the required and available capital together with actual and expected sources. The legal practitioner needs to gather enough information in order to draft a good plan. This information should come from different sources and be adequate enough to support the new firm in areas of financial management, recruitment and insurance among others.
Law firms are normally identified by their name and location. It is important to select an appropriate name. Normally, the firm takes up the name of one of the owners in the case of partnerships. One partner`s name comes first but it all depends on the agreement among partners. Choose a physical location that can easily be reached by customers. This will give clients and staff an easy time when coming to consult and work respectively. It is also a great idea to start from home in order to minimize start up cost. Alternatively, sharing an office with an existing firm is not a bad idea at this stage.
Establish a personal office Setting up an office involves getting the furniture, stationery, computers and other accessories into the chosen premise. A waiting lounge or room and a receptionist area form part of the initial set up. The area needs to be well arranged with an attractive receptionist desk, potted plants and impressive decorations. The inner office which hosts the legal practitioner must have a desk, some book shelves and a computer.
Law firms normally the name of the owner. In selecting a name partners must agree on whose name appears first and complete the list of the name accordingly for example a name such as Blair and associates can be applicable to a law firm. Apart from those who choose to operate from their home lawyer normally identify and setup offices within a trading centre, whether this is work or home based, it must be accessible to both clients and employees who have to commute from different locations it must not be close to distractive business such as noisy pubs or untidy back streets or very hidden places in town such sites may cause clients to form a negative opinion about the firm. And question its credibility.
When all else is done, marketing remains the key to growth and success. Inform people about your new law firm. Use mass media to communicate to as many potential clients as possible. Send out your contacts to the people and communicate your mission, vision and values to your contacts. This will take the business to the next level and attract success.
About the Author:
There are a lot of things that you will need to know before opening a Malaysia law firm. Visit this website from a lawyer who is going through it on how to start a law firm - available in chinese version.
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