Corporate attorneys may find it exceedingly difficult to figure out how to start their law firm. As a business lawyer, you can make many choices. You could represent corporations or advise entrepreneurs. You could even specialize in an area of law such as finance or intellectual property.
However, one underserved market that you may not have considered is startups. In the last few years, there has been a considerable increase in their number–which also means a rise in legal issues that they face. Here is a two-step strategy for launching this niche-focused business idea.
First, Market Your New Law Firm
Marketing your law firm can be done in several ways. However, if you want to target startups, you must do a few key things.
First, partner with a legal answering service that can help you grow your business. There are four good reasons to make this move. First, the answering service can take care of all incoming calls, so you won’t have to worry about missing a potential client. Second, they can help you screen potential clients, so you only take on cases that are a good fit for your skills. Third, they can help you manage your time by simplifying your scheduling. And fourth, they can help you build relationships with potential clients by providing friendly and professional customer service. In short, by teaming up with a dependable firm, you can focus on what you do best: serving your clients.
Next, make sure your website includes information about all legal services that apply especially to them. Once you have a website, start networking on social media with other lawyers across the country who might be interested in referring your services to some of their clients. Also, consider reaching out to new businesses through social media. LinkedIn and Twitter are both excellent platforms for connecting with entrepreneurs and business owners.
Then, find ways to make a name for yourself. You can, for instance, provide an initial pro-bono legal consultation.
After that, write about legal issues that small businesses face in your blog or by writing guest post articles. For instance, you can write about how legal issues affect entrepreneurs in diverse ways. However, while some issues are more relevant to a specific industry than others, there are also a few that many startups face regardless of their industry.
Second, Look for More Ways to Find Clients
New entrepreneurial firms can also be found in many other ways. For instance, try using a service like Crunchbase, which allows you to filter companies by industry, location, and other factors. In this way, you can narrow down your search to startups that might need legal assistance.
Additionally, many law firms maintain lists of companies with which they have worked in the past or are currently engaged. A list like this can be a great resource if you’re looking for brand new companies to reach out to.
Also, ask your colleagues and contacts if they know of any new businesses that need legal help. These referrals can help you find clients that are a good fit for your business quickly and easily.
Legal Services You Can Offer
Overall, it may be said you can be an invaluable resource for small businesses trying to get off the ground. You can assist them with the government contracting process. Or you can help entrepreneurs understand business law and assess their risk tolerance. Another option is to help companies comply with licensing requirements, draft their operating agreements, and reduce their liability. Or you can guide them in identifying and evaluating funding options, identifying the right legal structure for their business, intellectual property protection, and employment law compliance.