Starting a personal injury law firm requires careful planning and preparation. There are more than 50k personal injury law firms in the US, so competition is stiff.
You’ll need to have the right mix of skills, resources, tools and knowledge in place to ensure your new firm gets off to a strong start. This article outlines five key things every aspiring personal injury law firm owner needs to set themselves up for success. Properly setting up a personal injury practice takes significant time, effort and financial investment, but following these essential steps can lead to a rewarding career helping injured clients.
Legal Accreditation
The first essential item is proper legal accreditation in your state. This includes passing the bar exam and getting licensed by your state bar association to practice law. You’ll need to factor in plenty of time for this as only 78% of graduates passed the bar first time in 2022. Many states also require personal injury attorneys to meet continuing legal education (CLE) requirements each year to stay current on things like ethics and best practices. Taking care of all legal accreditation upfront ensures you can legally represent clients. Don’t underestimate the time and effort needed to get fully accredited.
Office Space & Equipment
You’ll need office space not just for meeting clients but also to store sensitive legal documents and case files securely. Leasing professional office space in a convenient location for clients conveys credibility. Essential office equipment ranges from computers and phones to photocopiers plus software such as case management programs. When setting up a new personal injury firm, don’t skimp on key infrastructure needs that project professionalism.
Strong Referral Networks
Referrals from past clients, health providers, claims adjusters, and even other attorneys like Allen Law Firm, P.A. can generate strong leads. Take time early on to network both online and offline. Join relevant trade groups and get involved in local community events to expand your professional network. The larger your referral network, the more potential personal injury cases you can take on. Begin building your networks right away.
Experienced Support Staff
Running an efficient law firm requires experienced support staff ranging from paralegals to legal secretaries. They handle important administrative tasks from scheduling to documentation, freeing up your time to focus on litigation and advising clients. Invest in attracting and retaining talented support staff. They’ll prove invaluable as your caseload grows over time. Don’t wait to bring on support staff, but be wary of having a bloated team, with demand for legal services falling by 0.4% in the first half of 2023.
Financial Reserves
Starting any new business requires substantial upfront capital and setting up a personal injury law firm is no exception. Conservatively estimate your operating costs for at least the first 6-12 months, factoring in expenses like payroll, insurance, taxes and marketing. Having adequate financial reserves gives your firm staying power during the often lengthy personal injury litigation process. Underestimating operating costs is one of the biggest mistakes new firms make.
With proper legal credentials, office space, referral networks, staff and financial reserves in place your personal injury law firm will have all the foundational elements for success. Adjust and add resources over time as your caseload and the complexity of litigation increases. Following these essential start-up steps helps new personal injury firms hit the ground running.
