5 tips I was given when I started my business

Here's some advice I was given when I launched my law firm

When I started my firm in 2013 I was 26. I graduated law school about 3 years prior. I had no clients and no experience in business. I was married with bills to pay.

Two of my classmates had already started their firms so I went for coffee to see what I could learn. I planned to create my own niche focusing on family caregivers but I didn't have a roadmap, so in lieu of that I spoke to former classmates in adjacent areas of law. As I planned my fertility law practice, I spoke to people who had gone through in-vitro fertilization. I also spoke to the few relatives I have who owned businesses in other fields. There was a lot of trial and error, and some things I wish I could do differently. As I approach my 10 year business anniversary (January 2023), I plan to share some lessons I've learned along the way. I hope some of what I share will be useful for the next generation of lawyers making the leap and starting firms.

Here are 5 of the tips that got me started:

1. Write and speak extensively and you will become known as the expert. In today's terms, I would update that to say "create content and give value".
2. Keep your overhead low. Buy only what you need.
3. Provide good service. Clients care more about that than a fancy boardroom or how old you are.
4. Get retainers. A service needed is more valuable than a service rendered.
5. Cash is king. Once you start making an income, don't spend it all. Keep some in the bank so you have the means to purchase bigger ticket items or get through a downturn in business.

Stay tuned for future blog posts about starting and running a law firm!

Categories: : Business