This Div is a JS Trigger

Planning / Budgeting

Things to consider

Perform self-assessment about starting a practice

  • Tolerance for Risk

  • Managerial Skills

  • Marketing Skills

  • Confidence Level in Legal Skills

  • Specialized or General practice?

  • What is the target market? 

Write a Business and Marketing Plan

  • Projection of gross receipts

  • Projection of overhead and expenses – including personal needs (see Accounting / Banking Needs)

  • Projection of net receipts

  • Cash flow projections

  • Projection of hours worked

  • Marketable experience

  • Setting fees to make a profit

  • Source of business (contacts / referrals / experience / conflicts / etc.)

Written fee agreements (LIANS’ Sample Letters and Precedents)

Resources

“Developing a Law Firm Business Plan” Law Society of Upper Canada (retrieved February 4, 2016)

“Considerations for Opening a Law Office: Financial Plan and Budget” Law Society of Alberta (retrieved January 29, 2016)

CBA Ethical Practices Self-Evaluation Tool

Nova Scotia Barristers’ Society, Code of Professional Conduct [section 3.1: Competence; section 3.2: Quality of Service; Chapter 6: Relationship to Students, Employees and Others]

LIANS Family Law Standard #3: Lawyers’ Competence

Joining forces: Considerations when accepting a partner(s)