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Since the inception of our business, we have attracted more and more interest from start up practices and we are delighted that many of our clients have built successful practices within a relatively short period of time.
As a result, we have dedicated this page specifically for those who are thinking of “going it alone” or have recently set up a new solicitors practice.
We asked our clients to share their "Top Tips" based upon their own experiences, so that others could benefit from such pearls of wisdom.
These are the replies that we have received:
"The most important thing I found was a computerised accounting system. The second thing was to keep repeating the mantra "stick to the knitting". i.e specialise in a narrow area and become the best in that narrow field. The temptation is to diversify for all sorts of reasons which is generally wrong!"
"I think best the most important tip I can give is to advise new practices when they start up to think about and provide for the size they might be in a year’s time rather than the size they are when they first begin. We did not provide for the rapid growth that we have experienced hence we have had to “bolt on” rather than build up."
"My main concern was that my overheads would be out of proportion to my fee income and that the time spent in managing the firm would affect my ability to earn fees. My main top tip would be - keep your overheads under the strictest possible control."
"My concern when we started our practice was that Whilst I knew I knew the law, would I be able to deal with non legal issues quickly enough or at all AND would my concept of how a law firm should be operated be what potential customers actually wanted. The firm was set up to give a very tailored one to one service where openness and friendliness mattered. I believed the public would value that approach and fortunately they have!
I have been surprised how relatively easy it has been to set up, start and run the firm. By keeping things simple, having sufficient funding to cover the start up period and never losing the belief that it would succeed, things have gone well."
"My Top Tips would be:
-Never forget the risk is always manageable.
-Don’t be afraid to ask lots of people for help and ‘special start-up’ deals. Most people or companies (especially if small), are very happy to help out.
-Network lots.
-Look for other business that are not rivals but where there may be some advantage from building a relationship with that could boost both businesses.
-Manage expenses very carefully at all times and if possible, try and keep them fixed to a set budget. Avoid ‘spur of the moment’ impulsive buys or expenditure.
-Always remember why you left security of being an employee to being own boss. Whatever reasons it was, hopefully a wish to never going back to the old position will generate motivation, drive and ultimately success."
"The best tip I can give is to plan, plan and plan again. Think short, medium & long term. You will never again have as much spare time on your hands so make the most of it while you can."
"Write down on a piece of paper the answer to the question "why am I doing this?" and keep it somewhere close at hand. You will be surprised how many times you look at it!"
If you have been involved in the creation of a solicitors practice and are willing to add your experiences to these, we would be delighted to hear from you. Please try to keep your summary concise, although this link might help the thought process.
Click here to send us your Top Tips.
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