Starting and Managing a Law Practice in New Jersey
Created on November 06, 2017
So you graduated from law school and took a job with a law firm where you have worked for one, two, five, or ten years. Then one morning you wake up and realize that you no longer want to work for someone else, so you start thinking about hanging out a shingle and starting your own law practice. Do you know where to begin?
This program, taught by Ben Folkman, the Managing Partner of Folkman Law Offices, will walk you through everything you need to know and consider before you go out on your own. From decisions about location and insurance concerns, to the initial financial hurdles you need to clear and developing a client base, Mr. Folkman will cover the legal, practical, and business concerns you may not even have considered - such as whether your significant other will support the ups and downs that come with managing your own practice.
- Decide whether to incorporate as an LLC, PC, or Sole Proprietorship, register with the state, identify the geographic and practice areas you want to cover, and create a website for your firm
- Choose a location for your practice and discuss the pros and cons of buying or leasing office space, furniture, and equipment, with reference to the optimal physical layout of your office
- Understand how to disassociate from your former employer, ethically notify your clients, transfer files, obtain Substitutions of Counsel, and handle any conflicts of interest that may arise in the future
- Obtain Malpractice Insurance and understand best practices for ethical fee agreements
- Navigate attorney advertising rules in New Jersey, recognizing the pitfalls that may trip up new practitioners, and identify an optimal advertising budget and strategy that effectively markets to your target client base
- Assess your financial situation, including the availability of credit, whether you will be able to maintain enough business to sustain your practice, and how to manage finances in the inevitable downtimes
- Discuss staffing considerations, including providing health insurance for yourself and your employees, paying into Workers' Compensation funds, and creating an employee manual
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