Before going into a solo practice as a divorce lawyer, it can be helpful to understand what exactly the cost will be in order to operate your business as you would like. The problem with this is that it is almost impossible to understand exactly what these costs are. This is because it largely depends on how you structure the firm that will dictate what exactly your expenses will be. There are some things however, that can help to bring clarity to these financial questions. Most of these are common sense; however, they do bear mentioning in some explanation.
The first is what your office management costs will be. This is often dictated by what type of office space you select. Looking at office can be a personal decision but can also reflect deeply on what type of clients you are anticipating and would like to attract. For divorce lawyer, that is involved in a high-intensity practice for instance, it could be helpful to be in an area that is easily accessible from all areas of the metropolitan area that you are serving. If for instance, you get your clients mostly from other law firms that are engaged in corporate practice and would like to refer out their family law cases, it may be more helpful to be around these law firms to attract this type of client. Overall, your office costs will likely be somewhat significant but probably not too significant to be of great concern.
The next item to consider is your advertising budget. As a divorce lawyer there a number of ways to advertise in order to broadcast the services that you offer to the general public. The phone book presents a number of options as well as direct media marketing as well as Internet advertising. It is sometimes thought to be a good rule to think that for every dollar in advertising that you spend, you are attempting this get back $8-$10 in return. Obviously, in the beginning, this will not be the case. In other words, your return on investment will grow over time as your advertising becomes more and more mature and your audience becomes more and more familiar with your abilities and services.
Another important cost that a divorce lawyer may need to consider is how much you’ll spend on your own salary in addition to how much you’ll spend on any employees that you may hire in order to assist you in your practice. One thing that probably should be considered, even if you were solo practitioner, is to at least have some money dedicated to having a person that you can consult with concerning your cases. This means that, even if it is over lunch, that you are able to present your cases to another attorney in order to have that attorney’s feedback on your strategy and tactics for a particular case. Obviously, if you decide to hire an employee or another divorce lawyer, they should be able to assist you in doing this unless you feel comfortable enough that you do not need a second opinion.
New Orleans attorney Will Beaumont provided this article for informational purposes, not legal advice.