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Hanging a Shingle Building a House: What to Consider Before You Found Your Law Firm

Hanging a Shingle Building a House: What to Consider Before You Found Your Law Firm. Presented by: Jared D. Correia, Esq. Law Practice Management Advisor LOMAP Website: www.masslomap.org Blog: http://masslomap.blogspot.com Email: jared@masslomap.org

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Hanging a Shingle Building a House: What to Consider Before You Found Your Law Firm

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  1. Hanging a ShingleBuilding a House:What to Consider Before You Found Your Law Firm Presented by: Jared D. Correia, Esq. Law Practice Management Advisor LOMAP Website: www.masslomap.org Blog: http://masslomap.blogspot.com Email: jared@masslomap.org Twitter: www.twitter.com/jaredcorreia Phone: (857) 383-3252

  2. “The leading rule for the lawyer, as for the man of every other calling, is diligence. Leave nothing for to-morrow, which can be done to-day.”Abraham Lincoln July 1, 1850 Don’t Procrastinate Be Efficient Stay on Top of Things

  3. Don’t Leave Your Common Sense Behind Learn from Lincoln Would You Advise Your Client Otherwise? Practicing Law (and Managing a Law Firm) is an Art NOT a Science

  4. Bear in Mind the Market Now . . . 55,000 Licensed Attorneys in Massachusetts 51,000 Active Attorneys in Massachusetts And in the Future 86% Bar Exam Pass Rate for July 2008, Including 92% Bar Exam Pass Rate for First Time Test Takers More Attend Law School Than Ever Before; More Pass Bar Exam Than Ever Before; More Attorneys Than Ever Before

  5. Blueprints:Business Planning Business Planning (Very) 101 Step One: Have One What to Include Summary of Practice Client Services Administrative Plan Tied Considerations Budget and Finance Marketing Plan Begin With an Exit Strategy Living Documents

  6. The Frame:Choice of Entity • Choices • Solo • Partnership • Professional Corporation • C or S Corporation • LLC • LLP • Considerations • Tax Treatment • Liability • Statutory and Regulatory Requirements • Resources • Written Agreements

  7. Your Foundation:Finances Personal Finances Necessities Luxuries Don’t Commingle! Operational Account Start-Up Costs Continuing Costs Research Purchases/Be Smart About What You Buy Tie to Business Plan Don’t Commingle! PUT ASIDE ONE YEARS’ WORTH OF FUNDS IOLTA Accounting Access Resources for Understanding Tips: Different Color Checks/Cover Account Charges Perform Your Reconciliations Don’t Commingle!

  8. The Foyer:Administration Support System Can You Afford Live Personnel? Virtual Alternatives Don’t Do It All, If You Can’t Do It All Your Family Your Mentor REMEMBER: Every Hour You Spend on Administrative Tasks Is An Hour You Are Not Spending Billing

  9. The Paint Job:Marketing What Are You? What Services Do You Provide? What Is Your Niche? What Is Your Specialty? How to Find Out: Self Evaluation and Market Research Fake It to Make It To Whom Is Your Concern Two Types of Marketing Direct Client Referral Marketing How Do You Reach Your Audience Networking Traditional Advertising/Marketing New Media Advertising/Marketing: The Web and The Web 2.0

  10. Your Den:The Office Where Will You Work? Home Office Business Office Virtual Office Office Share Hybrid Arrangements Pros and Cons It’s Up to You

  11. Questions?Concerns?Contact LOMAP Massachusetts Law Office Management Assistance Program (LOMAP) 31 Milk Street Suite 815 Boston, MA 02109 Phone: (857) 383-3250 Toll Free: (888) 54-LOMAP Email: info@masslomap.org Follow LOMAP: Website: www.masslomap.org Blog: http://masslomap.blogspot.com Twitter: www.twitter.com/jaredcorreia www.twitter.com/rodneydowell

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