Checklist for Starting a Law Practice

1. Executive Summary

• Mission Statement
• Description of Law Firm
• Firm Goals and Strategy
• Practice Areas
• Pro Bono Activity
• Financing Requirements

2. Firm’s Description

• Name & Ownership
• Decision Making and Operation

3. Marketing Strategy

• Target Market
• Budget
• Local Economy
• Marketing Plan
• Current and Potential Clients
• Competition

4. Firm Economics

• Start–up Costs
• Billing Projections
• Expenses
• Overhead Review

5. Financial Plan

• Budget
• Financing Sources
• Break–even Analysis
• Financial Projections

1. Sole Proprietorship
2. General Partnership
3. Limited Liability Partnership
4. Professional Service Corporation/Professional Association
5. Professional Limited Liability Company

• Geographic Location
• Competition/Cooperation
• Size
• Home Office
• Office Services Suite
• Space Sharing
• Lease/Ownership

1. Meet with CPA or bookkeeper

• Set up Chart of Accounts
• Establish Accounting Procedures

2. Internal/External Dynamic
3. Purchase Software
4. Payroll Services

1. Operating Account
2. IOLTA (DC Mandatory)
3. Non-IOLTA Trust Account

1. Secure Software

• Word Processing
• Time and Billing
• Conflicts Checking
• Case Management
• Accounting System

2. Secure Hardware

• Telephone
• Computer
• Printer
• Scanner
• Copier
• Fax Machine/eFax

3. Secure Internet

• Internet Service Provider
• High Speed Internet, Cable vs. DSL

4. Legal Research

• Fastcase, Westlaw, Lexis-Nexis, Casemaker
• Free/low-cost services

1. Postage Provider and Meter
2. Furniture
3. Telephone System
4. Business Cards & Announcements
5. Office Supplies
6. D.C. Bar Member Benefits for the small firm

1. Professional Liability
2. Workers’ Compensation
3. Health Insurance
4. Property, Casualty & Cyber Insurance