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Checklist for Starting A Law Practice
- Forms of Practice
- Considerations in Selecting Form of Practice
- Taxation
- Liability
- Succession/Dissolution
- Solo Practice
- Partnership
- Professional Corporation
- Articles of Incorporation
- Shareholders, officers, chief operating officer
- Statement of Good Standing from Clerk of Supreme Court
- Limited Liability Partnership
- Consult with CPA
- Considerations in Selecting Form of Practice
- Office Space/Location Considerations
- Office Building
- Image, upscale, informal
- Square footage
- ADA Considerations
- Parking
- Services, Janitorial
- Expansion Opportunities
- Renovation Needs
- Location
- Office Sharing
- Renting, Leasing
- Purchasing/buy into a law practice
- Working from home
- Office Building
- Accounting Needs
- Consult with Bookkeeper
- Consult with CPA
- Set up accounting procedures
- Chart of accounts
- Profit and loss statements
- Balance sheets
- Cash Flow Statement
- Quarterly and annual tax returns
- Payroll Services
- Bank and trust accounting systems/reconciliation procedures
- Software compatible with accountant
- Start Up Costs/Credit Sources
- Highly suggested that enough cash or line of credit be available to cover stat-up costs and a least the first 6 months to one year of operating expenses plus personal living expenses.
- Sources of credit
- Local bank/credit union
- Personal, business loan
- Home equity, home refinance
- Line-of-credit to be drawn upon as needed
- Lease, equipment loans
- Family loans/private investor loans
- Personal savings
- Local bank/credit union
- Bank Accounts
- Trust account (separate account)
- IOLTA account, if applicable
- Business operating account for expenses/payroll
- Short term savings
- Safety deposit box
- Firm credit card
- Investments
- Checks, deposit slips, endorsement stamp
- Set up account to accept credit cards
- Retirement plan
- Trust account (separate account)
- Technology
- Software
- Word Processing
- Time and billing/accounting
- Calendaring and docketing
- Conflicts checking
- Case Management
- Document assembly
- Office Suite Software
- Software
- Office Systems/Procedures
- Develop office manual/operating procedures manual
- Standard procedures/policies for practice
- Personnel issues/benefits
- Docketing, calendaring, tickler system
- Computer (dual system is highly recommended)
- Manual
- File Organization
- Alpha/numeric
- Centralized/decentralized
- Opening file procedures
- Closing file procedures/retention/storage/destruction
- Document maintenance
- Offsite – safety deposit box
- Computer backup
- Fireproof files
- Forms used in practice
- Client interview form
- Engagement/non-engagement letters
- Written fee agreements
- Practice specific checklists
- Billing Statement Form
- General client correspondence, notices, etc
- Client survey after conclusion of representation
- Client billing procedures
- Regular monthly statements even if no amount due
- Detailed billing statement
- Expense billing
- Costs to be billed
- Legal assistant time/paralegal time
- Telephone expenses
- Duplicating expenses
- Computerized legal research
- Mailing costs
- Other
- Collection policy
- Credit cards for payment
- Client relations policy
- Setting appointments, introducing staff
- Returning phone calls, e-mail messages
- Client intake form/survey at conclusion of representation
- Keeping clients informed
- Sending copies of work, documents
- Communicating fee
- Clear discussion about fees
- Written fee agreements/engagement letters
- Accounting procedures
- Bank account reconciliation
- Cash flow statement
- Accounts Receivable/Payable
- Aging review
- Expense Approval System
- Counter signature requirement on checks
- Others
- Develop office manual/operating procedures manual
- Insurance Protection
- Professional liability
- Workers Compensation
- Heath Plan
- Car insurance for business use
- Property (liability, wind, fire, earthquake, etc)
- Loss of valuable documents
- Life
- Disability
- Business Interruption
- Miscellaneous
- Call WSBA’s Law Office Management Assistance Program lomap.org
- Lending library
- Register d/b/a name (if applicable)
- Obtain city or county business licenses or permits
- Order Post Office Box (if needed)
- Build a forms file
- Become a notary or have someone on staff or close by that is available
- Develop a disaster recovery plan for your office, files, computers, etc.
- Develop a plan for your illness, incapacity or death
- Attend law practice management CLE’s such as LOMAP’s Traveling Seminar
- Join solo and small firm sections to network with other solo and small firm lawyers
- Change address with your bar
- Call your bar’s Ethics Counsel with prospective ethical questions (206) 727-8284 or (800) 945-WSBA
- Join local bar association
- Call WSBA’s Law Office Management Assistance Program lomap.org
