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What to consider when starting your own firm

Whether leaving a firm to start a new one or opening your own practice right out of law school, there are several issues to consider: the type of practice, staffing, insurance, technology, marketing and much more. If you were previously in practice at another firm, many of these are topics may have been taken care of by firm staff so you may not have had to give them much thought.

First, make sure you get set up for insurance with LAWPRO.

The Law Society of Ontario has an extensive Guide to Opening Your Law Practice which addresses these topics. We have compiled articles and resources from LAWPRO Magazine, our Managing Booklet series, and other resources published over the years to help you with the many decisions you will have to make in taking this major step in your career.

Do you have what it takes to go solo?

If you are considering going solo, take our survey and see if it might be right for you.

Imagining what kind of practice you want to build

Insurance considerations (your LAWPRO Policy, Excess coverage and other coverages you may need)

Putting together your team of lawyers and staff

Technology and cyber dangers

Planning for disruptions

Preparing a business plan

  • Law firm budget precedent: Budgeting and managing your cash flows are a big part of staying in business
  • Law firm business plan precedent: If you want to be successful, you should consider how your law firm will operate well before you open your doors. A business plan is your roadmap to the future – you can show it to banks, suppliers or others whom you deal with when starting your practice

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