Starting my own law firm
Posted by beachgirl on 10/21/2013
As you all know, I passed the bar exam and got sworn in as an attorney back in September. What you don’t know is that I’m starting my own law firm. I was originally supposed to work with a couple other attorneys, but (to make a long story short) things didn’t end up working out. I still have a great relationship with both attorneys and they are giving me work to help me start out.
Starting my own firm is scary, but it’s also exciting. My firm is still in the process of getting set up. I am creating a PLLC (a professional limited liability corporation). My firm was approved by the NC State Bar, and I’m mailing my paperwork to NC’s Secretary of State for final approval. Once they approve it, it’ll be official. I’m trying to keep expenses as low as possible.
As for furniture, I was given a desk by one of the attorneys I was going to work with, as well as a bookcase and a couple chairs for clients to sit in, and I bought a desk chair, filing cabinet, and supply cabinet. As for electronics, I’m using my own computer, but I bought a new printer/scanner/copier and an Internet router. As for software and supplies, I bought Quickbooks, paper, and envelopes.
As for monthly expenses, I have rent (which includes Internet). Once my firm is set up, my monthly (or regular) expenses will include malpractice insurance, phone & fax, a law practice management program, and fee for accepting credit cards. I also need to pay for my domain name for my website, buy checks for my bank accounts, and buy business cards. I’m expecting that my monthly expenses will be about $1,000 or less, except on rare occasions (like when my yearly bar dues are due).
I’m not going to use this blog to talk extensively about running my own firm, but I will talk about it to some extent since how it does effects my personal financial situation (since I have no other income). I know it’ll be a struggle for a little bit, but I’m confident that I can make it profitable (and hopefully soon).