You help your clients plan for the unexpected, but have you done the same for your law firm? To ensure that your law firm stays healthy and profitable during a disruptive event (whether it’s a recession, unexpected health event, or natural disaster), attorneys should make sure they have a well thought out contingency plan for their business.
There are many reasons why an attorney should think about adding additional practice areas to their law firm offerings—it helps improve your client experience, having multiple streams of income protects your business from market volatility, and it increases your bottom line! However, adding another practice area can be a big ask for you, your office staff, and your budget.
Running your own legal practice can be daunting for any attorney, but it can be especially difficult for new and transitioning estate planners. This may be due, in part, to the knowledge gap between what attorneys learn in law school and what they need to know in order to run a law practice. To fill these gaps, it’s important to educate oneself on what the current best practices are (so they can be implemented), as well as what the common pitfalls are (so they can be avoided). Here are some basic tips for fresh-faced law graduates or transitioning attorneys looking to build their own estate planning practice.