If you are looking to set up a law firm in New York, then speak to our experienced consultants who are on hand to help you every step of the way. With our partners, we can help you set up a law firm if you are based in the UK, USA or other jurisdiction and are looking to open in New York.
Please note that this information is guidance and is subject to change.
Small start-up practices are on the rise, with lawyers setting up law firms across the country who are attracted to the benefits of being self-employed and the potential to profit directly from their own hard work, instead of working to demanding targets and lining other business owner’s pockets.
All this sounds very desirable however, setting up and running a successful law firm is no easy feat. Here at Marketing Lawyers, we are experienced in advising established law firms and supporting them to achieve their objectives. Taking all the experience and knowledge you can at the start and throughout your business journey will help you avoid pitfalls and find the best plan of action quickly.
Our team of consultants include experienced, chairmen, board members and owners of law firms. Their experience is useful for all aspects of setting up a firm in the quickest and most efficient way.
Free Initial Discussion And Quote
For a free initial discussion and for a no-obligation quote, please call us on 0330 133 8783 or email [email protected].
Establish A Legal Business Entity
Most Attorney’s choose to form a PLLC business entity (Professional Service Limited Liability Company). This is a great option for solo practitioners or partners starting a small law firm in New York. Attorneys may also form a PC (Professional Service Corporation) or LLP (Limited Liability Partnership). Attorneys can’t form a regular LLC; the Department of State requires a professional entity and a Certificate of Good Standing from your Appellate Division.
Setting up a professional business entity will help your company become established and provides the owner with many benefits.
Law Practice Naming Requirements In New York
The name of your new practice must conform with the New York Rules of Professional Conduct. We can arrange a name clearance search in advance of every setup to make sure that the name is available for registration and compliant.
Open Bank Accounts
Once the new entity is established, you’ll need an EIN number to open a business bank account. Lawyers in New York must also have an Interest On Lawyer Account (IOLA) account for client funds held in trust. An IOLA account is a mandatory requirement and NY State uses the interest proceeds to help poor clients.
Setup And Support
It can seem overwhelming when considering all the different requirements needed when starting the process of setting up your law firm. You should be considering some of the following areas from the outset:
- Agreeing on management and compliance responsibilities
- Establishing a dialogue with the regulators
- Writing a business plan
- Identify competition and market gaps
- Speaking to the bank about your business plan
- Allocating a third of your time to management and compliance
- Checking if ‘loyal’ clients will actually instruct the new firm
- Identifying a network for legal work you cannot complete
- Planning to market the firm at launch and into the future
- Having an exit plan
It is advised by many to use consultants to cover the areas of skills that you may not have, so you have the highest chance of business success. It’s often daunting trying to find out all the information you need to set up your firm. We save you time and money by taking the worry off your hands.
Once the company is set up you can start marketing your services. This is the rewarding part. Fortunately, the online market can help deliver new leads and clients with SEO, PPC, optimised blogging and social media. These campaigns can give you a competitive advantage over even more established competitors. We are specialists in providing these services and many more to guide you each step of the way.
In order to sell yourself and the services you offer, you will also need a website building with tailored content that engages your prospects. It may seem like a lot of hard work getting the content written, however, we can help with our tailored copywriting service.
You are becoming a legal entrepreneur, which means there are a lot of non-legal tasks you’ll need to do to run the firm, some of the areas you can outsource and we work with a network of suppliers. This means you can focus on fee-earning and driving the business forward whilst the admin and regulatory tasks are taken care of.
We can help you create a viable business plan that is vital for developing the new firm for the longer term. It should be based on there being a sustainable and growing market for your services in which you are confident that you can compete in your area of work.
We provide management and marketing advice to a host of small, medium and large law firms across the world, Therefore, you’ll benefit from our market knowledge and best practice recommendations. We also have IT consultants who work with law firms who can advise on the best set up and systems.
Start Your Set Up Today
If you’d like to start the ball rolling on the steps to starting your law firm, call or email us today. We can discuss the next steps and outline the costs involved in setting up. Don’t worry, all your information will be kept strictly confidential.
Setting up and running a law firm can be challenging, yet extremely rewarding for those who are determined and seek the right advice and support.
We can assist with a wide range of services which include but are not limited to:
- Authorisation Documentation
- Business Plans
- Financial Forecasts
- IT support including cloud-based solutions and CRM
- Marketing
- Office manuals
- Staff handbooks
- Support your application to the appropriate regulator
- Website setup
- Website marketing (Digital Marketing)
Time is often limited when you are thinking of setting up, speak to our consultants about our affordable setup and support packages. We understand that initially, it can be quite confusing and complex which is why we are here to take the worry off your hands. We may refer you to consultants or other firms for specific pieces of work due to their niche expertise. All the work we will do will be agreed upon from the start as you may require help with only certain tasks.
How To Get In Contact
As specialists in the legal industry, we can assist you wherever you are based. To learn more about how we can help you, then contact us today for a free initial discussion, please call us on 0330 133 8783 or email [email protected].
