Business Idea

Start A Law Firm

About

Starting a law firm requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell law firm, or selling law firm online, you can use this page as a guide for everything you'll need to know.

Key stats

market size
$320B
revenue (monthly)
$5M
starting costs
$22.7K
gross margin
43%
time to build
9 months
growth
Word of mouth
business model
Consulting
time investment
Full time

About

Starting a law firm requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell law firm, or selling law firm online, you can use this page as a guide for everything you'll need to know.

Key stats

market size
$320B
revenue (monthly)
$5M
starting costs
$22.7K
gross margin
43%

 

time to build
9 months
growth
Word of mouth
business model
Consulting
time investment
Full time

Startup Costs

Min Startup Costs Max Startup Costs
Equipment & Supply Expenses $566 $6,200
Retail Business Expenses $1,250 $11,650
Inventory Expenses $350 $14,750
Advertising & Marketing Costs $75 $9,636
Software Expenses $0 $425
Website Costs $13 $215
Other Expenses $0 $300
Total Startup Costs $2,254 $43,176

Successful Businesses

Business URL Rank
Murthy Law Firm murthy.com #61,456
Best Lawyers® bestlawyers.com #101,321
Cooley cooley.com #106,428
White & Case whitecase.com #109,927
Morgan Lewis morganlewis.com #184,878
Resolution Law Firm resolutionlawng.com #259,150
Allen Overy allenovery.com #273,460
Troutman Pepper troutman.com #332,818
Law Lytics lawlytics.com #367,948
King & Spalding, a world-class international law firm kslaw.com #427,520
Buchalter Law Firm buchalter.com #437,593

Pros & Cons

Pros Description
Rewarding work Starting a law firm can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
Meaningful business connections You never know who you will meet as a law firm. This could be the start of an incredible business opportunity!
Daily physical activity Law Firm's typically involve a much greater degree of movement than other lines of work. Most days, you will spend your day walking, running errands for your business, and performing a multitude of tasks. This can have a positive impact on energy levels and your overall health.
Amazing perks and discounts Working in the law firm comes with its perks! As a seller for these products/services, you typically also get to enjoy industry perks and discounts.
You are your own boss! With starting a law firm, you are the one to make decisions for almost all of the operations. Calling the shots can be empowering and liberating!
Local Community One of the best parts of starting a law firm is that you can develop a local following by selling your products at craft shows, farmers' markets, or even local storefront businesses! This gives you access to additional revenue streams and loyal customers.
Cons Description
Crowded Space Competition is high when it comes to your law firm, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
Finding The Right Supplier Most businesses in this space go the supplier/manufacturer route, which isn't a bad thing! However, finding the right supplier can take a lot of time, energy and trial/error. If done properly, this process can save you months (if not years) of time and energy. More on this below in the "finding a supplier" section.
Motivation of employees If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.
Low margins The gross margins for your law firm are typically around 43%, which can make it more challenging to incur new expenses and maintain profitability.
High employee turnover In the law firm, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.
Taxes As a law firm, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.

Marketing Ideas

  • 1

    Direct Sales

    Direct sales strategy implies a direct contact between a seller and a consumer without the involvement of any third party. Direct selling is popular in sectors where sellers communicate with their clientele personally. The sales technique occurs at non-store locations which include at home, work, or online.

    For direct selling to succeed, hire a few (or many) salespeople to support the sales conversion process. It's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.

  • 2

    Word of mouth

    Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.

    Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.

    According to Nielsen, 92% of people trust recommendations from friends and family.

    Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.

  • 3

    Social Media Advertising

    Social media advertising is the use of social media platforms to connect with your audience with the objective to build your brand, increase sales, and drive website traffic.

    According to Oberlo, approximately 48% of the global population use social media, and the number is ever-growing.

    Therefore, social media allows brands access to cost-effective advertising by enabling them to interact with a large audience.