Solo Expansion: Making the Giant Leap to Small Firm
Every solo attorney has at least entertained the idea of expanding from a single person operation into a full-fledged law firm. Dreams are good, but expansion should only be undertaken if you have a plan in place.
Here are a few tricks to help you create your plan for growth.
Expansion With Outsourcing
Wouldn't it be great if you could just breathe life into your practice and presto, the clients came? Unfortunately, the real thing isn't quite so easy. At the same time, it's not impossible.
Consider this: achieving expansion quickly with outsourcing is preferable (in the short term) to actually hiring something akin to a partner. And since independent contractors are all the rage right now, who are we to stop the future?
In fact, there are clear reasons why contract attorneys can help small firms quickly become full-service law firms. Just remember: don't direct that independent lawyer. Yes, it's a hard line to walk, we know.
Clients and Money
A lot of talk these days is devoted to the topic of finding funding. Even the larger firms are turning to tactics such as litigation financing. This means that you are free to think outside the box when it comes to the issue of money. All the sudden, getting a contractor sounds fine.
In order to quickly expand your practice, you can also consider cross-selling. If done right, this can really help you make the most out of each clients who walks through your door.
Expansion will almost certainly require a lump of cash on hand before you can actually make it happen. This is true even taking into account fancy financing alternatives you may find. No plan is ever executed perfectly. Plan for a sting in the wallet.
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