8 Attorney Bookkeeping Tips for starting a Law Practice
You are an attorney looking to start or grow a law practice. How do you determine whether you’re ready? Here are eight steps to follow to ensure that you’re prepared for the next step in your career.
- Determine your Goals: This is essential in starting your firm. We have all heard about SMART goals, “specific, measurable, achievable, relevant and time-constrained”. Goals, most importantly, give you direction and keep you accountable.
- Research your Market: Is there a market for your services? Target your demographic. How much can you charge for your services? Once you have gathered your data and insights, you can determine your next steps.
- Develop your Practice: Most law firms build their practices on referrals. But don’t forget the power of social media and developing relationships. Build strong client relationships and network with other professionals. Join a BNI. Build a great website.
- Build your Client Base: Build a great website (yes, I am saying it again); implement some local SEO (search engine optimization); get a good social presence where your clients would be, when on social media. For example, if your target market is millennials, look at Instagram. Put your firm in legal directories. Write a good blog and maintain it regularly.
- Establish yourself as an Expert: Write articles for publications that your potential clients would read. Share what you know on social media.
- Network: Tell family members that you are starting a new firm. Attend social events. Shout this to the world!
- Stay Focused: This will bring you back to your initial goals. But also, don’t get lost in working in your business and not on your business.
- Keep Learning: Yes, CLEs are required but don’t stop there. Keep learning what is new, what is the latest and greatest software, and keep expanding your knowledge base.
As an attorney, you need to keep track of your time so you can bill your clients accurately. Here are some great tools to help you with this task!
- There are many different types of bookkeepers available. Some are generalists and work with all types of firms. You need to find one that has expertise in the legal industry.
- Get set up in the accounting software the right way from the beginning.
- If you plan on being DIY and you’re just getting started as an attorney, it’s important to understand how to properly record transactions.
- If you’ve been practicing for a while, you might not even realize that you’re using outdated accounting software.
If you’d like to learn more about the bookkeeping services we provide, reach out. We are just a phone call or contact form away.