Thanks to Advances in Legal Tech, There is No Better Time to Start Your Own Law Firm
Are you thinking about abandoning your Big Law job and striking out on your own, but intimidated at the thought of going up against established firms? Big law can be a daunting opponent, especially if you want to start your own law firm, but that shouldn’t stop you. Through the use of technology, careful planning, and intelligent outsourcing, you can take on cases that traditionally only larger firms would handle.
How to Start Your Own Law Firm: 5 Essential Tools
Big law firms only have one thing going for them: resources. By leveraging an assortment of tools, you can master their playing field while still streamlining your own operations. Here are five types of tools that can help you start your own law firm.
1. Contract Review
As you are no doubt aware, reviewing contracts can be a time consuming affair. Luckily, services such as LawGeex help to shoulder some of the burden. LawGeex provides fast and easy contract reviews, searching for “unusual, missing, and important clauses.” The platform compares each contract to thousands of similar contracts, then uses advanced algorithms to give you a score. While you will still need to review the contract yourself, Lawgeex can perform a preliminary review and identify any glaring issues, saving you a lot of time.
2. Leverage Legal Project Management Software
But how will you keep organized? There are many legal project management suites that are designed specifically for small law firms. Rocket Matter and AbacusLaw are two popular options, but there are certainly others. Project management software will keep you on task, keep your employees and partners productive, and even help you with things such as billing and budgets. The key to any successful business, whether in the legal industry or not, is organization and consistency.
3. Utilize e-Discovery to Make Document Review Less Daunting
The document review process is one of the first things many lawyers think about when they consider opening their own firm. While it’s true that document review can be a challenge for any organization, it can be made far faster and simpler through the use of an e-Discovery solution like Xera. These tools make large data sets more manageable, so that your new firm isn’t overwhelmed by the shear number of files that need to be evaluated. These software suites can shave hours if not days off the discovery process, making it easier to allocate your staff members to more important tasks.
4. Invest in Legal Marketing Platforms
Once you have a system, you need clients. Legal marketing platforms will bring your clients directly to you. There are some general options, such as HubSpot, that you can use, as well as legal specific marketing platforms such as Avvo Ignite or LawLytics. These advanced marketing platforms will give you key insights into your primary demographics and what you can alter in your campaigns to better reach them.
5. Open Source Your Legal Research
Sometimes a case is all about being able to conduct research faster. The Casetext tool is an open source tool designed to make it easier to both research and write about the law. Through Casetext, you can easily search through regulations, statutes, and cases, to find the information that you need. This free, open source tool has over 10 million state and federal documents, providing a very large avenue through which you can acquire relevant information.
Bonus: Follow Online Resources and Guides
There are many resources and guides that are dedicated to starting small firms, such as Lawyerist.com. Through these websites you can gain valuable information, insights, and advice regarding the starting and development of your very own boutique legal firm.
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