Acquiring a Bachelor of Legislative Law (LLB) degree is a significant achievement. The social and economic environment has increased the demands of lawyers in India. While a majority of people undertake court practice, the rest of them prefer starting their law firms. However, the challenges and misconceptions surrounding a law firm make it impossible for a majority of lawyers to proceed with their venture.
An ideal way to hasten the process of forming a law firm is by busting irrelevant myths. Obtaining an insight into the routine working of law speciality determines how to start a law firm. Here are a few misconceptions, which procrastinate your decision. Take a look:
Inadequate cash flow
Inability to understand the practice fees
Top five misconceptions of starting a law firm:
1. One cannot earn an adequate amount of money
Starting a law firm is a daunting task. However, the number of efforts that you put in to sustain your firm is worth it. Initially, the lawyers have to look out for influential clients. Once they gain clients, their source of income eventually rises. Salaries and benefits provided by law firms last for the long-term.
2. One cannot estimate their fees
A majority of people apply for a business loan to set their firm. Since they have to repay their loans with interest rate, one must decide a fixed amount for providing their services. In the greed to earn more, don’t charge too high. However, one cannot charge too low since he has to suffice his requirements. The best way to decide on a fixed sum is to consider your personal and financial needs. You can also enjoy various benefits of business loan.
3. One will experience massive failure
Since your business is new, do not expect it to grow at a faster pace within a short span. You can expect to climb the ladder of success, only after your business crosses a threshold of 3-5 years. The chances of running a successful business are high if your passion is intact. Therefore, build effective growth strategies and client retention plans for development in the long run.
4. One faces constant wrath from the competitors
Having strong competitors not only measures your progress but also puts your strategies to the test. So never let the healthy competition hamper your business. Therefore, every lawyer must stay updated on the current trends, attend social gatherings, build an active network, and so on. Don’t paint a wrong picture in the minds of the competitors. Maintain a cordial relationship with them and don’t hinder your focus.
5. One must deal with intellectually challenging work
Conducting a law practice is rigorous. Every lawyer from a law firm must complete the regular tasks like document reviews, site checks, and daily research. Moreover, every firm lawyer must keep a record of their time and work throughout the day.
To sum up, starting a new law firm comes with a lot of challenges, with inadequate resources to start the firm being the most common. Bajaj Finserv Business Loan works in favour of such lawyers to cover their financial needs. The flexibility repayment tenures and tailor-made services are beneficial for all the new lawyers.
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