Business Overview

A law firm represents members of the community including organizations, government agencies, corporations, and others in a court of law. This business is centered on analyzing legal challenges and providing sound advice in the quest for justice and fairness.

Who is this business right for?

This business is ideal for an individual with a strong sense of justice. If you are looking for a way to serve your community and help people/organizations obtain fair results, you should consider starting a law firm. However, you will need a law degree or a considerable amount of money to fund the launch of a law firm headed by those who have obtained law degrees.

What happens during a typical day at a law firm?

The average law firm business owner is an experienced attorney who tends to client concerns, seeks out new clients, meets with the law firm's partners and provides legal analysis. Much of the day is spent applying case law to clients' legal matters, conferencing with fellow attorneys, and developing effective legal strategies with the end goal of obtaining a just result.

What is the target market?

The preferred client type is an individual who needs extensive legal assistance in his quest for justice. Some law firm business owners take great pride in helping needy members of the community who can't afford a high-priced attorney. Oftentimes, it is more rewarding to help those in need obtain a fair result than it is to tend to uber-complicated legal matters for corporations and other high-profile clients. However, some attorneys prefer to provide legal services to companies that are willing to pay a substantial hourly rate for the law firm's legal services. Examples of such clients include multinational corporations and regional businesses with challenging legal matters that require substantial analysis and representation by a team of experienced attorneys.

How does a law firm make money?

A law firm makes money by providing legal services to a wide variety of individuals, businesses, and organizations. A law firm represents clients at hearings, trials, and other court events. In some instances, merely providing legal advice is enough to charge a substantial fee.

What is the growth potential for a law firm?

Law firms have the potential to grow quite rapidly. This business might start out somewhat slow but it can quickly expand once clients are recruited. It is possible to start out running a law firm on your own and eventually grow to the point that additional partners are added. The law firm can easily transition from a specific legal niche to becoming a provider of legal services that spans a wide array of realms. The law firm might start out serving locals, eventually expanding to provide services across the region and even across the nation. The most successful law firms establish international offices across the globe.