Featured image from Pixabay
The American Bar estimates there are around 135k personal injury lawyers working in the US, out of a total of around 760k lawyers. However, while there is plenty of competition, particularly in California, where there are 22,721 registered personal injury law businesses, there’s always room for more law firms.
If you’re planning to start a personal injury law firm, be aware that it requires careful planning and preparation. From office space and equipment to legal resources and staff, there are several key elements you’ll need to have in place before opening your doors.
Here are the five most important things you’ll need to set up your personal injury law firm:
A Physical Office Space for Your Personal Injury Law Firm
Having a professional office space to meet with clients and conduct your law practice is essential. Look for office rentals in a centrally located area that is accessible for clients. The space should include private offices for attorneys and staff as well as conference rooms for meetings. Also be sure the office has room to grow as your firm expands. Outfit the space with necessary furnishings such as desks, filing cabinets, phones, and computers.
A welcoming reception area and conference room will provide clients with a positive first impression. Note that 40% of people say a negative impression of a reception or lobby influences their perception of the business.
RELATED ARTICLE: 9 TIPS FOR STARTING A BUSINESS
Practice Management Software for Personal Injury Law
El Paso personal injury attorneys advise that you invest in a robust practice management software platform to organize personal injury client files, documents, schedules, and billing. A cloud-based law practice management system will help you digitally manage cases from intake to resolution. Key features to look for include document storage and sharing, calendaring, templates for legal forms and documents, billing and payment processing, task management, and reporting. Training in how to use the software is crucial for an efficient workflow.
RELATED ARTICLE: 5 WAYS OF PLANNING FOR RETIREMENT WHEN STARTING A BUSINESS
A Legal Library and Resources
Building a law library with key legal resources is vital for researching cases and preparing claims for clients of your personal injury law firm. Subscribe to reliable legal research tools like Westlaw or LexisNexis. These tools will allow you to access case law, verdicts and settlements, legal forms, and more. You’ll also need resources like medical records, accident reports, maps, and diagrams to support injury claims. NALA, NAELA, and state bar associations also have useful reference materials.
Experienced Support Staff
You can’t run a law firm alone. Hire competent legal support staff like paralegals, legal secretaries, and legal receptionists. These employees will assist with client intake, document preparation, phone calls, scheduling, filing, and organization. Experienced paralegals can help with critical aspects of case preparation under attorney supervision. Office managers help handle day-to-day business operations for your personal injury law firm.
Personal Injury Law Malpractice Insurance
Malpractice insurance, also called errors and omissions (E&O) insurance, is mandatory to protect your firm in the event you make a mistake that leads to an unsuccessful case or client loss. It will cover any damages awarded to clients due to attorney negligence.
Malpractice insurance can be expensive depending on factors like your years in practice, specialty, firm size, and policy limits. However, not carrying ample coverage can lead to financial ruin for your business. The average settlement for legal malpractice in 2022 was $365k.
With meticulous planning and preparation, your law firm will be ready to help injured victims prevail with their personal injury claims.
RELATED ARTICLE: STARTING A BUSINESS: THE COSTS NOBODY TELLS YOU ABOUT