Starting up a new law firm is both an exciting and daunting experience — like everything else in life, being your own boss has its rewards and its headaches. Operating a successful firm entails more than just being a good lawyer and understanding how to file a claim, negotiate a deal or advocate for a client.
To run a successful law firm, you must learn the financial and regulatory aspects of running a firm and work to develop strong business skills. You will need to take the appropriate actions, on a day-to-day basis, to initiate and sustain the progress of your business. You also need to be prepared to forgo regular paychecks, and you will likely work harder than you ever have before. And, of course, to build and sustain a successful firm, you need to practise law competently and ethically.
Sole or small firm practice is not for everyone. To succeed, you must:
- learn how to develop a plan to start and run your business;
- understand the obligations of a Responsible Lawyer, and how to operate a trust account properly;
- familiarize yourself with basic accounting and bookkeeping processes;
- understand your legal and regulatory obligations regarding matters such as trust filings, taxation, employee deductions and GST;
- develop a marketing plan to attract and keep clients; and
- continue to develop your legal skills.
This course is intended to introduce you to some of the key concepts you need to consider when starting a new law firm. We want to equip you, as an Alberta lawyer, with the tools you need to be successful when you are starting out and throughout the lifecycle of your career.
The objectives of the Opening a New Law Firm course are to:
- learn how to create a business plan;
- decide on the appropriate entity type for your firm;
- determine what kind of office space you will need;
- understand the equipment and technology that you will need to start your law firm;
- provide an introduction to budgeting and financial issues;
- introduce you to key regulatory requirements; and
- develop an office policies and procedures manual.
Designed to be self-paced and self-tested, modules include content, work sheets, knowledge checks and suggested resources you can complete as it works for your schedule. While you have the flexibility to review modules in any order, this course is structured sequentially. Information or activities from specific modules may be referenced in other sections of the course.
Although we aim to present a comprehensive course, this course is not exhaustive. It does not attempt to cover a complete knowledge base for each area but rather captures, highlights and provides an overview of core concepts. This course is not a substitute for exercising professional judgment and does not constitute legal advice.
You may take this course as part of your annual Continuing Professional Development (CPD) plan. Course content may be relevant to different competencies.
Need help? Please see the Frequently Asked Questions for more information or contact the Education Department.
You should also consider requesting a Practice Management Consultation. Practice Management counsel will work with you one-on-one at no-cost to identify potential areas of risk in your practice before problems develop. Practice Management counsel provide advice on starting your own firm, as well as file and time management, billing, file organization, client communications, trust safety reporting and obligations, and other issues.