Launch Angle: How Do You Fund a New Law Firm?
When you’re starting a new law firm, the big question is how you afford it; and, you don’t want to guess. At the very least, you want to understand what your runaway is: If I don’t make any money doing this, how long until I run out of money to support myself? That answer’s different for everybody; and, it helps if you have a life partner, who can keep the wheels moving, while you’re a start - up. The related question is: How long does it take the new business to become self-supporting ? In other words, when you do make enough money from it to pay for (1) a salary/your personal expenses; and then, (2) ongoing business expenses. Once you get there, you can breath a sigh of relief, and start focusing on profit. But, if you don’t have a spouse, or a significant amount of savings to tap into, or even a book of business to port over from another law firm – you’ve got to grind to make it work, because, ...
