Have you ever considered working more efficiently by getting your firm online? If you own a company, have you ever wanted to develop and make more profit out of it?
The situation we live in today required us to be smart enough to adapt ourselves to the fast changes happening in the world every day.
In this article, you will read about the easy steps you need to take to build and start your virtual law firm.
What is an online law firm?
What we define as an online law firm is not a bricks-and-mortar workplace or office. It means that you can work while you are sitting on your chair at home delivering ordered services to your clients by only Having a customized website and using the technological tools you can access.
“Once you decide to form a virtual law firm, all it takes is what you do for building a traditional law firm, but there is a small difference which is about its lawyers who may not be employees or partners.”
Here’s everything you need to build an online law firm:
1 Make a clear business plan
2 Ask for insurance
3 You may need an application for regulatory
4. A professional website and marketing tools
5 Set up the Management system
6 Plan for risk management
7 You will need at least one bank account
8 promote your online business services
The importance of the steps mentioned above depends on your business plan and purposes. But knowing them may be helpful.
1. Make a clear business plan
You need to build the strategies and your vision as a cornerstone. They are essential as they define the service you are going to provide people with, who works for you, how you deliver your clients’ orders, and the costs.
Here’s how you make a business plan:
- Always be on track and try to observe the world and what’s happening at the moment.
- Be ready to explain what you want to do and present your business to people outside your circle.
- Strategic thinking matters a lot.
Your business plan should have your visions and, it would be more exciting if it is innovative having flexible regulations.
2. Ask for insurance
It would be best if you had professional indemnity insurance before the many hoops you will jump through. When you fill out the insurance application form, you need to let the insurer know the job you will do may have a risk but mention that it is worth it.
In other words, you need to tell them about your specialty area, your ability and strategies for risk management, the components your business plan involves, people who will work for you, and how experienced they are.
Be sure to be insured where they can handle it if there was any problem stopping you from doing your job.
3. You may need an application for regulatory
After taking the three first steps, you are all set up for a formal regulatory application to an authorization team (if you need to be regulated), we suggest you go for it.
There are many logical reasons why you need to be regulated, including your systems that become more flexible than they used to be. The team does stress test your application to make sure it can stand up to scrutiny and complete the application under the Money Laundering Regulations that is as important as background checks.
4. A professional website and marketing tools
When you want to start an online business or law firm, the first thing you need to be sure of is that you have access is having an online platform to show your business identity and make your client reach you better.
If you should be more than a one-person-band, besides making the team, you can use some helpful features so that the whole system will be more disciplined and effective.
The only things you need to run your business with is a laptop and internet connection. You can cut down on the costs by doing some works on your own (like using essential website builders like Frizi) to help you factor in paying for others doing it for you and help you out for your marketing needs.
Build your presence online, introduce your purposes, goals, and promises to your audience, be in touch with your clients, make them know your values better by getting the right choice in bringing customized website and marketing tools.
5. Set up a Management system
The administrative work required of the virtual firm is not unlike that of the physical law firm. Fortunately, technology and online tools can be leased or purchased second-hand for further cost savings.
By creating a virtual law firm, you can save money and time by maintaining client records via secure, online, or cloud-based vaults.
Your law firm website can both track time and generate bills. Clients pay via PayPal or through their bank’s automated program.
6. Plan for risk management
The topic is very general but, once you are regulated, you have to follow some rules:
- The legislation for the protection of your data
- The Rules related to anti-money laundering
- Corruption and bribery
- Contracts signed for distance selling
- Financial services
- Insurance distribution
When the unexpected risks come up, are you adept enough? Have you got suitable systems to identify any risks and solve the problems raised by the risks? If so, then you have to worry about nothing. Always have a plan B or risk management plan to make up for the loss.
7. You will need at least one bank account
It seems simple, but you must have a general client account to handle your client money. It also gives you the chance to make online payments.
8. promote your online business services
Do you have any idea how you can generate your new business space? It depends on many factors, but the most important one is that you and your clients are natural markers or at least so good at learning them.
There are many things you can do to develop your online business:
- Learn how to become an expert in digital advertising/search engine marketing
- An email list could be helpful to make
- Join – or start – a referral network
- Position yourself by creating useful contents
- Try to have a strategic partnership with other complementary businesses.
- Use technological tools and social media (e.g., Instagram, YouTube, Twitter, Facebook, so on)
- Buy a data list
- Consider advertising channels
- Hold practical conferences and courses tutoring people.
It is a long way, but it does not mean that it is difficult to do. All it takes is being brave enough to take the first steps, hardworking, and ask for help, and then you will be there. Bear in mind that if you want to have a good website representing your business identity, you will have to jump through many hoops to reach it.