Canadian Lawyer 4Students

DEVELOP A BUSINESS PLAN 2 3 Before opening shop, you need to have a clear vision of what your business will look like and a plan for how you're going to achieve your goals. "This plan may include the offi ce space, your business structure, your staffi ng policies, practice management, professional development, fi nancial investments and leveraging, and growth — just to name a few," says Jakeman. Without a solid business plan in place beforehand, every step towards building your practice will seem more diffi cult, he adds. Another vital aspect is your fi rm's image. "Part of what you want to look at is the image you want to portray with your fi rm. When I started my fi rm, I wanted to have something that's young, dynamic, and modern," says Elmé Schmid, who started her own criminal and regulatory law boutique fi rm in Toronto earlier this year. She worked with a graphic designer to create a web site and stationery to refl ect this image. Your offi ce space should also refl ect your fi rm's image, says Schmid. There are several factors to consider when choosing the location of your offi ce, including whether you want to be close to home, what geographical area you want to be in, whether it shares space with other lawyers, where your clients are located, etc. GET YOUR FINANCES IN ORDER DO THE LEGWORK "Know the fi nancial constraints well in advance as they relate to banking, taxes, your legal structure, and your professional reporting and accounting obligations. Your management of money and accounts will be a clear indica- tor to your success," says Jakeman. Schmid says it's imperative that you set up a good accounting system and fi nd out what your obligations are as a sole practitioner. She suggests using the Law Society of Upper Canada as a resource. "As an associate, you spend so much time on developing your legal skills, in fact that's all you spend time on because you don't have to concern yourself with running a business or handling the ac- counting side of any fi rm. So for most people who start out on their own that's a completely new experience — it was for me — and for that especially, the law society was very helpful," she says. Campbell suggests becoming friends with a bank repre- sentative, particularly someone who works with law fi rms so your needs are well met. She learned about the fi nancial side of running a fi rm through the Law Society of British Columbia's Professional Legal Training Course. "Liter- ally just a few months before starting my own fi rm I was fi nally taught exactly how a trust account works," she says. Regina Lee, who launched her own general practice in Toronto last year, says it's essential to have enough of a fi nancial cushion to fall back on, espe- cially in the fi rst year when you're unsure of how many clients you'll have. NETWORK 5 4 Opening your own fi rm means all of the work falls on your plate — at least until you can afford to hire more staff or other associates to share the workload. Although it might be overwhelming at times, doing the work yourself will pay off. "You're going to have to do a lot of self-study on things like ethics, on substan- tive law, things that you will have to look up and do a lot of research on initially," says Schmid. "But in a week or in a month from now, you'll have a fi le with a similar issue and that legwork will be done." Building a network can do a lot for your practice. Getting out there and networking with others can lead to mentors, referrals, and even clients. Ridgedale takes advantage of every opportunity to network. "Anytime I get an invitation to speak at an event, attend an event, write an article, [or] go somewhere that has potential clients, I do it," she says. Schmid says networking doesn't have to be challenging. "You know a lot of people already," she says. Whether it's through your summer position, articling term, or law school — those are all referral sources, she says. Ridgedale says joining professional organizations is also key to developing your network. She is currently a member of a women's business group and a small business group. C ANADIAN Lawyer 4STUDENTS FALL 2012 15

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