✔ Checklist for Starting a Law Practice BUSINESS PLAN Executive Summary ENTITY TYPE & REASONING Sole proprietorship TECHNOLOGY Secure Software Mission statement General partnership Word processing Description of law firm Limited liability partnership Time and billing Goals and strategy Professional service corporation/ professional association Conflicts checking Practice areas Pro bono activity Financing requirements Firm Description Name and ownership Decision making and operation Marketing Strategy Professional limited liability company OFFICE SPACE CONSIDERATIONS Geographic location Competition/cooperation Size Home office Target market Office services suite Budget Space sharing Local economy Lease/ownership Marketing plan Current and potential clients Competition Firm Economics Startup costs Billing projections Expenses Overhead review Financial Plan Budget Financing sources Break-even analysis Financial projections Case management Accounting system Secure Hardware Telephone Computer Printer Scanner Copier Fax machine/e-fax Secure Internet Internet service provider ACCOUNTING Meet with CPA or bookkeeper Set up chart of accounts Establish accounting procedures Internal/external dynamic Purchase software Payroll services BANKING & TRUST ACCOUNTS High-speed internet, cable vs. DSL Legal Research Fastcase, Westlaw, LexisNexis, Casemaker Free/low-cost services OFFICE EQUIPMENT, SERVICES & SUPPLIES Postage provider and meter Furniture Operating account Telephone system IOLTA (D.C. mandatory) Business cards and announcements Non-IOLTA trust account Office supplies clip & save INSURANCE Professional liability Workers' compensation Health insurance Property, casualty, and cyber insurance D.C. Bar member benefits for the small firmhttp://dcbar.org