There may come a time during your career when you will be ready to go off on your own. Perhaps it will be after decades spent in a large firm, or perhaps when you’re fresh out of law school. Most likely, it is when the desire to make your own decisions becomes paramount, and when you are longing for a change and a new direction. Certainly, there are challenges to starting your own practice, whether as a seasoned practitioner or a newbie lawyer. Here are some financial tips to help smooth the way.

A business plan is the first step, outlining the goals for your venture and how you plan to achieve them. It’s a blueprint of the services you’ll provide, your personnel, location, expenses, anticipated cash flow, long-term income projection and more, all taking into account industry trends, competition and various other market factors.

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