Over the years, the question I’m asked most by a person or group wanting to start a practice is, “What does the bank require in order to get my/our financing?”
The most important first step is to evaluate what your particular financial needs will be with respect to operating expenses for the first year. Operating expenses include such items as partner draws and salaries for associates, secretaries, paralegals and other staff. Also included are rent, parking including your clients if necessary and all insurance needs, such as health, life, disability, workers’ compensation, key man life and professional malpractice, to name a few.
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