Thinking of setting up your own law firm consultancy in London? Before you do, there are a few factors you’ll want to consider.
While the UK’s capital is a great place to start up a law firm, it’s also packed full of competition. This means, if you truly want to become successful, you’re going to need to do your research, prepare and know exactly what it takes to make it in the industry.
Here, we’ll look at what it takes to become a successful law firm consultancy in London today.
What skills do you need?
Before you set up a law firm consultancy, it’s worth familiarising yourself with the skills you’re going to need. This will obviously depend upon the type of law you’ll be focusing on. However, generally speaking, you’ll need the following skills to become a successful consultancy:
- Commercial awareness
- Communication and people skills
- Research and analytical skills
- Attention to detail
- Self-confidence and resilience
In terms of commercial awareness, you’ll need to know how to market your services and keep costs low. You’ll also need to have an understanding of how economic, political and social issues affect potential clients.
These are just some of the most important skills you’ll need, so you may want to take a little time to hone these skills before you do set up your law firm.
Choosing the right location
The location you choose to base your business in London will make a huge difference to its success. You’ll want to ensure you haven’t got too much competition in the surrounding area. This isn’t easy in the country’s capital.
You’ll also want to think about affordability. While Mayfair may be a great area to secure high-paying clients, you will need a hefty budget to get set up here. Of course, you can save money by leasing commercial premises via Avison Young. Even in sought-after areas, you’ll find premises available at reasonable rates.
Other things to consider here include how clients will get to the premises, and the image you want to present.
Setting yourself apart from the competition
In London, you’ll be pushed to find an area which doesn’t have any competition with your business. So, if you do want to make your law firm consultancy a success, you’ll need to think of ways to set yourself apart from your competitors.
You could use your unique experience as a selling point or specialise in a certain type of law that isn’t covered by your competitors nearby. Also, focus on services which add real value to your clients. Don’t forget to market yourself too. Once you have set up, you’ll need to let clients know you’re there if you want to start getting new business.
Overall, setting up a law consultancy firm in London is a pretty big challenge. The above are some of the main factors you’ll want to consider before you start the business. Ensuring you choose the right location and you have the skills required are just the first steps to making it in this competitive industry.