There are many options for lawyers looking to start a side business, and the best option depends on the lawyer’s individual strengths and interests. However, some popular side business ideas for lawyers include starting a consulting firm, providing legal services to small businesses, or becoming a legal coach or expert. Whichever option you choose, make sure to do your research and create a business plan before getting started.
There are plenty of ways to make money with a law degree – you’re not limited to working as a lawyer in a law firm! Here are some great side business ideas that can help you make money with your law degree:
- Consultant: Use your knowledge of the law to advise businesses on compliance or other legal matters.
- Arbitrator: Help settle disputes between parties without going to court.
- Mediator: Facilitate communication and negotiation between parties to help them reach an agreement.
- Speaker: Give talks or workshops on legal topics such as contract law, estate planning, or business law.
- Coach: Help people navigate the legal system, whether it’s for divorce, immigration, or starting a business.
- Writer: Create content for legal publications, websites, or blogs.
- Investigator: Use your research and interviewing skills to help solve cases or gather information for attorneys.
Starting a law firm is a very good idea if you want to make money. You can choose to specialize in any area of law. It doesn’t matter whether you are a lawyer or not. All you need to do is to find clients and get paid.
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You can charge from $50 to $500 per hour. This depends on the type of work you do. If you are a paralegal, you can charge less than $100 per hour. If you are a lawyer, you can charge more than $500 per hour.
There are many benefits to starting a law firm. First, you can save a lot of money because you won’t have to pay rent and utilities. Second, you can work at home. Third, you can set your own hours. Fourth, you can work with clients 24/7. Fifth, you can offer flexible payment terms. Sixth, you can work part-time. Seventh, you can hire employees.
What are the benefits of taking an entrepreneurial approach to legal practice?
- Save Money: The first benefit of becoming self employed as a lawyer is that it allows you to cut costs by working from home. Instead of paying rent and utility bills, you will be able to deduct them from your taxes. Also, you will no longer have to buy office supplies such as paper, pens, etc.
- Work Anywhere: Another advantage of being self employed is that you can decide when and where you want to work. As long as you have access to a computer, internet connection, and phone line, you can work wherever you like.
- Flexible Hours: Being self employed means that you can schedule your time the way you wish. You can take off whenever you feel like it without worrying about getting fired.
- Set Your Own Schedule: When you become self employed, you also gain control over your schedule. No boss telling you what to do every day. You can come into work whenever you want and leave whenever you want.
- Earn More Than Full Time Salary: One thing that most people don’t realize is that they can earn much more than full time salary while still making ends meet. Many attorneys only bill between 10% – 20% of their total income. So even though you may only be billing $40-$60 per hour, you could actually be earning up to $400 per hour!
Here are some of the best business ideas for lawyers and attorneys:
Law Firm Management Services
A law firm management service provides support services to small firms. They help manage everything from bookkeeping to payroll. Some companies provide all kinds of business-related services including accounting, marketing, human resources, web design, graphic design, advertising, public relations, social media, SEO, copywriting, and so forth.
These types of services usually cost around $10,000 – $20,000 annually, depending upon the size of the company. However, there are other ways to start a law firm management service which does not require this kind of investment.
Legal Consulting Firms
There are several types of consulting firms available. Most of these firms focus on advising and guidance to new entrepreneurs who are just beginning out on their journey. Others focus on helping established businesses grow and expand. Still others focus on assisting individuals who are looking to change careers.
Regardless of whether you’re planning to go solo or form a partnership, consulting firms can be very lucrative if done correctly. Consultants typically charge anywhere from $50 – $150 per hour. Depending upon how large the client’s budget is, consultants can make upwards of $100K per year.
Marriage Counseling Service
This type of business requires little startup capital because many counselors already own websites with good traffic numbers. In addition, clients often pay upfront fees instead of monthly payments. Clients generally prefer this method since they know exactly how much money they’ll owe. The average hourly rate for marriage counseling ranges from $75 – $125.
Personal Injury Attorney
An injury attorney helps injured parties recover damages after being involved in accidents such as car crashes, slip-and-falls, dog bites, etc. As long as you have experience working with personal injuries cases, you should consider opening an injury lawyer practice. It doesn’t matter where you live; you can open an office wherever you’d like.
If you’ve been practicing law for years but feel stuck in your current career path, then it might be worth considering starting a coaching business. People hire coaches for various reasons. Sometimes they need someone to give them feedback about their performance. Other times they simply want someone to talk through problems they’re having with friends or family members.
Whatever the reason, coaching has proven to be one of the fastest growing professions in America. According to the Bureau of Labor Statistics, employment opportunities for career coaches will increase by 19% between 2010 and 2020. That means that more people than ever before could potentially benefit from hiring a coach.
Law School Business
Many students dream of owning their own law school when they graduate from college. Unfortunately, most schools don’t allow graduates to sell legal education products directly to consumers. Instead, they must first partner up with another entity.
Once the student graduates, he/she may still work part-time while building his/her brand. But even though some schools do permit alumni to operate independently, it’s best to avoid doing so until you gain enough experience under your belt.
Are you interested in writing articles? Do you enjoy researching topics related to the law? Then why not start your own attorney editor service? You would write short pieces about specific areas of law.
These articles would appear online and also be published in print magazines. Some attorneys earn thousands of dollars each month by offering their services as editors.
Another great way to build a successful website is to blog about something relevant to your niche market. By blogging regularly, you’ll attract visitors who are searching for information about what you offer. And once those readers find your site, they’ll become loyal customers.
Business Registration Service Business
A business registration service allows entrepreneurs to register new businesses without paying expensive filing fees. They charge small amounts per transaction. Most states require all companies to file annual reports with local authorities. However, these filings aren’t cheap. So if you plan on registering multiple businesses, you’ll save yourself hundreds of dollars by using a business registration service.
Solo Practice Business
The solo practice business model works well for lawyers because there isn’t much overhead associated with running this type of operation. In fact, many solo practices make money just selling advertising space on their websites. This makes it easy for solo practitioners to generate revenue quickly. Plus, since they only represent clients within their state, they won’t face any competition issues.
There are many options available for lawyers who want to start a side business. The key is to choose something that you’re passionate about and that you can see yourself doing long-term. Consider your skillset, your interests, and what you’re good at when choosing a side business idea. With a little bit of creativity, you can create a successful and lucrative business that compliments your law practice perfectly.