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Starting From Scratch

By Joe Luber
November 30, 2004

The number of new law firms formed by partners that have split off from existing firms is on the rise. As such, these partners, who may never have been involved in technology decisions at their previous firms, have to start from scratch in order to implement the computer systems, e-mail systems, financial and practice management software needed to conduct business.

In the case of Buckley Kolar, LLP, five partners at a large national law firm decided to break off and form a new practice in the Washington, DC, area. The practice would serve a national client base and specialize in the financial services industry. In the last quarter of 2003, I was contacted by the CPA representing the partners to set up the soon-to-be-formed firm. As an accountant and independent consultant, I was tasked with managing the entire set-up process for this 20-attorney firm. The technology selections, including our computer network, e-mail, financial and practice management systems were the most significant from both budgetary and complexity standpoints. The goal was to have the office functional within 90 days so that the attorneys could walk right in and begin billing from day one. The first step was to create budget and cash flow projections before any technology decisions were made.

As a general rule of thumb, a start-up firm must be able to finance security and other deposits, capital items and approximately 3 months of operating costs.

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