P.C., L.L.C., L.L.P., P.L.L.C., I.H.C., D.U.C.W.I.C. There are many entities and law firm business models to draw from as you fashion your law practice (but we made up the last one). Finding the right law firm business model that will be sustainable for you won’t necessarily be easy, but you also aren’t stuck with the first one you pick, so don’t get too stressed. Think about what you want for your practice, whether you want partners, how you want to grow, how you want to deal with taxes, organized you want to be, and even whether you think you want to sell your practice at any point in the future. The operational logistics of how you want your practice to be can help guide you towards the right law firm business model for you.
Law Firm Business Models
When figuring out a law firm business model that will be right for your practice, keep in mind the goals and future you want for your law practice.