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How Much Does It Really Cost To Start Your Own Law Firm?

There are many people out there that have the dream of owning their own law firm someday. And while that can take some time to make it a reality, you may find that there are a lot of questions that can come up. What are the costs? Let’s take a look.

The Cost of Education

Obviously, you need to become a lawyer in order to have a law firm. Makes sense, right? The cost of becoming a lawyer is not a small thing. Not only do you have to actually get your bachelor’s degree, but you have to start working toward your lawyer degree as well. This is a doctorate level degree, either called the Juris Doctor degree (JD) or the Doctor of Jurisprudence (JD or D.Jur). It can take years for you to earn your degree. You then have to pass exams and get your licensure to be able to practice law as well.

The Cost of Starting a Business

Then, you have to worry about running a business in your state of choice. You need to get the proper licensures, get the permits to run a business, and take care of all of the different things associated with the building. Once you work out that cost and the details of those costs, you will be that much closer to starting a firm.

So, as you can see, good law firms cost money. You will have to take the time to get your education, and then be able to take some time to start the business end of your law firm. Do some research to see what is going to work out the best and learn what you can to see what makes the most sense here – in the end, that’s going to give you whatever you need to get started.