Do you run a law firm and want to know if a law firm can own another business? If YES, here are 10 profitable business ideas for law firms. In the world of business, your ability to operate within the context of the industry you are operating in will go a long way to determine if your business will survive or be suspended from the industry.
This is why it is important for owners of businesses to know what obtains in their industry before they venture into the line of business or industry. But as it relates to diversifying, it is no doubt one of the ways by which a business survives downtime or a phase where they are no longer having the number clients that will help the business generate the required income to sustain it.
So, if you intend running a law firm, you might want to know if in future it won’t be out of place for you to also run other businesses most especially if you intend to expand your business interest and generate more revenue.
First Things First, What is a Law Firm?
A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service rendered by a law firm is to advise clients (individuals or corporations) about their legal rights and responsibilities, and to represent clients in civil or criminal cases, business transactions, and other matters in which legal advice and other assistance are sought.
Can a Law Firm Own Another Business?
The answer to the above question is that a law firm as an entity can also own another business if they choose to and as long as the business is legal and would not interfere with the core of their business.
Now, in as much as a law firm is by legal standings allowed to own a business, the major concern here should be, what kind of business can a law firm own that won’t in any way interfere with their core business mandate, or will conflict with the ethics of their profession?
If you own a law firm and you are looking for a business to start, here are top ten business ideas you can choose from that will in no way affect your business operations and can be run in same environment;
10 Profitable Law Firm Complementary Business ideas You Can Try Today
1. A Boutique Real Estate Firm
A boutique real estate firm is more or less a small office staffed with well – vetted professionals. These boutiques provide superior customer service and specialized marketing for a small number of clients. Note that the hallmark of the boutique firm is the direct focus on quality over quantity.
Agents in these firms are renowned for appreciating a work environment that measures success by happy customers rather than aggressive franchise – imposed sales goals. These boutiques and agents tend to feel confident that their account is receiving the greatest possible attention and focus.
2. Real Estate Brokerage Firm
The real estate industry involves buying, selling, or renting of lands, buildings or housing facilities et al. Real estate agency or a real estate agent (broker) is a person who acts as a middleman between the sellers and buyers of real estate. They are involved in searching for sellers who sell properties and buyers who to buy properties.
A real estate agency (brokerage firm) usually receives a payment called a commission for successfully matching a seller’s real estate with a buyer’s real estate need; such that a sale or rent/lease can be made. In most cases, the commission generated is shared with other real estate brokers or agents who played parts in ensuring that the properties are sold or rented out as the case may be.
It is important to state that in the United States of America, each state has own unique laws that clearly define the types of relationships that can exist between real estate agencies (professionals) and property owner (clients).
With the increase in the demand for virtual office, any law firm that decides to start his or her own virtual office is sure going to make good returns on his or her investment. A virtual office is an office location that exists only in the cyberspace.
A virtual office arrangement enables an entrepreneur to operate from any location in the world by simply leveraging on technology such as a functional laptop/computer, a mobile phone and internet facility. Those that operate virtual office rental businesses provide the professional office addresses (physical office facilities and meeting rooms) where mails are received, meetings are held and visitors received when necessary.
An investment club is a group of people which is less than 100 persons usually with same investment philosophy and ideology who meet for the purpose of pooling cash together and investing in any industry of their choice. There are several types of investment clubs but statistics has it that real estate investment clubs are known to be lower in risk and they also provide higher returns on investment which is usually between 21 percent and 70 percent.
Being an educational consultant means that you will help your clients handle all their educational concerns and help them gain admission to colleges or universities of their choice. You can also help your clients (international students) obtain work permits in their new country of residence.
Starting an education consulting firm is not too expensive except for the money required to rent and furnish an office space. Running this type of business does not necessarily requires that you should be trained as an educationist and it is indeed a very lucrative business in the United States because of the inflow of international students.
6. Calligraphy Services
Calligraphy service is grouped under the engraving services industry and players in this industry engrave designs, numbers or text on a broad range of surfaces (e.g. plaques, jerseys, trophies, invitations, firearms, electronics, laptops and industrial ID tags et al) for consumers and businesses.
Their services include laser engraving, reverse engraving and other engraving techniques that is applicable to the materials they want to work with. Basically, calligraphy is a visual art related to writing. It is the design and execution of lettering with a broad-tipped instrument, brush, or other writing instrument.
It’s a set of skills and techniques for positioning and inscribing words so they show integrity, harmony, some sort of ancestry, rhythm and creative fire. Modern calligraphy ranges from functional inscriptions and designs to fine-art pieces where the letters may or may not be readable.
If you are a lawyer and you have a penchant for business, then you may want to tinker with opening your own art studio. Art galleries usually purchase artwork from an artist or individual owner and then sell the artwork to consumers, with little or no further development of the product.
The market for artworks has continued to soar from generation to generation hence making the business a viable and profitable. It is important to point out that art studio business can’t go out of fashion because people would always appreciate good artwork. Depending on the scale you want to start, the startup capital for this type of business can be considered to range from small to moderate.
If you are a brand enthusiast or someone who has background in advertising and branding matters, and you intend starting another business alongside your law firm, then you should consider starting your own corporate image consulting firm.
Starting a corporate image consulting firm is not too expensive except for the money required to rent and furnish an office space. There are many corporate organizations, corporate executives, entrepreneurs and even startups that will be more than willing to patronize your services.
Being an educational consultant means that you will help your clients handle everything that has to do with the corporate image they want to public to see in them. That is, your goal as corporate Image consultant is to improve the way an organization’s employees look and act.
If you have a robust knowledge on how social media works and you intend starting another business alongside your law firm, then you should consider starting a social media consulting firm. There are many corporate organizations, corporate executives, entrepreneurs and even startups that will be more than willing to patronize your services.
Being a social media consultant means that you will help your clients handle everything that has to do with their social media presence. That is, your goal as a social media consultant is to ensure that an organization or clients has active and interactive social media presence and also to help them reach out to their target market.
If you own a law firm and you are someone who has background in immigration matters and you intend starting another business alongside your law firm then you should consider starting an immigration consulting firm. There are many migrants who are trapped because they don’t know who to talk to when they have challenges with immigration issues.
Being an immigration consultant or attorney means that you will help your clients handle all their immigration concerns, help them to become a citizen of a new country of their choice, you will help defend your clients who have deportation cases with the government. You can also help your clients obtain work permits in their new country of residence; you can help your client start a business in another country, and any other immigration related issues.
It is legal to start another business when you own a law firm in the United States of America, but you will do yourself a favor by choosing from one of the businesses listed above or a related business that can easily sync with your law firm; a business that won’t take you far away from your law practice.