Expanding into new markets can be a great way for a law firm to grow. Whether the firm is a solo, small or large law practice, a new market provides client acquisition and business development opportunities. Having virtual or branch offices in other markets enhances the perception to clients that the business is well-established, growing and has broader and deeper access to resources. Branch offices can also attract talent or supplement specialties in practice areas.
But entering a new market can be a daunting task because of market uncertainties, setup and operational challenges, organizational/management issues and costs. A market expansion usually takes a lot of up-front planning and a large commitment of resources to find the right office space, build out that space and infrastructure, and hire the right staff. It may distract senior partners from their important work and is very time-consuming.
Onerous Costs of New Setup
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