After graduating from law school, you may have toyed with the idea of starting a law firm but never thought more of it. Now the time has come, and the vision of running your own practice is not only sensible but possible as well. So, how do you start a legal practice in Malta? Having the right information will make it less daunting to proceed with your plans. There are rules that different businesses must adhere to in different regions. One thing to know is that Malta’s legislation regarding business formation is EU compliant.
The legal sector is a broad one, and there are very many practice areas to consider. When thinking about starting a law firm, first know the type of services you will be providing. A lot of factors will determine this. If the company is a breakaway from another entity, then it may have the necessary resources to cover multiple practice areas. Large firms such as GTG Advocates provide services in shipping, taxation, commercial, corporate, and financial services just to mention a few. The size of the firm will dictate how extensive the practice areas will be.
Authorisation is one of the first requirements to consider when starting a law practice in the EU. The authorisation requirements will depend on the agency in charge in a particular region. You can set up an office and lay down the basics such as the IT services, human resources, and marketing. However, you must wait for authorisation to start delivering services. Find out the process of recognition to attain licensing. Learn how long it will take so as to prepare adequately.
Having a business plan is another vital element. The legal field can be brutal, and muddling through without a plan can cost to money wastage. Licensing authorities also consider the type of business plan in place when recognising a new practice. A plan should consist of aspects like funding, financial forecast, marketing strategy, target market, and recruitment among others.
Another regulatory requirement when starting a law firm in the EU is to have indemnity insurance. A law firm must have protection before it can start serving clients. Conduct research and find out the best insurance options for a new practice. Educate yourself on the minimum compulsory insurance requirements.