22nd October 2015 From India, Delhi
My idea to set up this professional line lies in a structure where this office will be the outsource partner into corporate legal affairs for both onshore and offshore clients.
All the legal professionals are registered lawyers(mostly registered under the Guwahati High Court), corporate officials and also includes senior level government retired personnels, with a willingness to be part of a joined corporate structure of own & that too in the native location.
The areas which I will be presently focusing will be :- i). Corporate solutions, ii). Litigation solutions, iii). Intellectual property solutions, iv). M&A v). Legal secretarial services. Following that we will also expand into other legal fields alike data validation and legal audits.
22nd October 2015 From India, New Delhi
You maay please provide some more clarifications on the following points:
1) Are you also a registered practising lawyer or a working or retired finance profesional with law qualification?
2) Your associates will be your employees or on hire basis on case to case basis?
3) Have you prepared some business plan or not?
If you think some information being of confidential nature, which you don't prefer to share on this open forum, you can feel free to send details at our email at [email@example.com ].
23rd October 2015 From India, Delhi
Sorry for the late response.
Based on your aforesaid queries, please mark my following responses:-
Q1) Are you also a registered practising lawyer or a working or retired finance profesional with law qualification?
Response :- I am presently a senior-level finance & legal professional working with an US-based healthcare MNC.
Q2) Your associates will be your employees or on hire basis on case to case basis?
Response :- Most of my associates are presently practising lawyers, retired govt officers, etc. At the present onset, their remuneration will be a case-to-case basis. Once my complete set-up is operational, they are all interested in joining my company on its rolls.
Q3) Have you prepared some business plan or not?
Response :- I haven't prepared any full-fledged business plan as such. It is just what clicked my mind and so I want to built such a structure based on my experience over the years. Also, there are supporting people or associates who have shown their interest in such a set-up.
Hope I have responsed to your queries as per your requirement.
Please get back to me, if you have any further queries.
6th November 2015 From India, New Delhi
Take a step back, and do some research on this FIRST.
Start first with a thorough SWOT analysis of both yourself and the business idea. After that put together a very detailed and comprehensive Business Plan that sets out exactly how the business is going to be set up, what funding you have, how you will operate, how you will market, and where the clients will come from.
What is going to be different about you and your business?
How are you going to find clients, when all the other similar businesses around you are seeking the same clients?
How are you going to support yourself (and your family if applicable) while you try to establish the business and make it profitable to pay you a salary?
What capital and ongoing finance do you have to start this business, hire and pay staff, rent office accommodation, pay for marketing and advertising etc etc??
How many other similar businesses are there right now in your area that you will be competing with?
As a general rule of thumb, you need to work out what your total living expenses are for a year, and put that money to one side. That relieves the pressure to some extent while you try to establish the business. At least you can then maintain a roof over your head, continue to eat, and pay for all your living expenses, though of course, you may need to live more frugally.
Secondly you will need to work out what it is going to cost to set up the business from scratch, then how much money you will need to run the business for at least a year. Very very few businesses ever make any money in the first 12 months, so if you are counting on this generating income as soon as you open the doors, then I seriously advise you to rethink this idea NOW.
We have so many postings here on CiteHR of people who have started their own businesses, and are now desperately seeking clients etc, because the business is failing. I'll guarantee that none of these people did any research first, or made sure they had funds in place to live on.
FAILURE TO PLAN IS PLANNING TO FAIL.
13th November 2015 From Australia, Melbourne
Never mind, if you are late in response. You can go ahead with your plan to open an LPO. But an exhaustive & perfect business plan is a must to start with. But, if you seek the practising lawyers to be your enployees that will not be possible. They can become members of the group, as consultants, on case to case fee basis.
Best of luck.
13th November 2015 From India, Delhi