Funding Requirments for a Freelance Paralegal Business

BY: Miguel A. Virgen (September 7, 2017)

The Freelance Paralegal profession is a much new business but quite popular to a real extent. The paralegal business is coming up firmly and potentially to be the new business in town. Paralegal business firms started picking up slowly but substantially in the 1990s duration with the rise in the demand for legal service among the vast population. The projection by the year 2016 there were about 10,000 – 15,000 paralegal firms across the country (Guzelian, 2014). With this standing the growth of the paralegal business is projected to improve at the rate of 15% to 20 % annually, bringing into answer the question of the market trend.

The growing number of lawyer graduates pouring into the streets of California annually in the hope of securing jobs call for an affirmative action in the establishment of paralegal firms. The growth potential of paralegal business in undisputable. According to Guzelian (2014), most law firms are currently overwhelmed by the continuously increasing number of clients who queue in dire need for legal representation in cases hanging in courtrooms. Coupled with the hanging number of lawyers in the society waiting for employment in any law firm, paralegal business is a viable idea.

Law practitioners also require a reliable avenue for practice and advancement of their educational gains in the law classes. Paralegal establishment in California State comes as a welcome idea to the benefit of the public, lawyers, and state and law students all over the state (Guzelian, 2014).

To start up a Freelance Paralegal business in California, the most and important is the registration by the state statutory agencies and the securing of an open and accessible office premise. Enough funding would be required for the registration fee of the firm and the payment for the office rental space. The first set of employees as the receptionists and cleaners will also need payments and maintenance until the business picks up and starts running.

For a Freelance Paralegal firm to be successful, a long-term plan is needed to comfortably and efficiently meet the continuous needs for legal representations. The most and important is the acquisition of a distinguished professional lawyer to join the entire group of the firm. In this fact, enough funding may attract such human resource after a period of at least five years. The prominent name association of public figure lawyers will create public confidence and desire for service from the firm.

After a five-year period, it is important for the enterprise is seen as developing. The opening of new branches in the different parts of the state necessary as it will create a universal avenue for service delivery to a larger group of clients. Further funding will be needed to open a new branch of the Freelance Paralegal firm in a different location within your jurisdiction. As the firm grows, the need to increase the number of staffs and the engagement in public marketing of the firm is required to increase awareness of the services provided. Television and newspaper advertisements consume significant amounts of finance and without proper marketing, even the most reputable firms would not take off the ground and grow since their target market would not know they exist.

Loan proceeds management is essential to reduce the misuse of funds (Crabtree & Sellers, 2016). About 50% of the loan proceeds will drive usage in investing in working capital as to avoid the possibility of a collapse of the business. A small percentage will face utilization in the acquisition of assets and human resources. The capital expenditure should be minimised to reduce the chances of the bankruptcy of the business.

At the onset of the firm, the company will need to invest in assets of the office such as staff’s furniture and hardware. The durable assets acquisition is required to avoid the cases of the repurchase of the same materials after a short period.

For a Freelance Paralegal firm, it is essential to have a long-term plan in place so as to ensure there is a clear plan to the startup plans (Crabtree & Sellers, 2016). The most important is to have the business under acquisition by the public who will have an intense attachment to the firm. Partnership with leading paralegal firms will place the business in the global platform for reputation. The need for the short term payment of the loans is critical to ensure the company runs debt free.

References

Crabtree, J., & Sellers, A. (2016). U.S. Patent Application No. 15/206,195.

Guzelian, C. P. (2014). Regulating California Businesses: Are Current Laws Best Serving the State’s Economic Interests or Has the Sun Set on California?: Required Resolution: Enforcing Contracts Without Courts. Nexus J. Op., 20, 1-67.

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