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First year law firm budget12/9/2023 ![]() I started in attorney practice and realised that once I got a decent client I could not really have them come to the broken down building. I started in a 14k office in Perin Nariman Street (towards the CST end) and I moved in six months to a 30k one. Think about whether you can afford to scale up the office expenses a bit more - if you can get to the 40k range. Am talking Mulla on CPC/Contracts, Indu Malhotra on Arbitration, the very basic.įrom my experience starting out, a few suggestions for your consideration:ġ. But at this stage maintaining a decent set of commentaries is as much a necessity to appear decently well read (we do read them!) before posh Counsels and not look out of place. space comes up to around 700 bucks, should 2000/- per month for a commercial connection be a reasonable estimate ? Anyway would like to know what you feel.Ģ. ![]() ![]() If the average domestic power bill for like a 350 sq. Courts at Ballard Pier/CST and the Cooperative Society (Malhotra House), DRT and CESTAT !Īm not 100% sure about the Power bill and if it is low because of lower usage post pandemic. Road and closer to CST - one has to sweat it out to reach HC on foot but useful if one has a substantial practice before the M.M. Its a cubbyhole office (can accommodate max 6 ppl) in old commercial building around the Borabazar Precint, not even proper Fort (proper Fort for High Court purpose - Homy Mody Street/Nagindas Master Road/Kala Ghoda/Horniman Circle up to Perin Nariman Street/Cawasji Patel Road). Of course, this won't apply if you have a steady cash flow (not billing but actual cash receipt) from day one.ġ. Please consider keeping aside six months operating costs as a reserve, which will burn through and then cash flow mismatch will come up. You'll also need some funds to meet initial payroll and other costs, since your cash flows won't be in sync with outflows plus as a start up, you'll have some lean months in beginning. One suggestion - just visualize yourself in office (or better, go to an operating office and just look around), you'll realize all expenses. Also, for four persons, why you need five systems, even after assuming your peon and court clerk are also given a system (unless the steno is on your payroll and needs a system).Ĥ) You may want to see when to go for recruitment and don't start with this much team from day one, since it may not be completely needed in beginning, unless you've good deal of work from day one. ![]() And for litigation, you don't need very high specs, unless you have lot of heavy excel data files etc. Can't comment on salaries.Ģ) Many other expenses not considered- subscriptions to journals/ reporting services, refreshments, conveyances, internet/telephone, mail id's, repairs etc, various miscellaneous expenses,ģ) Buy laptops instead of desktops. This is what the first time outlay and monthly outlay of a small, modest Litigation practice in Mumbai looks like.ġ) Rent and power are on lower side. 5,000 (for service, recoverable from client) One time Security Deposit & Brokerage for rented office = Rs. Office Furniture & fixtures (chairs, desks, sofas, ACs, cabinets etc) – Rs. Stationery (Printing paper/Ledger paper), Pens – Rs. After talking to a few friends who struck out on their own and started their own Law Practice (litigation), I have a ballpark figure on the average one-time investment and monthly expenses involved in setting up shop. ![]()
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