Thinking of the business ideas you can start with a law degree? We’ve got your back! Apart from being a practicing lawyer, there are other aspects you can explore to make money. We have listed out 10 different businesses you can start as a graduate with a law degree:
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1. Legal consulting business
As a lawyer, you can set up a legal consultancy agency/business. A legal consultant is responsible for offering advice on a wide variety of matters ranging from employment, government compliance, structural organization, and securities. They also assist organizations you knowing the incoming risks and the preventive actions that can be taken to avoid them. Additionally, they ensure that business establishments do not run into any form of legal problems. Some of the job descriptions of a legal consultant include:
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- Preparation of legal briefs and other relevant documents when necessary.
- Drafting contracts or other legal documents where necessary for clients.
- Provision of legal advice to clients (businesses and individuals).
- Gathering evidence and undertaking necessary actions during legal dispute cases.
- Maintaining client files and other records related to ongoing cases
- Reviewing and updating previous contracts to make sure they are still legally binding and enforceable.
As a legal consultant, you can adopt the online mechanism for publicity. You can create a website and focus on branding yourself in the online space to draw potential clients.
2. Legal Writing and Blogging
You can make money as a lawyer by starting a blog and writing and blogging is a business idea you can start with your law certificate. If you are a talented and knowledgeable lawyer who loves writing then this niche might just be the right one for you!
Legal blogging is a platform that knowledgeable lawyers can employ to air their views whilst also educating their audience. There are different types of legal blogs you can start as a lawyer. Some of them include:
- Commentary on legal news
- Education-accredited content
- Content on your area of specialization
- Giving practical advice/tips
- Legal analysis.
3. Become an author
As a lawyer who loves writing, you can take things further by becoming an author. You can translate your legal knowledge into writing and sell it forge the public! However, it’s not as easy as it sounds as you’ll need to carry out research and spend hours writing if you want to publish quality work. Your book can equally come in handy for university students and other professionals. Additionally, adopting technological tools can also help enhance your writing business. You can upload your book online for sale and people get to keep buying even without you being present. It’s a way to generate passive income for you while you go on ahead to attend to other important things.
Read also: 10 Profitable Businesses You Can Start In The US
4. Real Estate Law Practice
A real estate lawyer can also be referred to as a real estate attorney. They are responsible for preparing and reviewing documents that relate to mortgage documents, transfer documents, purchase agreements, and others. They often ensure that the transfer of property is legal, binding, and favorable to their clients.
Additionally, they are also responsible for providing legal representation for their client who may be a buyer or a seller when there is a dispute in the courtroom. However, the real estate lawyer must bring resolution to the different forms of disputes that may arise by working through the details.
5. Intellectual Property Law Firms
Furthermore, a law degree can qualify its holder to specialize in the intellectual property aspect. Intellectual property lawyers avail themselves to work with businesses and guide them through the process of acquiring, protecting, and then using intellectual property. They will need to be creative and must be willing to deal with complex and technical subjects.
Additionally, they assist their clients with selecting product names and registering trademarks. They also take their clients through the patent process and advise them on the most effective method they need to adopt to bring their product into the market. They can decide to specialize in different areas or work across different areas at once.
6. Law Firm
Well, this option is for people who have a law degree and enough money to also invest in a business because unlike some of the other options, it costs a reasonable amount of money to start a law firm. However, a lawyer who has his/her law firm will enjoy a certain form of flexibility they cannot get if they are working with other companies. According to the IBISWorld report, there are nearly 440,000 law firms situated in the United States and the price will go up in the coming years. This implies that starting up a law firm is a lucrative business, but it will cost money to set it up. You will need to rent or buy an office space, hire qualified staff, and focus on marketing your services among other things. However, if you take the necessary cue and have a solid business plan with the right amount of execution drive, your firm will generate profit in return.
Read also: Top 5 Destinations To Study Law
7. Public Speaking
As a lawyer, you can also decide to explore public speaking by going ahead to brand yourself as one. Due to the nature of their training, lawyers are very eloquent and this is one of the vital ingredients needed to become a public speaker. Public speakers share messages to motivate people and spur them to change their habits and live a better life. They share insightful wisdom that people need to work on themselves and become a better version of themselves. A person with a law degree can also do this because by training they do not have stage fright, they have been taught to be very confident and they have a way with words.
8. Start a Bookstore
The importance of books cannot be overemphasized. They contain timeless wisdom that their readers can apply which will in turn transform their lives. Consequently, lawyers are taught to also read widely, which means they are equally conversant with books. As a lawyer thinking of a business initiative, you can open a bookstore whether online or physical. It is however important that you do a market survey to determine your target audience and other necessary factors before you launch so that your business will be profitable by the time you start.
9. Start a coaching business
If you have a law degree and you are thinking of a business that can also be a side hustle, then you can consider coaching/mentorship. A lot of people need guidance when it comes to making choices and important decisions that relate to their lives. As a lawyer, you can offer advice based on your expertise. You can explore career coaching, interview practices, overcoming anxiety, and other vital aspects. By their training, lawyers will have excellent people skills because their job description mainly deals with relating with people. So it should be easy for you to coach/mentor people and you can do this for a fee of course!
10. Legal Tech Startups
The advent of technology has made life easier and access to things easier including justice. This is what legal tech entails. Legal tech helps to make access to justice easier by making legal services more accessible and affordable to businesses and individuals. In simple terms, legal tech involves digitalizing legal services. Since everyone now has to adapt to the use of technology, lawyers who know how to digitalize their services will also benefit from it.
In conclusion, there are different business ideas you can explore if you have a law certificate and these are just some of the options. It is important to get in-depth information on the field you want to specialize in. Do your research thoroughly and come up with a strategy that will help you succeed.
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Read also: Top 10 Universities In Canada To Study Law
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