Tips for Starting Your Own Law Firm

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November 16, 2017

Finding a job as a lawyer is harder than you think. Most of the positions in the legal department in both the government and private sectors are still filled-up. Most often than not, top companies are looking for experienced lawyers which leaves fresh lawyers a narrow path to land their first jobs.

Thanks to some lawyers with entrepreneur skills, many law firms are being established almost every year. This serves as a stepping stone for many new legal practitioners to hone their skills and get the necessary experience. But do you also want to have your own law firm in the near future? Here is how you can start your own law firm.

Be optimistic. Starting young doesn’t mean you will not succeed. Of course, you will be competing against giant law firms but your chance to survive and be recognized is high. A start-up company possesses several advantages over established law firms. Since you don’t have enough clients yet, you can devote more time representing few cases. This translates to quality and fast services which many clients want.

Keep it clean. You don’t need a lot of capital to start a law firm. You don’t have to rent an office space in an expensive building to define your brand. You also don’t need sophisticated equipment for you and your staff to do the job. All you need are computers, tables, and telephone and that should work just fine.

Specialize in one or two areas of law. Law is a very encompassing subject. Being a general practitioner lawyer is good since you will learn a lot from many fields of law. But it will not make you an expert in one subject matter. Your market will find it hard to brand your law firm, consider hiring  only the best Dallas tax attorney However, if you will specialize in one to two fields of law, say corporate law and taxation, people who need lawyers for these specific concerns know that your law firm handles these cases.

Follow the right protocol when you are about to leave your current job. Be on good terms with your former employer. Talk to the right persons and take time to say goodbye to your colleagues. Create a good transition from being an employee to being an employer. Your credentials and work history will come into play later on so if you will leave your current job, better do it right.

There are other things you need to consider when establishing your own law firm. But as a start, following these tips will ensure that you are on the right track.

Growth and Development of International Tax Law

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September 14, 2017

When looking for a country where businessmen can put their investment, they are considering the tax rates in different countries. This is the reason why many governments are trying to come up with the most competitive tax rates to attract international businessmen.  

To measure the tax competitiveness of different countries in the whole world, the World Economic Forum came up with a report showing the “total tax rate” wherein the lower figures, the better the total tax rate is. The total tax rate according to the World Bank is the total amount of taxes being paid by a business after deducting all necessary items and exemptions.  There are five different taxes being considered here: turnover taxes, profit or corporate taxes, social contributions and labor tax being shouldered by the employer (except the employee’s income tax), property tax and other small taxes.  

Let’s take a look at some of the countries with the lowest total tax rates in the world. These countries don’t necessarily mean that they are more progressive than other countries not included here. There are so many other factors that affect the economic growth and development of a particular country.  

Canada. 21%. This is one of the biggest countries with an advanced economy that occupies the upper ranks. In the province of Manitoba for instance, small businesses enjoy 0% corporation tax rates. 

Cambodia.21%. Sharing the spot with a giant country, this tiny government has attracted foreign investors in the last two decades. It has lower total tax rates than its neighbors in South East Asia. 

Namibia. With only 20.7%, this country is one of only two African nations in the list. 

Armenia. 20.4%. This country has implemented a simple tax system yet the government is plagued with revenue challenges.  

Luxembourg. 20.2%. All eyes were on this tiny country when its government faced tax scandals after investigative reports showed that some leaders are making “under the table” negotiations with major global companies.  

Croatia. After joining the European Union in 2013, the country cuts of its tax rate to only 18.8%. 

Singapore. With only 18.4% tax rates, no wonder why global companies choose Singapore as their home base in Asia. 

Macedonia. Their most recent business tax rate clocks in at 7.4% only making it the lowest in the world.