How Can You Gain a Head Start When Starting Up a Legal Consultant in Malaysia?
Do you possess the legal expertise to salvage companies from lawsuits by helping them contain costs and defend them against claims? If you have, the legal consultant in Malaysia is the ideal business idea to venture into. As you can see, by running a legal consulting firm, rather than the customary legal firm, you’ll be more of an advisory firm. Your company will basically break out from the conventional role of a legal firm by drawing up some compliance plans that meet the local or federal governing framework.
But what guarantees you to be in legal consultancy and practice without any hitches? Well, you’ll have to have a legal license and a clean bill of health from the governing body in Malaysia so that you may offer the legal services. As much as you may want to practice, you must also have identified your target customers. Some of the potential clients may be large corporations that require outside consulting, ligation services or wanting to minimize legal liability and exposure.
Now you have a clue on what you may get involved when it comes to legal consultancy.
Here are some guidelines for getting started as a legal consultant in Malaysia.
Validate Your Business Structure
Every business does not operate in a vacuum but under a given structure. And, therefore, if you plan to start a legal consultant in Malaysia, you must validate your business structure, whether it’s a partnership or private company. This means registering your business with the relevant authority to practice. In Malaysia, every legal service performed under any jurisdiction is regulated by the Bar Council of Malaysia.
You’ll first begin by writing to the Bar Council for consent in setting up a legal consultant firm. Ensure that the letter comprises of the proposed name, address, and date of commencement. The moment you receive the letter of consent from the Bar Council, you must then notify your State Bar of the new firm. Besides that, ensure that you get your company’s stamp as well as your Advocate and Solicitor stamp with your name and BC number. Again, it is important to open two bank accounts, that is, the client account and office account.
Capitalize on a Solid Business Plan
Now, before you make your way to the Bar Council, you must ask yourself whether you have a solid business plan that will sail you through to your next frontier. Remember, a business plan is a roadmap for your business. In fact, it’s a living document that you should refer to from day-to-day. Identify and make a list of your potential clients. Highlight some of your strengths and weakness and capitalize on your strengths and minimize your weaknesses. Look for the opportunities or gaps, and use those gaps as your marketing tools. You may as well prepare a strategy to create the deals and marketing plan.
Expand Your Networks
In Malaysia, companies and businesses are outsourcing more services on legal matters. And as an aspiring legal consultant in Malaysia, you stand a chance to grab a piece of the cake if you so wish. But this is not possible if people don’t know more about what you’re offering. To succeed, you need to broaden your networks within your industry niche. How then do you go about it?
Answer- there are several ways, and for the record, networking yourself is not necessarily placing an ad in a local newspaper. Instead, you’re searching for ways to prove that you’re the prominent authority figure in your niche. This can start by creating a strong online presence through your high notch social-media profile that wrestles fairly with the competitors.
Again, you need the right people under your arms that have been in the industry for ages and know the dynamics of the business. Remember to include in your portfolio the recommendations from clients of the services offered. This gives you an easy avenue for referrals knocking at your doorstep. Incidentally, there are other proven methods that you may apply to expand your networks, including:
- Speaking at events:
- Joining associations
- Building email listing.
Time and Task Management
Arguably, it’s no doubt that independent consultants are difficult, especially when handling time and task. Apart from being disciplined and working from a designated office space, you’re at the mercy of your clients. The facts are that your clients do not care how much work you have as long you get their task done whenever they need it. Now, juggling with customers’ tasks is one thing, and meeting deadlines is another. And how you are going to manage everything and still be productive will depend on the task management tools you adopt. Invest in the right task management tools such as Trello, Projecturf, Evernote, and Basecamp, among others.
Positioning on the Right Pricing/Rates
Many often get wrong when it comes to pricing their clients on the work done. Therefore, before you decide on a rate, it would cost you zero pennies to do a little research and find out what other legal consultants in Malaysia are charging. One way is identifying whether they have price listing on their website or inquire for a brochure. Again, you could ask fellow consultants at industry events or clients themselves. This will offer you a better awareness of the market rate.
Moreover, you’ll then settle on your hourly, retainer, or task rate for your services. Remember to have a payment policy in writing when you and your clients sign a contract. This should constitute the percentage you’ll charge for late fees, discounts, advance payments, and other forms of payments. Overall, it’s all about how you promote your company and how much experience your team has.
