Gina, There are tons of ways to do transcription. Here is a
link to part 2 of a 3 part series on transcription. This post tells you the types of transcription there are.
As far as the legal stuff I have done a bit here and there. I'm sure there is way more to it than what I've done, but it's just like anything else it takes time to learn. Usually the client will provide you with a sample or a template to follow and give instructions on what they want. I would hook up with someone else who does a ton of transcription and can outsource some of their's to you and see if they will let you try out some legal stuff if that's what you think you'd like to do.
Heather,
Click on that link as well. That is part 2, but you can go back to part 1 and read all 3 of them. I hope they are helpful and please let me know your thoughts and if you have any questions on them after reading. As far as getting up your speed the only real way to do that is to practice.
I got a typing program that allowed me to just practice typing, and I would just go online and find videos/audios and just type them for the practice.
Rhonda