Want an Example of a Really Good Business Plan? | Cordell Parvin Blog

 

law firm partner business plan

Sep 23,  · A successful partner I coach prepared a detailed business plan I like. He kindly gave me permission to share it with you after we removed his name, his firm name and clients names. Check out his Business Plan. After you review it, share with me your thoughts about the plan. Why do you suppose I believe it is well done? Aug 17,  · It can help the firm connect with a partner candidate, better understand his/her candidacy and make the partner a safer bet in the eyes of firm management. In fact, some firms now require a business plan as part of the application process – which is a trend I believe will continue and should. So what exactly is a business plan and what. Oct 29,  · Many of you work in firms that don't have a business plan for the firm as a whole, let alone your practice group or individual attorneys. And some of you are not privy to the firm's plan, even if there is one. If you are interested in seeing the elements of a lateral partner business plan click here: Partner Business Plans: Key Elements5/5.


Partner Business Plans: Key Elements | planningeits.cf


Every day, I receive calls from partners who are seeking to transition to new law firms. One of the first questions I ask is whether the partner has the ability to bring with him or her clients or whether there is a strong likelihood he or she will be able to develop business at a new firm via current contacts. With burdensome market forces affecting firms' hiring practices, including increased pressure to expand, globalize practices, and leverage practices effectively; the need to increase resources to more efficiently service clients; and pressure to increase revenues and profits per partner, law firm partner business plan, firms find themselves competing more and more with other law firms to hire top-notch talent.

As a result, complex planning is taking place in most major firms at the practice-group and individual-partner levels. Thus, partners need to strategically position themselves, and a well-written business plan can make a partner more attractive to a prospective law firm. The challenge for partners is to create business plans that not only meet but exceed firms' expectations. Its impact on a partner's ability to transition to a new firm can be very significant. Business plans can be very difficult for attorneys to write, since the focus is on creative marketing and not law firm partner business plan making a legal argument.

It should also provide an outlet to the partner to step out of the resume format and chart his or her previous performance and future prospects for business in a creative format. It should also demonstrate ways a partner can contribute to a firm's financial bottom line, enhance its practice-group development, and ultimately bring added value to the team.

Many partners with whom I speak indicate they have plans but have not yet put them to paper. It is absolutely essential that a partner commit to paper his or her thoughts regarding business-development plans, as this effort usually brings about a level of accountability for the partner.

If, for instance, a partner puts together an action plan at the beginning of the year and outlines steps to take over the following 12 months, the partner will be more likely to execute the plan than he or she would otherwise be if a commitment had not been made in writing. It also allows a partner to break down his or her plan into smaller, more manageable action plans to execute throughout the law firm partner business plan i.

What, then, are the key elements of a partner business plan, and what should partners include in their business plans? This section may highlight briefly particular areas of expertise that the firm does not currently have. Describe the partner's role historically as a business developer.

Briefly touch upon why the partner believes he or she would be a good fit for a particular firm. Give overview of need in local market law firm partner business plan partners with his or her expertise. Describe why partner believes firm provides the best platform in the marketplace for his or her particular practice area, law firm partner business plan. Describe key industries serviced. Discuss other partners' clients partner is servicing. Given market analysis, project possible targets in local, regional, national, or international markets.

Discuss possible expansion of business from current client law firm partner business plan. Describe cross-selling opportunities with known key clients of prospective firm. Discuss other practice areas at current firm to which partner is delegating work, law firm partner business plan.

Discuss services your clients are requesting that you cannot currently service at your firm and could otherwise capture at the new firm. Consider possibility of local to regional to national growth patterns. Consider growth in other key competencies which may be affected by partner's long-term success. Discuss long-term strategies in law firm partner business plan with firm's overall strategic plan and practice-group development plans.

Discuss any alternative billing arrangements you currently have in place with clients. Include three-year client collections history by client as originating attorney and as billing attorney on other attorneys' matters. Include projection for current fiscal year. Include three-year billing rate history. Include three-year historical compensation history including bonus information, law firm partner business plan.

Include three-year billable hour history. Note pending projects contributing to future collections. Include a summary of anticipated collection projections for the next three to five years. Foreign-language skill requirements Travel expenses Marketing materials, presentations, etc. Emphasize flexibility of plan and eagerness and willingness to discuss and modify in accordance with firm's plans and objectives.

A business plan is necessary and can greatly affect a partner's candidacy. Firms need partners with business, particular expertise in key practice areas or the capability to launch new practice areasand the ability to grow and expand their practices.

Therefore, a partner who has a well-defined business plan for the growth and continued expansion of his or her client base and practice will have a higher probability of succeeding in this very competitive and demanding legal market.

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How to Write Your Law Firm Business Plan | Lawyerist

 

law firm partner business plan

 

Aug 21,  · A business plan is one of the most important tools to explain your practice, relationships, and strategy to another law firm. You should put together a business plan before even pursuing Author: Lateral Link. put together specifically for law firm partners and aspiring law firm partners and is designed to guide you to a successful career at a law firm. This guide covers, among other things, the importance of business plans, career advice for new partners, how to develop business as a new partner, making a lateral move to another firm, the. Aug 17,  · It can help the firm connect with a partner candidate, better understand his/her candidacy and make the partner a safer bet in the eyes of firm management. In fact, some firms now require a business plan as part of the application process – which is a trend I believe will continue and should. So what exactly is a business plan and what.