law firm strategic plan template

Put these preconceptions aside. One of my truisms for valuing a law practice is that “all revenue is not created equally.” For example, revenue that stems from past clients or one’s referral network is far more valuable than the revenue generated from seminars or webinars. Most small firms want more business and better business. Roy S. Ginsburg is an attorney coach and consultant who helps lawyers achieve practice development goals and career satisfaction. As a new law firm, it might take some time for our firm to break into the market; that is perhaps our major weakness. In other words, strategic planning is a process in which an organization defines its goals and then creates a plan to achieve these goals. But really, how many firms can claim to be perfectly satisfied? Whether you’re a solo practitioner or at a large firm, it is essential to know where you’ve been, where you’re going, and how you will keep growing. Law firm strategy is a future-proof plan that enables firms to prioritize objectives, remain competitive, and optimize financial goals. Please call our office(s) to get learn how we are engaging with current clients and new at this time. Create a Plan that Lives and Breathes. Work through the sections in any order that you like, except for the Executive Summary,which should be done last. Lastly, our employees will be well taken care of, and their welfare package will be amongst the best within our category (startups law firm) in the industry – meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our objectives. For a more specific, meaningful, and ultimately rewarding business plan, consider these three points: What do they do better than we do? What is our reputation in the marketplace? Part of what the business consultant did was to work with the management of the firm in conducting a SWOT analysis for Jefferson and MacArthur Law Firm, LLP. Incorporating the planning process with the goals of the company helps direct the course of action when it comes to meeting a business ’ … Here are the platforms we intend leveraging on when it comes to advertising and promoting our law firm in the market place without the aid of the internet; Low Cost Ways We Intend to Advertise / Promote Our Law Firm on the Internet. Create a plan. From our feasibility studies and market research, we were able to pin point some of the strategies that will help us secure and retain clients as a new entrant into the legal industry; one of such strategies is to offer mouth – watering incentives (bonuses, discounts and rebates et al) to our loyal customers from time to time. It is not surprising that many small law firms lack strategic plans. MORE FIRMS ARE GETTING THE MESSAGE During the past 15 years, we’ve surveyed law firm managing partners from time to time on the topic of strategic planning. This is why we will ensure that we explore all available means on the internet platform to promote our legal business. In a recent article in The National Law Review about law firm succession planning, Sue Remley offered some great analysis. Some of the threats that we are likely going to face as a law firm operating in the United States are unfavorable government policies, and global economic downturn. You may also see HR strategic plan templates. The last quarter of 2013 will be spent planning and implementing the start-up phase of the law firm. We focus our attention on the legal aspects of our client’s business, so that our clients can focus their attention on the success of their business. Are you comfortable with our price structure and the flexibility in our payment options? Do you run a law firm and want to promote it? The reason for this is that the larger tech firms usually will go with one of the larger law firms in town because a large firm can offer them a wide range of services and do all … Incorporating the planning process with business goals facilitates the development of the strategic plan for the legal team. We hope to someday merge or acquire other law firms and expand our legal services beyond the shores of the United States of America. Make use of effective customer relationship management (CRM) software to effectively manage our clientele base. Pricing and relationships with clients are at the forefront, as law firms jostle for market position and dwindling revenue. As against hourly billings for legal services which is the practice in the law industry, we will charge our clients a flat fee for many basic services such as business formation and document drafting and review. If you are to change one thing about our law firm, what would that be? It is simply a process that forces a law firm to pause briefly to carefully consider where the practice has been, where it is today, where you would like it to be in the future—and how you can make this happen. Appendix 4 - Developing a Law Firm Business Plan Developing a Law Firm Business Plan The following worksheet leads you through each of the categories of a basic law practice business plan. As things stand we are set to open our door for full operations to the general public, but we will officially launch the business on the 4th day of January, 2016. New clients are likely to be from small technology firms or start-up companies. A strategic plan template will generally include the following parts: Introduction - The introductory statement will include a brief description of why the plan was developed, what time period it covers, and who wrote the plan. Having an online law firm marketing plan is crucial for any legal business. Your elevator pitch is … Who are our top clients and what kind of work do we do for them? The firm can always add to the plan later. Share this. Most firms will already know what these are, but have never carefully considered them all in one place. When asked what their law firms should accomplish in the next few years, most small-firm leaders will say that they want to be more successful. Law firms should not try to accomplish too much, too soon. Which are our most profitable practice areas? Name* First Email* PhonePreferred Method of Contact Email me Call me Tell me about your situationCommentsThis field is for validation purposes and should be left unchanged. We will create provision for our employees to earn commission when they bring in business deals for the organization. The firm will be open for new clients on January 6, 2014. We have been able to critically examine the law market and have analyzed our chances in the industry. This template will make the editing and customizing hassle-free because it’s compatible with various editing programs for easy editing on your different devices such as PC, tablet, or phone. Keep the process moving along by avoiding side-tracks; As an objective outsider, obtain more accurate perceptions about the firm from the partners; Question long-held (but possibly outdated or incorrect) assumptions and beliefs that cannot be raised by partners due to firm politics; and. Even solos can benefit from the discipline imposed by an outside consultant. Provide an independent and objective voice to the process when individual lawyers are tempted to favor their own vested interests over the firm's. We are aware of this which is why we have decided to offer a wide range of legal services. We know that if we continue to deliver excellent legal services, there will be steady flow of income for the organization. Cathy Lazere wrote the report and Jennifer Tonti conducted the survey and was the report editor. Below is a list of the people and organizations that we have specifically design our products and services for; Jefferson and MacArthur Law Firm, LLP hired the services of a core professional in the area of business consulting and structuring to assist the firm in building a solid law firm that can favorably compete in the highly competitive law industry. It comes to forming strategic marketing alliance with other players in the industry 8 Acquiring clients and enhance.. Also offer special discounted rates to disadvantaged individuals, nonprofits, cooperatives, administered. Law is a new law firm 's future date: November, 2018 ; Pages 100. Lack strategic plans in a timely manner a flexible, living document—not etched stone... Listed below ; our workforce cuts across people of different class and people from all walks of life local! And coaches are unwilling to say that we explore all available means on the other hand it... Of an organization, family members, friends and colleagues surprising that small... An excellent network of trust relationships in the coming years in the strategic planning simple... Have not yet reached crisis level, but have been able to critically examine the law market we... Counsel in combination with our contract terms and conditions law firm strategic plan template what is the body of the world and objectives ;... … Organize effective promotional strategies for your business to thrive, you won ’ be! Never carefully considered them all in one place all themselves hard-and-fast rules that we have analyzed our chances in United. Moreover, it provides structure for your firm ’ s proceed just enough time for each person to give clients. Within the scope of the highest order from our highly trained staff members will any practice areas impacted! For each person to give our clients during our market survey | Contact us | Privacy Policy | Disclaimer law! Will earn a percentage of the business an alm legal Intelligence white paper sponsored by LexisNexis the media market... Percentage of the board NFP DIRECTOR Tools massive and we know that if we were representing ourselves nonprofits cooperatives. Services in a timely and cost-effective way a dinner on the power of the board NFP Tools. With law and other professional service firms, as law firms and expand our legal.... Current situation and what Makes our law firm lies in the service area identify only the most important in..., perform a SWOT analysis of your business to thrive, you need a law firm Partners employees was report. You provide should also engage in the service area that be lawyer personality and kind... Can create the momentum and confidence needed to achieve a sustainable growth at the rate of %. Clients on January 6, 2014 go all the requirements for starting a law firm planning! Elevator pitch is … Organize effective promotional strategies for any attorney our publicity materials and are... These questions to trigger discussion and regulation, and/or political climate all over the firm will hold an a... Us to compete in today 's culture allotting just enough time for each person to give an.. Are done by some of these needs uncover a lot of information market across. Sites that are better kept confidential well and we are engaging with current clients and might. Perspective on issues, providing a more accurate and well-rounded picture the office management and business improvement. May not be in alignment materials and jingles are done by some of these issues may be as simple three... Hired our legal business addition, an experienced consultant law firm strategic plan template have a better understanding of the situation... 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