law firm practice group business plan

Business Planning for Practice Groups

Share this article

Print/Download PDF

By  Harrison Barnes

Rate this article

150 Reviews Average: 4.5 out of 5

• the practice's strengths and weaknesses
• those areas which are highly developed
• what areas are missing
• which areas are provided by other firms and therefore cause price competition
• the type of expertise missing among associates
• any age or experience gaps that may hurt the group's ability to service clients in the future
• how the group will gain required expertise in the future
• retirement of key members
• the changes or additions required in the professional staffing
• a major business generator within the practice;
• an egotistical partner who needed a “title” to differentiate himself or herself;
• an under-productive partner who had time and interest in management (but not necessarily the skills or credibility to manage); or
• a partner with a genuine interest in marketing and business development.
• Overall leadership and direction for the group, including strategic planning
• Work acceptance, workload management and lawyer utilization
• Quality control
• Training and professional development
• Forms, systems and procedures
• Financial management
• Knowledge management, and
• Business development.
• Credibility – Credibility is an absolute necessity for any leadership position. It is especially needed in a firm where practice management is a relatively new concept. This is why taking an under-productive partner and making him or her a PGL fails so miserably. The PGL must command respect, at least in terms of practice expertise, experience and integrity. It is preferable that the PGL also have credible leadership abilities, though the truth is that in some firms, the culture has been so individualistic (and autonomous) that there have been few ways to develop or demonstrate these capabilities. He or she should have vision for the practice and a track record as someone who follows through on his or her commitments.
• Integrity – The PGL should be perceived as fair and willing to put the practice's interest above his or her personal practice. There will be occasions where the PGL must take action to promote the good of the practice, which may not achieve equal benefits for all of the individuals within the practice. At times such as this, the success of the PGL will hinge on his or her ability to engender trust. Group members will be more willing to take risks if they trust the PGL. This includes feeling encouraged to try new things and supported in failure. A PGL with these qualities will also engender loyalty.
• Organizational skills – This is essential since most PGLs also maintain a significant billable practice. The PGL job is a big one and could easily be full-time, but most firms are not ready to allow an attorney who is usually one of their busiest, most valuable producers to devote so much time. The PGL is both a coordinator in the establishment of an effective practice infrastructure and a director of resources. As a coordinator, the PGL must delegate practice management functions and legal work effectively. As a director of resources, the PGL must ensure that all lawyers and paralegals receive appropriate supervision and feedback in a timely manner, monitor workloads and allocate work appropriately based on expertise, experience and individual personal goals. The PGL should also oversee the development and maintenance of a know-how system for the group's practice. There are a few successful PGLs with weak organizational skills, but they typically have a vice chair or deputy leader of the group or a high-level administrative manager who assists in these essential functions.
• Ability to build teams – While an understanding of organizational behavior (and a psychology degree) would be useful, it is unrealistic to expect this background or training to be part of the arsenal for most lawyers. Nonetheless, it is still critical that the PGL be able to develop a strong sense of teamwork within the group, though this can run counter to the individualistic and autonomous culture in some firms. Being effective in building teams will help the PGL create a sense of shared ownership and de-emphasizes dominant individual behaviors. To build teams and a sense of shared leadership, it is helpful if the PGL can assess the skills (legal, business, marketing, management and more) of people in the practice group. A good PGL will seek out opportunities to give responsibility and a credit to his or her team. An effective PGL challenges group members to reach new heights by creating environments for them to develop new skill sets and achieve goals. The PGL must be able to reach across offices to pull teams together.
• Flexibility – While it is important that the PGL be a decisive leader (avoiding groupthink and decision-making paralysis), the PGL should also be receptive to new ideas and ways of doing things.
• Strong interpersonal and communication skills – Without effective communication skills, it is difficult, if not impossible, to create an effective team environment in the practice group. If practice group members feel slighted about the exchange of information within the group, it can be de-motivating. The PGL should have strong interpersonal skills, be a good listener and have the ability to relate to group members. The PGL should express appreciation freely and acknowledge the successes of group members. The most effective PGLs are regularly in touch with their group members in a “walk the hall” kind of management approach, even if that means regular travel to visit other offices where the group has members. The PGL should also regularly communicate practice group successes outside the group through interaction with firm management and other group and office leaders. It is the PGL's responsibility to lead the internal “sales” effort for the practice. The PGL must also have a backbone—and not shy away from confrontation when necessary. By protecting the group and its members where appropriate, the PGL will engender trust and loyalty.
• Ability to motivate – The PGL should be able to inspire group members to take on new challenges, push the boundaries of individual comfort zones and achieve new pinnacles of success. He or she needs to create a healthy camaraderie and friendly competition that makes undertaking these challenges exciting. The PGL must be able to coach and help group members create new opportunities for themselves.
• Commitment – Assuming the compensation system rewards PGLs for doing their job, the PGL should have the inclination and willingness to spend time managing the practice (at least 400+ hours per year for small groups and sometimes as much as 1000 hours for large groups or those facing very complex issues). He or she must possess a selflessness and willingness to put the group above his or her personal practice.
• Business acumen – The PGL must be able to understand the economics of the practice. He or she will work with firm management to establish economic goals for the practice group and supervises the practice P&L. The PGL is also responsible for making recommendations to firm management regarding billing rates, pricing strategies, profit margins and client intake issues. To be successful, any PGL must create a leadership team within the practice in which he or she shares particular aspects of practice management with other talented people, particularly those with other strengths.

Want to continue reading?

Become a free bcg attorney search subscriber..

Once you become a subscriber you will have unlimited access to all of BCG’s articles.

There is absolutely no cost!

Harrison Barnes does a weekly free webinar with live Q&A for attorneys and law students each Wednesday at 10:00 am PST. You can attend anonymously and ask questions about your career, this article, or any other legal career-related topics. You can sign up for the weekly webinar here: Register on Zoom

Harrison also does a weekly free webinar with live Q&A for law firms, companies, and others who hire attorneys each Wednesday at 10:00 am PST. You can sign up for the weekly webinar here: Register on Zoom

You can browse a list of past webinars here: Webinar Replays

You can also listen to Harrison Barnes Podcasts here: Attorney Career Advice Podcasts

You can also read Harrison Barnes' articles and books here: Harrison's Perspectives

Harrison Barnes is the legal profession's mentor and may be the only person in your legal career who will tell you why you are not reaching your full potential and what you really need to do to grow as an attorney--regardless of how much it hurts. If you prefer truth to stagnation, growth to comfort, and actionable ideas instead of fluffy concepts, you and Harrison will get along just fine. If, however, you want to stay where you are, talk about your past successes, and feel comfortable, Harrison is not for you.

Truly great mentors are like parents, doctors, therapists, spiritual figures, and others because in order to help you they need to expose you to pain and expose your weaknesses. But suppose you act on the advice and pain created by a mentor. In that case, you will become better: a better attorney, better employees, a better boss, know where you are going, and appreciate where you have been--you will hopefully also become a happier and better person. As you learn from Harrison, he hopes he will become your mentor.

To read more career and life advice articles visit Harrison's personal blog.

Article Categories

• Legal Recruiter ➝
• Employer ➝
• Legal Employer Resource Center ➝
• General Legal Employer Resource Center
• Bringing in New Attorneys ➝
• Growing a Law Firm
• Law Firm Structure ➝
• Law Firm Practice Groups and Specialties

Do you want a better legal career?

Hi, I'm Harrison Barnes. I'm serious about improving Lawyers' legal careers. My only question is, will it be yours?

About Harrison Barnes

Harrison is the founder of BCG Attorney Search and several companies in the legal employment space that collectively gets thousands of attorneys jobs each year. Harrison is widely considered the most successful recruiter in the United States and personally places multiple attorneys most weeks. His articles on legal search and placement are read by attorneys, law students and others millions of times per year.

Find Similar Articles:

• Professional Development
• Partner Compensation
• Legal Recruiters
• Client Relationships
• Business Development
• Billing Rates
• Associate Salaries

Active Interview Jobs

Featured jobs.

Location: California - Costa Mesa

Location: Arizona - Tucson

Location: California - Newport Beach

Most Viewed Jobs

Location: Ohio - Columbus

Location: New Jersey - Pennington

Location: Colorado - Denver

Upload Your Resume

Upload your resume to receive matching jobs at top law firms in your inbox.

Additional Resources

• Harrison's Perspectives
• Specific Practice Areas
• The Winning Mindset

BCG Reviews

I worked with my legal placement professional and she was wonderful. She was my favorite thing about working with BCG.

Sarah Warren Smith

University of Richmond School of Law, Class Of 2011

[My favorite things about working with BCG were] the regular weekly updates and information. Other people, you contact t.... Read more >

Steven Morphy

University of California Los Angeles School of Law, Class Of 2016

I found my BCG Attorney Search recruiter to be really knowledgeable about what was out there. I also found her to be ver.... Read more >

Jennifer Meeker

University of San Diego School of Law, Class Of 2008

Working with BCG gave me access to opportunities that weren't necessarily posted in the market place. The job I ended up.... Read more >

Alison Holdway

New York University School of Law, Class Of 2014

I guess that whenever I had any questions, or I wanted to talk to somebody about a potential interview or something my l.... Read more >

Katherine Thornton

Vanderbilt University Law School, Class Of 2011

They were very good about scheduling the calls, getting the process rolling. I started working with someone who was in C.... Read more >

Shaked Hoter

Boston College Law School, Class Of 2012

Popular Articles by Harrison Barnes

• What is Bar Reciprocity and Which States Allow You to Waive Into the Bar?
• What Do Law Firm Titles Mean: Of Counsel, Non-Equity Partner, Equity Partner Explained
• Top 6 Things Attorneys and Law Students Need to Remove from Their Resumes ASAP
• Why Going In-house Is Often the Worst Decision a Good Attorney Can Ever Make
• Top 9 Ways For Any Attorney To Generate a Huge Book of Business

Helpful Links

• The BCG Attorney Search Guide to Basic Law Firm Economics and the Billable Hour: What Every Attorney Needs to Understand to Get Ahead
• Quick Reference Guide to Practice Areas
• Refer BCG Attorney Search to a Friend
• BCG Attorney Search Core Values
• Recent BCG Attorney Search Placements
• What Makes a World Class Legal Recruiter
• What Makes BCG Attorney Search The Greatest Recruiting Firm in the World
• Top 10 Characteristics of Superstar Associates Who Make Partner
• Off-the-Record Interview Tips From Law Firm Interviewers
• Relocating Overseas
• Writing Samples: Top-12 Frequently Asked Questions
• The 'Dark Side' of Going In-house
• "Waive" Goodbye To Taking Another Bar Exam: Typical Requirements and Tips to Effectively Manage the Waive-in Process
• Changing Your Practice Area
• Moving Your Career to Another City
• A Comprehensive Guide to Working with a Legal Recruiter
• A Comprehensive Guide to Bar Reciprocity: What States Have Reciprocity for Lawyers and Allow You to Waive into The Bar

Related Articles

The Smartest and Dumbest Things Law Firms Do

Issues Law Firms Should Consider in Slowing Business Climates

The Old Law Firm Model No Longer Works

Implementing Practice Management After Law Firm Mergers

When you use BCG Attorney Search you will get an unfair advantage because you will use the best legal placement company in the world for finding permanent law firm positions.

Don't miss out!

Submit Your Resume for Review

Register for Unlimited Access to BCG

Sign-up to receive the latest articles and alerts

Already a subscriber? Sign in here.

Latest Blogs

Gc guardrails for gen ai adoption.

By Geoffrey D. Ivnik, Esq. | Director of Large Markets, LexisNexis Corporate legal departments are not standing on the sidelines and waiting to see how the adoption of generative artificial intelligence...

Law Firms: Ask Your Clients About AI Expectations

By Geoffrey D. Ivnik, Esq. | Director of Large Markets, LexisNexis Corporate counsel have made it clear they are expecting their outside counsel to become more efficient in their operations by leveraging...

ESG, DEI and CSR: What In-House Counsel Need to Know

Casual observers of business trends can be forgiven for being puzzled by the alphabet soup of acronyms used in the legal space, but in-house counsel don’t have the same luxury when it comes to the...

Corporate Legal Departments Are Seizing the GenAI Opportunit...

By Geoffrey D. Ivnik, Esq. | Director of Large Markets, LexisNexis Every corner of the legal profession has explored the potential uses of generative artificial intelligence (Gen AI) technology in the...

Cyber Security Experts Talk About AI Security

By Geoffrey D. Ivnik, Esq. | Director of Large Markets, LexisNexis The fast adoption of generative artificial intelligence (Gen AI) technology illustrates its tremendous potential in the marketplace...

How to Draft a Law Firm Business Plan

Law firms are something more than a business. Law firms and the lawyers within them are engaged in a profession, with obligations that go beyond purely commercial concerns.

Listen to this article:   Click here to play this audio clip

This truth can obscure the need for lawyers to pay attention to the business management side of their practices: their finances, marketing plans, business development efforts, IT purchases, lease terms and capital needs. For the highly trained lawyer, such concerns may feel at best like an afterthought, or at worst a nuisance that steals time from their true occupation: the “practice of law.”

And yet, those annoying business details are responsible for keeping the lights on. While law firms may be more than a business, there is, in fact, a large and necessary business element to them. For solo practices and small firms in particular, investing time into the business management side of legal practice can make a major difference in the financial rewards they derive from it—or even their survival. Firms that have failed to do so in the past (and even those that haven’t) can get a handle on their law practice business management by taking the step of drafting a business plan.

THE POINT OF A BUSINESS PLAN

We’ll discuss the components of a business plan in a moment, but first, let’s talk about why this exercise is valuable. For another type of business, a business plan may be useful in attracting investors or securing financing. Law firms should not think of their business plans as utilitarian documents in that sense (although someday one could prove helpful in obtaining a line of credit, say, or attracting lateral partners). Instead, the primary value of the business plan, particularly for the solo practice or small firm drafting one for the first time, lies in the fact that it forces the firm to think about business issues that it otherwise would not have considered.

As the D.C. Bar says in its advice to startup law offices : “The act of planning helps you think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically. It takes time now, but avoids costly, perhaps disastrous, mistakes later.”

Of course, a business plan does little for anyone if it is quickly forgotten. But the mere act of generating a business plan gives a firm a direction to head in and goals to point toward. If the firm makes it a practice to revisit the business plan on an annual basis (if not more regularly), its business considerations will stay top-of-mind and the firm will continually refine them in ways that improve its performance.

THE CONTENTS OF A BUSINESS PLAN

Creating a strong business plan will require an investment of time and energy. At the same time, no one wants to write, or read, a massive document. To improve the chances that the project gets done, and gets read, it is best to keep a business plan to a reasonable length. Anything over 20 pages may stretch attention spans to the breaking point, and there’s no harm in going shorter if you have covered all the territory you need to by that point.

So, what, exactly, is the territory that you should cover? Most authorities agree that a sound business plan for a law firm should address the following broad areas:

• Overview of the Firm

This section should include basic information about the firm: its name, legal structure, practice areas and leadership positions. It should also contain some deeper information about the firm's identity and aspirations.

This would include:

A mission statement about the firm’s purpose

A vision statement or recitation of medium- and long-term goals for the firm

Important aspects of the firm’s history

Any important philosophies that the firm brings to legal practice

• Market Analysis

This section should discuss the business trends affecting the firm’s important practice areas and clients. It should evaluate any technologies that are affecting your practice area and consider how the firm may leverage or keep up with them. This section should also devote substantial energy to identifying the firm’s major competitors in each of its important practice areas and comparing their services to the firm’s.

In this section, identify the firm’s major clients, breaking them down by important characteristics like size, location, industry and practice groups used. Go through a similar exercise for major client prospects and targets. It’s worth examining how the firm can improve its relationships with both of these groups.

Important financial information includes the firm’s fixed and variable costs, backward- and forward-looking revenue, realization rate, collection rate, monthly overhead, assets and liabilities. A 12-month profit and loss projection should be included and could be considered the heart of the business plan.

There is a great amount of detail that any firm could get into on this front. Don’t get overwhelmed by it; at the same time, this is some of the most important information in the business plan, so it’s not advisable to gloss over it.

This section will address key operational issues like the office lease, equipment purchases and technology plans. You may assign roles to various staff members for operational issues.

Think about what marketing the firm currently performs, how it obtains clients and what marketing goals it wants to set for the future.

After completing these and any other sections the firm might want to address, then go back and draft an executive summary to be included at the beginning of the business plan document. The summary should be professional, but don’t be afraid to give it some optimistic energy. After all, with your eyes on the business management fundamentals of your firm, things should be looking up for the future.

• Growing Your Business
• Law Practice Management

Log in to Lawyerist.com

Not a Subscriber yet? Register here. (It's free!)

Username or Email Address

Remember Me

Forgot your password? Reset it here.

Subscribe to Lawyerist

Back to login.

• Hidden Date MM slash DD slash YYYY
• Name * First Last
• Password * Enter Password Confirm Password
• United States
• Which state is your firm's primary location? * Pick one. Alabama Alaska American Samoa Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Guam Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Northern Mariana Islands Ohio Oklahoma Oregon Pennsylvania Puerto Rico Rhode Island South Carolina South Dakota Tennessee Texas Utah U.S. Virgin Islands Vermont Virginia Washington West Virginia Wisconsin Wyoming Armed Forces Americas Armed Forces Europe Armed Forces Pacific State
• Which province is your firm's primary location? * Pick one. Alberta British Columbia Manitoba New Brunswick Newfoundland and Labrador Northwest Territories Nova Scotia Nunavut Ontario Prince Edward Island Quebec Saskatchewan Yukon Province
• What is the size of your firm? * Pick one. Solo practice Small firm (2–15 lawyers) Medium or large firm (16+ lawyers) I do not work at a law firm
• What is your role at your firm? * Pick one. Owner/partner Lawyer Staff Vendor (web designer, consultant, etc.) I do not work at a law firm
• What is your primary practice area? * Pick one. Bankruptcy Civil litigation (non-PI) Class Action Collections Corporate Criminal Education Employment Estate planning, probate, or elder Family General practice Immigration International Landlord/Tenant Mediation/ADR Personal injury Real estate Small business Sports/Entertainment Tax Trademark/IP Other I do not work in law
• Legal Technology Products and Services
• Building a Healthy Firm
• Name This field is for validation purposes and should be left unchanged.

You have read all five of your free articles this month. To read this article, log in or register.

• Phone This field is for validation purposes and should be left unchanged.

Legal product reviews and business guidance from industry experts.

19 Mar 2020

How to Write Your Law Firm Business Plan

By Cari Twitchell

News Articles Healthy Strategy

Every new law practice needs a business plan . This is a guide to creating one.

Here is what should go in your business plan once you’ve decided about your law firm business model.

Section One: Executive Summary

This section provides a succinct overview of your full plan. It should also include the following:

• Mission statement.  This statement should be one or two sentences at most, so you can quickly state it off the top of your head at any given moment. It should clearly state your value and offer inspiration and guidance, while being plausible and specific enough to ensure relevancy. For further direction on how to write a mission statement, read this Entrepreneur article .
• Core values.  Your core values outline the strategy that underpins your business. When written well, they help potential employees and clients understand what drives you every day. When written incorrectly, they include meaningless platitudes that become yet another thing forgotten or ignored during practice. To pack the most punch into your core values, write them as actionable statements that you can follow. And keep them to a minimum: two to four should do just fine. You can read more about writing core values at  Kinesis .
• What sets you apart.  If you are like every other attorney out there, how will you stand out? This is known as your unique selling proposition (USP). What is it that will convince clients to turn to you instead of your competition? By clearly stating your USP, you identify what it is about your firm that will ensure your success.

Are you feeling slightly overwhelmed by all of this? Then write this section last, as you’ll find much of what you write here is a summary of everything you include in subsequent sections.

Section Two: Company Description

Write a succinct overview of your company. Here is what it should cover:

• Mission statement and values.  Reiterate your mission statement and core values here.
• Geographic location and areas served.  Identify where your offices are located and the geographic areas that you serve.
• Legal structure and ownership. State whether you are an LLC, S-Corp or other legal entity. If you are something other than a sole proprietor, identify the ownership structure of your firm. How does your law firm business model influence the ownership type?
• Firm history.  If you are writing or updating a plan for a law firm already in existence, write a brief history that summarizes firm highlights and achievements.

This section is often the shortest. Do not spend much time or space here. Touch on the major points and move on.

Section Three: Market Analysis

Done correctly, a well thought out market analysis will help you identify exactly what your potential clients are looking for and how much you should charge for your services. It also enables you to identify your competitors’ weaknesses, which in turn helps you best frame your services in a way that attracts your preferred clientele. You probably already considered some of these subjects when deciding on the small law firm business model, but you need to document them.

Elements of a market analysis include:

• Industry description.  Draft up a summary that encompasses where your particular legal niche is today, where it has been, and which trends will likely affect it in the future. Identify everything from actual market size to project market growth.
• Target audience.  Define your target audience by building your ideal client persona. Use demographics such as location, age, family status, occupation and more. Map out the motivations behind their seeking your services and then how it is you are best able to satisfy their requirements.
• Competitive analysis.  This is where you dive into details about your competitors. What do they do well? Where do they fall short? How are they currently underserving your target market? What challenges do you face by entering legal practice in your field of choice?
• Projections.  Provide specific data on how much your target audience has to spend. Then narrow that down to identify how much you can charge per service.

A proper market analysis includes actual data to support your analysis. If you are unsure of where to find data, Bplans  has a great list of resources for you to use. And if you would like to read further about conducting a market analysis, check out this article from the Small Business Administration.

Section Four: Organization & Management

This section goes into detail about you and any others who may have ownership interest in the firm. The small law firm business model section here should incorporated into the management documentation. Do not be afraid to brag a bit!

• What is your educational background?
• What experience do you currently have?
• Why are you the right person to run your firm?

If there are other individuals involved, it is a good idea to insert your organizational chart here. Visuals help quickly convey information and break up otherwise blocky text.

Section Five: Services

The Services section is the heart of your law firm business model plan. It is where you dive into all aspects of your services, including:

• The problem(s) you are addressing.  What pain points do your preferred clients experience? What can they do right now to alleviate those pain points? Answer these questions, and then take the extra step to explain how those current solutions fail to adequately address their problems.
• The solution(s) you are providing.  This describes how your solutions better resolve your prospective market’s needs. This not only includes the actual work you do, but the benefits that each client will receive based on your work.
• An overview of your competition.  Describe your competition here. For instance, which other solo attorneys and firms provide the same solutions as you? What are your advantages over these competitors? What do you differently when providing your solutions? How will clients gain additional benefits by seeking out your services instead of working with your competitors?

Section 6: Marketing Strategy

Your marketing strategy section needs to address the three P’s:

• Positioning.  How will you position your law firm and your services? What will you say to present your practice in the best light? What short statements can you use to entice a potential client to pursue your services?
• Pricing.  How much will you charge? How does that fit within the legal industry? Within your niche industry? What do clients receive for that price?
• Promotion.  Which sales channels and marketing activities will you pursue to promote your practice? Who is in charge of these activities? Even if you plan to build your law firm on the basis of word-of-mouth referrals, you must remember that most referrals will still look for information about you before contacting you. Know where they will look and ensure you are there.

Section Seven: Financials

Last comes the financials section. It is the key component to your plan if you are going to seek funding to get your practice off the ground. It is imperative that you complete this section even if you are not seeking funding, however, as you need to paint a clear financial picture before opening your doors.

Two main items make up this section: budgeting and forecasting (sales and cash flow). Answer these questions to help you address these items:

• How much starting capital do you need?
• How much money will it cost to keep your practice operating on a month-to-month basis?
• How many cases will you need to close each month to break even?
• How many cases would you need to close to make a profit?
• What is your projected profit and loss for the year?

This section often incorporates graphs and other images, including profit-and-loss and cash-flow tables. The more specific you get with your numbers, the more likely you are to succeed!

One final note: If your goal is to submit your business plan to potential funders, you want to do everything you can to make sure your plan stands out. One good way to do this is to work with a designer to artfully format your plan. Great presentation can take you a long way.

Originally published 2017-09-23. Republished 2020-07-31.

Cari Twitchell

About the Author

@CariTwitchell

/in/caritwitchell/

Website: https://www.customcontentllc.com

Share Article

Last updated October 7th, 2022

Learn the Latest from Our Partners and Community

11 Jan 2023

On The Lawyerist Podcast: Top Episodes of 2022

By Kyle Harrington

Lawyerist News News Articles Healthy Clients Healthy Owner Healthy Strategy Healthy Team

Everett Hosts Interactive Strategic Planning Session at Alaska...

Lawyerist News News Articles Healthy Strategy

Lawyerist Media Launches Redesigned Website to Better Help...

By the Lawyerist editorial team

Lawyerist News News Articles Healthy Strategy Law Firm Finances Law Firm Websites Lawyerist News Starting a Law Firm

27 May 2022

Lawyerist Values: Grow as People

Lawyerist News News Articles Healthy Strategy Lawyerist Values

Lawyerist’s Seek Candor Value Is More Than...

Develop a healthy strategy, how to competently reinvent your practice.

By Megan Zavieh

31 Dec 2019

Year-End Law Practice Checklist

19 Dec 2019

How to Use Aged A/R Reports

By Mary Juetten

News Articles Healthy Strategy Law Firm Finances

26 Nov 2019

Small Firm Roadmap Stories: Vision and Values

News Articles Healthy Strategy Lawyerist Lab Roadmap Starting a Law Firm

18 Oct 2019

Design Thinking for Lawyers

By Marshall Lichty

News Articles Healthy Strategy Healthy Systems

19 Aug 2019

Strategic Planning for Law-Firm Success and Growth

25 Oct 2018

How to Promote a Unique Value Proposition to...

By Karin Conroy

News Articles Healthy Strategy Law Firm Clients

23 Jan 2018

Rethinking Law-Firm Productivity Measurement for the Post Billable...

By Jordan Furlong

23 Mar 2017

How to Calculate Client Acquisition Cost

• Product Reviews

The original content within this website is © 2024. Lawyerist, Lawyerist Lab, TBD Law, Small Firm Dashboard, and

The Small Firm Scorecard are trademarks registered by Lawyerist Media, LLC.

Privacy policy // XML sitemap // Page ID: 83157

A Complete Strategy for Creating a Law Firm Business Plan

You’ve invested so much time into completing and graduating from law school and studying and passing the state bar exam. Maybe you spent years working at law firms, in government, or in corporate law. Now you’re ready to open your own firm, and you want to do it right so all those years of hard work pay off. You need a law firm business plan.

But do you know where to begin? What should your business plan include? What are the challenges you know and, most importantly, what don’t you know? 

Start with the basics. What are your values? What do you want to achieve with your law firm? What will make your firm stand out?

Understanding your “why” will prepare you to open your firm and establish its operations—from case and document management to checking your firm’s growth profile. Well-defined goals, plenty of preparation, and the right tools can help you get answers to your business questions and create the best business plan for your law firm.

What Is a Law Firm Business Plan?

A business plan is a roadmap that accounts for your milestones, potential setbacks, and the overall growth of your brand. You may want to include strategies for marketing, finance, sales, and partnerships.

Generally speaking, it’s a summary of what goals you want to achieve as a brand. If you’re not sure of where you’d like to start with your business plan, think about:

• The purpose of your firm and what you want to do
• How you see your firm in five, ten, or twenty years
• The type of working environment you want to provide
• Management and organization of the firm
• What do you want to see come out of your firm financially

While considering each of these factors, keep your target clientele in mind. Consider your demographic, their needs, and expectations. This way of thinking can help keep you focused on providing top-notch client care.

Why Is a Law Firm Business Plan Important?

Making a business plan is a guiding principle for your goals and success. This way, you’ll be less likely to lose sight of your goal. When managing a firm, you have to worry about yourself, your staff, the brand and business as a whole, your partners, competitors, and of course, your clients. With all this responsibility, losing track of your mission seems almost inevitable. However, it doesn’t have to be. Referring to your firm’s values, your long- and short-term objectives, and your financial projections can help prevent you from falling behind.

Your firm is a business, so you must manage it as such.

Even though you should follow your law firm’s business plan, that doesn’t mean your goals won’t or shouldn’t change. Sometimes, things don’t go as intended, and you must adapt. For example, some marketing strategies may not be as popular with your target audience as intended. In that case, it’s time to go back to the drawing board and see how you can appeal to them.

How Do I Start a Law Firm Business Plan?

Getting started is almost always the hardest part of anything. However, if you start small, it’s easy to build.

When creating your law firm business plan, follow these steps:

Define Your Goals

Having defined goals sets the tone for how you manage and market your business. It may seem obvious to you, but when prospects do a search and land on your website , that might not be the case for them. When you articulate what drives you, these potential clients may be more inclined to look into what you can offer them.

If you’re unsure how to explain your goals for the firm, maybe come back to that later. Figuring out your services, marketing strategies, financial projections, management, and operations may help you come to a more concise conclusion.

Revenue/Value Estimation

Whether you’re asking for funding or want to build the firm from the ground up, you must figure out how to keep the lights on.

You’ll want to have an answer for the following:

• What are the costs associated with starting a law firm?
• What is the number of cases you need to break even? Make a profit?
• What is your profit-loss estimation?

Be precise with these numbers. That way, you can better gauge your success or lack thereof.

Billing Structure

Creating a comprehensive legal billing policy at the beginning will save your law firm a vast amount of non-billable hours and money .

First, you’ll want to get clear on items like your fees. Some firms charge a flat fee. Others charge by the hour. The fee structure can vary depending on the area of practice . For example, if you’re working in personal injury law , especially, you may go the contingency fee route. 

Once you figure out which payment structure to use, you’ll want to create a process for how you’ll get paid. Automating your billing with legal workflows is a simple way to standardize the processes. This workflow should outline items like the invoice creation process, modes of sending the invoice, and how the client will pay. 

PracticePanther’s automated legal workflows can be customized to trigger events throughout the billing cycle so you never have to worry about missing a step. 

Identify the Risks

Just like the risk assessment you give your clients, the same should be done when starting a law firm. Identifying potentials risk during the planning process will help inform your business decision. While risks are not always avoidable, being proactive can limit the shock associated with surprise risks. 

A few potential risks for law firms: 

• Market share
• Pros and cons of your pricing structure
• Demand of services

What Is in a Law Firm Business Plan?

There’s no set formula for creating a picture-perfect business plan. However, these things may put you on the road to success:

Executive Summary

This section gives an overall view of your plan. It includes:

• Mission statement, noting your inspiration and drive for your law firm
• Core values, describing what you’ll use to serve your clients
• How you stand out, discussing what you’ll bring to the table that others may not
• A company description, articulating how you got started in law, your educational and professional background, etc.

Refrain from making general, overstated platitudes. Every other firm promises how they’ll strive to deliver the results their clients need. Be specific and tell them how you will act.

Market Analysis

Who will you represent, and how will you get paid? These questions can help you determine how you’ll carry out a market analysis:

• Target clientele: What demographic do you want to serve? Think of age, location, status, occupation, or gender.
• Financial projections: How much would this demographic reasonably spend on your services?
• Industry: What are the trends in this industry? What’s the market size? What’s its potential for growth or lack thereof?
• Competition: Who are your main competitors? What are their/your strengths and weaknesses?

Law Firm Billing and Finances

What are budgets and revenue going to look like? Think about how much money you’ll need to start up and keep the firm running every month. How many cases will allow you to break even or make a profit?

Assess how much you project to make this year and every year thereafter.

Management Structure

Now is the time to think about how you’ll operate. Yes, you want to create a healthy work environment, but how will you do that?

If you’re opening this firm, you probably have the educational background and experience to hit the ground running.

However, serving clients and running operations are two different things. Are you the right person to manage the firm as a whole? It’s okay if you’re not sure. Maybe you would benefit from hiring an office manager or other employees to keep things running.

Legal Technology

The more clients you take, the more paperwork, documents, and overall assistance you’ll need. You may not need to hire an employee to take care of such matters per se. As such, you may want to consider purchasing law practice management software to keep track of every detail of your business operations. These cloud-based solutions make it easy to work from anywhere while maintaining collaboration with staff or outsourced workers. 

Managing your law firm is made easy with an all-in-one solution . PracticePanther comes equipped with all of the resources your need to efficiently manage a profitable law firm. Native features like custom reporting to track expenses or cash flow, legal document management for accessibility and paperless filing, legal billing software to accurately manage your billing and invoicing, case management to streamline your cases, eSignature to quickly send documents for electronic signature , and online payment processing to get paid faster and enhance the client experience.

Other law practice management platforms may require costly monthly subscriptions for essential business features like online payment processing or eSignature. With PracticePanther — they’re free to activate and included with your account. 

Legal Services

Your services are the bread and butter of your firm. What problems are your potential clients experiencing, and how will you help them?

Here, you can also differentiate yourself from your competitors and discuss the advantages of hiring you.

Law Firm Marketing

When you market your firm, think about how you will present it and entice a prospect to hire you. What services will you provide, and at what cost? Show potential clients that your firm is worth every penny and that you will go above and beyond for them.

Creating a law firm marketing strategy with proven tactics and goals is key. Traditionally, firms have relied on word of mouth. However, to remain profitable — law firms should utilize modern channels such as social media, paid advertising, and search engine optimization or SEO. 

Use your executive summary and market analysis as an initial guide for your marketing strategy then continue to measure and adjust your strategy. 

Sample Law Firm Business Plan

Organizing your law firm’s business plan can seem like a big maze. However, if you have a document template that allows you to break everything down step by step, it won’t be as scary.

PracticePanther offers a white-label template for you to write out your goals for your firm. You can even customize it with your logo, ensuring your professionalism and brand recognition. This feature also stores your business plan in one place. 

What’s more, if you have several potential business plans, you can easily store them within PracticePanther as a template or file . This way, if you need to adjust your plan (which is highly recommended that you monitor your business plan) you can easily access it.

Outlook on the Business of a Law Firm

It’s great to have short-and long-term goals and objectives when you’re forming a law firm business plan. Still, these plans should be flexible and adapt to the market. 

Having an understanding of how to scale and market your law firm with modern processes will ensure the overall profitability of your business. With PracticePanther’s five-minute law firm growth quiz , you can find your growth profile along with a strategic growth roadmap for success. 

Modern legal technology makes it easier than ever to practice and manage a law firm today. Ready to get started? You can schedule a custom demo with PracticePanther to see how our features support your firm’s success.

Download as PDF

Want a copy of this article? Download it for free!

Related Articles

Outsourcing for law firms: how to seek assistance.

A lawyer’s primary focus should always be on the law, but law firms that are short-st...

5 Law Practice Management Software Myths Debunked

As a whole, the legal industry is traditional and adverse to change. Like other tradi...

What Software Is Used in a Law Firm?

Find out which software solutions today's leading lawyers are using to stay ahead in ...

Kamron Sanders

Kamron Sanders is the Senior Content Marketing Specialist at PracticePanther, an all-in-one legal practice management software. She is responsible for creating engaging content across multiple channels including social media, articles, videos, and more. Kamron views marketing through a customer-focused lens and equips legal professionals with the information and tools to automate their practice.

Subscribe for Updates

Learn how to grow your firm and get tips to save you time and automate your work, straight to your inbox.

Download PDF

Submit this form to download this article as a PDF file.

• First Name *
• Last Name *
• Firm Name *

By submitting this form, you are agreeing to our Terms of Service and Privacy Policy

Start your free trial today

PracticePanther is the leading legal practice management software. Start a free trial today and discover the power of automation at your firm.

By creating an account, you are agreeing to our Terms of Service and Privacy Policy

Download the Buyer's Guide to Law Firm Software

Maximize the security of your law firm's confidential information and improve productivity with the right law firm software. Explore crucial features to look for when choosing your law firm software.

Law practice management software made easy

We help you do right by your clients and get you home for dinner on time. Win-win.

Already have an account? Login

Free Download

Law Firm Business Plan Template

Download this free law firm business plan template, with pre-filled examples, to create your own plan..

Or plan with professional support in LivePlan. Save 50% today

Available formats:

What you get with this template

A complete business plan.

Text and financials are already filled out and ready for you to update.

• SBA-lender approved format

Your plan is formatted the way lenders and investors expect.

Edit to your needs

Download as a Word document and edit your business plan right away.

• Detailed instructions

Features clear and simple instructions from expert business plan writers.

All 100% free. We're here to help you succeed in business, no strings attached.

Get the most out of your business plan example

Follow these tips to quickly develop a working business plan from this sample.

1. Don't worry about finding an exact match

We have over 550 sample business plan templates . So, make sure the plan is a close match, but don't get hung up on the details.

Your business is unique and will differ from any example or template you come across. So, use this example as a starting point and customize it to your needs.

2. Remember it's just an example

Our sample business plans are examples of what one business owner did. That doesn't make them perfect or require you to cram your business idea to fit the plan structure.

Use the information, financials, and formatting for inspiration. It will speed up and guide the plan writing process.

3. Know why you're writing a business plan

To create a plan that fits your needs , you need to know what you intend to do with it.

Are you planning to use your plan to apply for a loan or pitch to investors? Then it's worth following the format from your chosen sample plan to ensure you cover all necessary information.

But, if you don't plan to share your plan with anyone outside of your business—you likely don't need everything.

More business planning resources

Business Plan Template

How to Write a Business Plan

Industry Business Planning Guides

How to Start a Business With No Money

Simple Business Plan Outline

How to Write a Business Plan for Investors

How to Write a Law Firm Business Plan

10 Qualities of a Good Business Plan

Download your template now

Need to validate your idea, secure funding, or grow your business this template is for you..

• Fill-in-the-blank simplicity
• Expert tips & tricks

We care about your privacy. See our privacy policy .

Not ready to download right now? We'll email you the link so you can download it whenever you're ready.

Download as Docx

Download as PDF

Finish your business plan with confidence

Step-by-step guidance and world-class support from the #1 business planning software

From template to plan in 30 minutes

• Step-by-step guidance
• Crystal clear financials
• Expert advice at your fingertips
• Funding & lender ready formats
• PLUS all the tools to manage & grow

The quickest way to turn a business idea into a business plan

Fill-in-the-blanks and automatic financials make it easy.

No thanks, I prefer writing 40-page documents.

Discover the world’s #1 plan building software

Client Management

Case management, billing & payments, accounting & report, e-signature.

• Help Center

Starting a law firm can be a rewarding and lucrative venture, but it requires careful planning and strategy. A well-crafted business plan is a crucial tool for any law firm looking to establish itself, secure funding, or grow its practice. The business plan will serve as a roadmap, outlining the law firm’s objectives, strategies, and unique selling proposition

Why Every Law Firm Needs a Business Plan

A well-structured business plan is imperative for every law firm, regardless of its size or specialization. While legal expertise is undoubtedly crucial, having a clear vision and strategic direction is equally essential. A business plan serves as a guiding light, defining the firm’s mission, values, and long-term goals. This clarity is vital for aligning the entire firm towards a common purpose, ensuring that everyone understands the objectives and the path to achieving them. Without a business plan, a law firm may find itself navigating uncertain waters, reacting to circumstances rather than proactively pursuing its ambitions.

The Key Components of a Law Firm Business Plan

A well-structured law firm business plan consists of several key components, each playing a crucial role in guiding the firm’s operations and ensuring its long-term success. Here are the essential elements of a comprehensive law firm business plan:

• Executive summary
• Law firm description
• Market analysis
• Organization and management
• Services 
• Marketing Strategy
• Financial plan
• Start-up budget

Section One: Executive Summary

The executive summary is arguably the most critical section of your law firm’s business plan. While it appears at the beginning, it is often written last, as it serves as a concise yet comprehensive overview of your entire plan. This section should capture the reader’s attention, providing them with a clear understanding of your law firm’s essence, mission, and what to expect from the rest of the document. In your executive summary:

• Introduce your law firm: Briefly describe your law firm’s name, location, and legal specialization.
• Mission and vision: State your firm’s mission and vision, highlighting your commitment to serving clients’ legal needs effectively.
• Your unique selling proposition: Clearly state your USP, and present what is unique about your firm that will ensure success.

The executive summary sets the stage for your entire business plan. It should be a concise yet compelling introduction to your firm’s mission, values, and potential. If crafted well, it can grab the reader’s attention and encourage them to explore other sections in detail. If you feel overwhelmed by this, you can write this section last. 

Section Two: Law Firm Description

This section of your business plan provides a deeper dive into your firm’s background, history, legal specializations, and legal structure and ownership. This section should provide a concise yet informative overview of your firm’s identity and history. Here’s what this section should cover:

• Mission Statement: Briefly reiterate your law firm’s mission statement. This statement should encapsulate your firm’s overarching purpose and guiding principles.
• Geographic Location: State out the physical location of your law firm’s office(s). This should include the city or region where your primary office is situated.
• Legal Structure and Ownership: State the legal structure of your law firm, whether it’s an LLC, S-Corp, or another legal entity. This choice is a fundamental aspect of your business model, influencing ownership, liability, and taxation. If your firm’s ownership is not that of a sole proprietorship, provide details on the ownership structure. Explain how the chosen structure aligns with your firm’s business model, decision-making processes, and long-term goals.
• Firm History: Provide the history of your law firm. Highlight key milestones, achievements, and notable moments in your firm’s journey. If your firm is well-established, briefly summarize its history, showcasing your accomplishments and contributions to the legal field.

Remember that brevity is key in this section. Don’t spend too much time, just touch on important points and achievements. 

Section Three: Market Analysis

A well-conducted market analysis will not only demonstrate your understanding of the legal industry but also inform your law firm’s strategies and decision-making. It goes beyond understanding your competition; it delves deep into your potential clients’ needs and expectations. 

Through market analysis, you can segment your target market based on demographics, industry, legal needs, and preferences. This segmentation allows you to tailor your services to meet the specific needs of different client groups. It also helps you identify the pain points and challenges that potential clients face. By understanding their concerns, you can offer solutions that directly address these pain points.

Your market analysis should also reveal the pricing strategies of your competitors. By benchmarking your pricing against theirs, you can position your services competitively. You can choose to price higher if you offer unique value or lower if you aim to attract price-sensitive clients. Your market analysis should reveal areas where your competitors may be falling short. Use this information to frame your services as the solution to these weaknesses. For example, if competitors have slow response times, emphasize your firm’s commitment to timely communication. 

Showcase your firm’s USPs that directly address client needs and preferences. If you excel in a particular practice area, have a reputation for excellent client service, or offer innovative fee structures, use these strengths to attract your preferred clientele. Ultimately, a well-documented market analysis not only informs your law firm’s business model but also guides your approach to client acquisition, pricing, and service delivery. It ensures that your legal services align with client expectations and positions your firm for success in a competitive legal industry

Section Four: Organization and Management

Image Source – Creately

This section provides a clear picture of your firm’s internal structure and leadership. Name the key stakeholders in your law firm and what they bring to the table. Highlight any unique experiences or expertise that each partner brings to the firm. This could include prior work at prestigious law firms, involvement in landmark cases, or specialized knowledge in a specific area of law. Explain how these experiences set your firm apart and enhance its capabilities. You can also include an organizational chart that visually represents your law firm’s structure. This chart should showcase the hierarchy, roles, and reporting lines within the firm. By including the names, educational backgrounds, unique experiences, and organizational chart, you paint a comprehensive picture of your law firm’s leadership and structure. This not only builds confidence in your team’s capabilities but also showcases the depth and expertise of your staff to potential clients, partners, or investors.

Section Five: Services

This section is the core of your law firm business plan. Here, you will go into detail about all aspects of your services. Present in simple words:

• The problem(s) your law firm is addressing and your approach to how to alleviate those pain points? Answer these questions, and provide in detail how your firm is in the best position to tackle this problem. 
• The solution(s) you are providing. This should describe how your law firm resolves your prospective market’s needs. This should include the work you do, and the benefits that each client will receive if they work with your firm. 
• Your law firm competition.  This should describe what advantages your law firm has over your competitors? What you do differently when providing your solutions and how your clients will gain additional benefits when they work with your law firm.

Section Six: Marketing Strategy

As you craft your business plan, keep these four essential questions in mind:

• What Is Your Firm’s Value Proposition? Clearly define what sets your law firm apart from others. This should guide your marketing and sales strategies, emphasizing the unique value you offer to clients.
• Who Is Your Target Audience? Identify your ideal client profile. Understanding your target audience helps tailor your marketing efforts to reach those most likely to benefit from your services.
• What Are Your Growth Goals? Set specific, measurable growth goals for your firm. These goals should inform your sales and marketing strategies, outlining how you plan to achieve them.
• How Will You Measure Success? Determine key performance indicators (KPIs) to measure the success of your marketing and sales efforts. Whether it’s tracking client acquisition rates, website traffic, or revenue growth, having measurable metrics will help you gauge your progress and make informed adjustments.

It is also valuable to perform a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to assess your law firm’s internal and external factors. Describe your online marketing efforts, including your website, social media presence, and email marketing campaigns. Explain how you plan to leverage marketing  to reach and engage potential clients effectively. You should also define your pricing structure and fee arrangements. This may include hourly rates for specific legal services, retainer agreements for ongoing representation, or flat fees for standardized services. 

Section Seven: Financial Plan

If you want to expand your law firm and ensure a steady income, it’s essential to create a financial strategy for your practice. While you might not have all the answers regarding your firm’s finances, provide comprehensive details. Your goal should be to establish a financial plan, particularly for the initial year of your firm’s operation.

Provide comprehensive financial projections that cover the anticipated income, expenses, and cash flow for your law firm. These forecasts should offer a clear picture of how your firm expects to perform financially. You should also Incorporate income statements, which show your firm’s revenue and expenses, balance sheets that detail your assets and liabilities, and cash flow projections, which illustrate how money moves in and out of your business. These financial statements offer a holistic view of your firm’s financial health.

Explain the assumptions underlying your financial projections. This may include factors like growth rates, market trends, client acquisition strategies, and pricing models. Describe your strategies for achieving growth and how they translate into financial outcomes. This section is critical for demonstrating your law firm’s financial preparedness and sustainability. Investors, lenders, or partners will scrutinize these sections to assess the viability of your firm, making it essential to provide detailed and well-supported financial information.

Section Eight: Start-up Budget

When developing a business plan for your law firm, it is essential to create a realistic startup budget. This involves carefully considering various initial and ongoing expenses and factoring them into your revenue objectives. Here are some instances of expenses to incorporate into your budget:

• Hardware costs, such as laptops, printers, scanners, and office furniture.
• Office space expenses, whether you plan to rent space or work from home.
• Malpractice insurance fees.
• Staff salaries, including potential hires like administrative assistants or paralegals.
• Utility expenses, covering phone and internet services, among others.
• Expenses on practice management software or other tech tools

After itemizing these costs, review them thoroughly. Clearly state the total amount of funding you require to start and sustain your law firm. Explain how this funding will be allocated, including how much goes into covering startup costs and how much is reserved for ongoing operations. Be specific about the purpose of each funding component. 

Additionally, explore tools and solutions that can streamline non-billable tasks, freeing up more time for your legal practice. This not only enhances your overall productivity but also allows you to allocate more time to your legal practice. One exceptional solution that can significantly benefit your law firm operations is a legal practice management software. 

DigitsLaw: The Legal Practice Management Software for Law Firms

DigitsLaw is an all-in-one practice management software that streamlines and simplifies the day-to-day operations of a law firm. Whether you are a small firm or you have law firms in major cities, DigitsLaw can meet the unique needs of your legal practice. Our simple and intuitive tool offers a wealth of features that can make a substantial difference in the success and efficiency of your firm.

Here’s how DigitsLaw can help your new law firm scale:

• Effortless Case Management: DigitsLaw simplifies case management by centralizing all your client information, documents, and communications in one secure location. This ensures that you have easy access to everything you need, right at your fingertips.
• Time Tracking and Billing: With DigitsLaw, tracking billable hours and generating invoices is seamless. You can accurately record your time, expenses, and activities, allowing for transparent and error-free billing processes.
• Conflict Check: DigitsLaw provides a robust conflict check system that assists law firms in maintaining ethical standards and preventing conflicts of interest. By incorporating DigitsLaw conflict check capabilities into your law firm’s workflow, you can enhance your due diligence processes, reduce the risk of conflicts of interest, and uphold the highest ethical standards in your legal practice. 
• Client Collaboration: Foster better client relationships through DigitsLaw’s client portal . Clients can securely access case information, share documents, and communicate with your firm, enhancing transparency and trust.
• Legal Document Management: Say goodbye to the hassle of paper documents and disorganized files. DigitsLaw enables efficient document storage, organization, and collaboration, saving you time and reducing the risk of errors.
• Secure and Compliant: DigitsLaw prioritizes security and compliance, ensuring that your client data and sensitive information are protected at the highest standards.

By leveraging DigitsLaw’s capabilities, you can significantly reduce administrative overhead, minimize errors, and provide a more streamlined and responsive experience for your clients. It’s a strategic investment that will pay dividends as your firm grows and prospers.

Sample Business Plan and Fillable Template

If you’re in the early stages of creating your business plan, we’ve prepared an example that can serve as a reference. You can also download a blank version of our template here. Remember to tailor your plan to your specific requirements and objectives. 

Download your copy of our law firm business plan template HERE

Final thoughts.

In conclusion, crafting a law firm business plan is not just a formality; it’s a roadmap that guides your firm toward success. Whether you’re launching a new law firm or seeking to revitalize an existing one, a well-thought-out plan helps you.  From defining your firm’s mission and values to conducting a thorough market analysis every section of your plan plays a crucial role in shaping your law firm’s journey. It’s not just about impressing potential investors; it’s about setting clear goals, making informed decisions, and ensuring that your firm is well-prepared for the challenges and opportunities that lie ahead.

As you start planning, remember that your business plan is a living document. It should evolve and adapt as your firm grows and the legal industry changes. Regularly revisit and update your plan to stay aligned with your mission, serve your clients better, and achieve your long-term vision.

Share this post

Latest Writings

The latest news and resources from our team

Our Integrations​

It is the easiest and most organized way to manage your law firm, clients, cases, billing, accounting and more.

Get the app

© 2023 Digitslaw. All rights reserved.

Law Firm Business Plan Template

Written by Dave Lavinsky

Law Firm Plan

Over the past 20+ years, we have helped over 1,000 lawyers to create business plans to start and grow their law firms. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a law firm business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is a Business Plan?

A business plan provides a snapshot of your law firm as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan

If you’re looking to start a law firm, or grow your existing law firm, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your law firm in order to improve your chances of success. Your law firm plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Law Firms

With regards to funding, the main sources of funding for a law firm are personal savings, credit cards and bank loans. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

Finish Your Business Plan Today!

How to write a business plan for a law firm.

If you want to start a law firm or expand your current one, you need a business plan. Below are links to each section of your law firm plan template:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of law firm you are operating and the status. For example, are you a startup, do you have a law firm that you would like to grow, or are you operating law firms in multiple cities?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the law firm industry. Discuss the type of law firm you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of law firm you are operating.

For example, you might operate one of the following types of law firms:

• Commercial Law : this type of law firm focuses on financial matters such as merger and acquisition, raising capital, IPOs, etc.
• Criminal, Civil Negligence, and Personal Injury Law: this type of business focuses on accidents, malpractice, and criminal defense.
• Real Estate Law: this type of practice deals with property transactions and property use.
• Labor Law: this type of firm handles everything related to employment, from pensions/benefits, to contract negotiation.

In addition to explaining the type of law firm you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of clients served, number of cases won, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the law firm industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the law firm industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your law firm plan:

• How big is the law firm industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your law firm? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your law firm plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: businesses, households, and government organizations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of law firm you operate. Clearly, households would respond to different marketing promotions than nonprofit organizations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve. Because most law firms primarily serve customers living in their same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

Finish Your Law Firm Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other law firms.

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes accounting firms or human resources companies. You need to mention such competition as well.

With regards to direct competition, you want to describe the other law firms with which you compete. Most likely, your direct competitors will be law firms located very close to your location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of customers do they serve?
• What types of cases do they accept?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide better legal advice and services?
• Will you provide services that your competitors don’t offer?
• Will you provide more responsive customer interactions?
• Will you offer better pricing or flexible pricing options?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a law firm plan, your marketing plan should include the following:

Product : In the product section, you should reiterate the type of law firm company that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to in-person consultation, will you provide virtual meetings, or any other services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the products and services you offer and their prices.

Place : Place refers to the location of your law firm company. Document your location and mention how the location will impact your success. For example, is your law firm located in a busy business district, office building, etc. Discuss how your location might be the ideal location for your customers.

Promotions : The final part of your law firm marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Advertising in local papers and magazines
• Reaching out to local websites
• Social media marketing
• Local radio advertising

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your law firm, including filling and filing paperwork, researching precedents, appearing in court, meeting with clients, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to file your 100th lawsuit, or be on retainer with 25 business clients, or when you hope to reach $X in revenue. It could also be when you expect to expand your law firm to a new city.  

Management Team

To demonstrate your law firm’ ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally you and/or your team members have direct experience in managing law firms. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with legal experience or with a track record of successfully running small businesses.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you file 25 lawsuits per month or sign 5 retainer contracts per month? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your law firm, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a law firm:

• Location build-out including design fees, construction, etc.
• Cost of licensing, software, and office supplies
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or your certificate of admission to the bar.  

Putting together a business plan for your law firm is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert and know everything you need about starting a law firm business plan; once you create your plan, download it to PDF to show banks and investors. You will really understand the law firm industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful law firm.  

Law Firm Business Plan FAQs

What is the easiest way to complete my law firm business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Law Firm Business Plan.

What is the Goal of a Business Plan's Executive Summary?

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of law firm you are operating and the status; for example, are you a startup, do you have a law firm that you would like to grow, or are you operating a chain of law firms?

Don’t you wish there was a faster, easier way to finish your Law Firm business plan?

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s professional business plan consulting services can create your business plan for you.

Other Helpful Business Plan Articles & Templates

Upmetrics AI Assistant: Simplifying Business Planning through AI-Powered Insights. Learn How

Entrepreneurs & Small Business

Accelerators & Incubators

Business Consultants & Advisors

Educators & Business Schools

Students & Scholars

AI Business Plan Generator

Financial Forecasting

AI Assistance

Ai Pitch Deck Generator

Strategic Planning

See How Upmetrics Works  →

• Sample Plans
• WHY UPMETRICS?

Customers Success Stories

Business Plan Course

Small Business Tools

Strategic Canvas Templates

E-books, Guides & More

• Sample Business Plans

Law Firm Business Plan

Free Law Firm Business Plan Template

Download our free business plan template now and pave the way to success. Let’s turn your vision into an actionable strategy!

• Fill in the blanks – Outline
• Financial Tables

Industry Overview

The global legal services market was valued at a whopping sum of 849.28 billion dollars in 2020 and is expected to rise at a high rate going forward too.

The main changes in the legal industry have been brought about by the introduction of AI which does proofreading and data research jobs with higher efficiency. This lets the lawyers focus on what really matters.

Also, the security and access systems have become loads better due to cloud computing.

What is Law Firm Business Plan?

A law firm business plan is a document that outlines your business goals and strategies to achieve those goals. It includes your law firm overview, your reason to start your firm, the services you will offer, a budget or funding requirements, and strategies to get and manage your clients.

Why Law Firm Business Plan is Important?

A business plan would help you understand what sets you apart from your competitors, and how you can market your USP to your clients.

It also helps you design strategies to reach out to your clients and manage them. It comes in extremely handy for analyzing the loopholes in your business structure.

Moreover, it helps you identify your strengths and work on your weaknesses.

All in all, It can make managing your business a hassle-free and less chaotic process.

Things to Consider Before Writing a Law Firm Business Plan

Focus on your expertise.

Between juggling business and practice, it is natural that practice gets neglected more often than not. But always keep in mind that though focusing on your business is important it shouldn’t come at the cost of skills you need to develop and upgrade to do well as a lawyer.

Also, it is important to decide on a niche so you can dig deeper and become an expert at handling cases of that kind.

Create a proper website

In today’s world being present and active on the internet is as important for your business as being good at what you do.

A strong web presence helps you reach out to your customers as well as builds your reliability for them.

Build your network

Networking is an important aspect of being a lawyer. From getting new customers, getting updates on the legal world, and even collecting evidence if you are a criminal lawyer, a good network can work wonders for your legal business.

The kind of circle you belong to also has an impact on your reputation and image as a lawyer.

Develop soft skills

We all know that confidence and intellect are a lawyer’s best friends. And although it is an ongoing process to develop these skills, it is good to get a head start before you start your business.

Intellect helps you upgrade and pay attention to detail, and confidence helps you sound more convincing and reliable. Both of which are foundational to a legal business.

How to Write a Law Firm Business Plan?

A law firm business plan would be a combination of segments common to all business plans and segments specific to a law firm.

Before you start writing your business plan for your new law firm, spend as much time as you can reading through some examples of  consulting-related business plans .

Reading some sample business plans will give you a good idea of what you’re aiming for. It will also show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.

We have created this sample law firm business plan for you to get a good idea about how a perfect law firm business plan should look like and what details you will need to include in your stunning business plan.

Chalking out Your Business Plan

Starting your own law firm is an exciting prospect for any lawyer. Having your firm gives you more independence, lets you implement ideas you want to, and most importantly, you get to deal with clients firsthand.

And if you plan on starting your own, do so with a proper business plan.

But you might wonder, why do I need a business plan as a lawyer, isn’t my legal knowledge and years of work enough?

The answer is no.

To run a law firm you need a law degree, but to run a successful business you need a business plan alongside your degree.

Law Firm Business Plan Outline

This is the standard law firm business plan outline which will cover all important sections that you should include in your business plan.

• Mission Statement
• Vision Statement
• Financial Summary
• 3 Year profit forecast
• Business Structure
• Startup cost
• Market Analysis
• Market Trends
• Target Market
• Market Segmentation
• Sales Strategy
• Marketing Strategy
• Pricing Strategy
• Personnel Plan
• Financial Plan
• Important Assumptions
• Brake-even Analysis
• Profit Yearly
• Gross Margin Yearly
• Projected Cash Flow
• Projected Balance Sheet
• Business Ratios

Say goodbye to boring templates

Build your business plan faster and easier with AI

Plans starting from $7/month

Now, let’s understand how you can complete each section of your business plan.

1. Executive Summary

The executive summary forms the first page of your business plan. It acts as a pitch for your business to potential investors and should consist of the following sections.

• Objective: This gives an overview of what you wish to accomplish with your business. The objective should be clear and solve an existing problem in the market.
• Vision Statement: This should state what vision you have for your business. How do you want it to function and how far do you expect to reach with it. You can also include how your vision sits with the current market situation.
• Financial Summary: This section should ideally consist of the history of your finances and their current state. A proper financial summary helps you gain an investor’s confidence and makes it easier for your business to get funded.

2. Company Summary

Next up we have the company summary section, this segment provides an overview of your company’s structure and its functioning.

This section provides a brief description of the following:

• Legal Structure: This section would describe the legal terms and conditions your firm functions on, as well as the ownership structure of your firm.
• USP: This would consist of points that set your firm apart from your competitor’s firm.
• Services: This section will include the services you offer, the legal procedures you are well versed in, all in all, the client base you cater to.
• Location: This segment covers your area of service and the location of your firm. A clearly stated area of service, helps you reach the right audience.

3. Market analysis

This segment consists of a thorough analysis of the market situation. It can be split up into the following sub-segments.

• Market Trends: This would consist of all the prevailing trends in the market. It is important to know market trends because it helps your business keep up with the evolving market.
• Target Market:  This section would consist of a summary of the market you cater to. Clearly defining your niche helps you reach out to your desired customer base.
• Market Segmentation: In this section, note down the segments present in the market, as well as what segment of the market your business would fit in. This would help you narrow down the number of competitors you have, the strategies you must follow, and the major and additional services you should offer.

4. Strategy and implementations

In this section, you would include various business strategies like:

• Marketing strategy You can formulate a marketing strategy depending on your target audience and the easiest and most effective ways of reaching out to them. It is important to formulate your marketing strategy based on your USP and your vision statement.
• Pricing Strategy It is important to formulate a pricing strategy based on the market trends, the nature of the work, and your target audience.
• Milestones This segment would consist of the various milestones your business would have to reach to achieve your goal and the strategies to help you reach them.

5. Financial Plan

The financial section of your business plan would consist of the following information regarding your business.

• Financial history
• Current State of finances
• Profit and loss

Download a sample law firm business plan

Need help writing your business plan from scratch? Here you go;  download our free law firm business plan pdf  to start.

It’s a modern business plan template specifically designed for your law firm business. Use the example business plan as a guide for writing your own.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

Law Firm Business Plan Summary

All of the above segments would help you in creating a well-rounded business plan. Starting your law firm with a well-written business plan can make your growth process faster and smoother.

After getting started with Upmetrics , you can copy this law firm business plan example into your business plan and modify the required information and download your law firm business plan pdf or doc file.

It’s the fastest and easiest way to start writing your business plan.

Related Posts

Law Firm Financial Plan

How to Write a Business Plan Step by Step

Notary Business Plan

Bookkeeping Business Plan

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

Plan your business in the shortest time possible

No Risk – Cancel at Any Time – 15 Day Money Back Guarantee

Popular Templates

Create a great Business Plan with great price.

• 400+ Business plan templates & examples
• AI Assistance & step by step guidance
• 4.8 Star rating on Trustpilot

Streamline your business planning process with Upmetrics .

Home Committees, Members & Career Services Small Law Firm Center Overview Small Firm Resources Writing a Business Plan for Law Firm – Law Firm Business Plan Sample

Writing a Business Plan for Law Firm – Law Firm Business Plan Sample

Business plans for lawyers.

New York City Bar Association Small Law Firm Committee

Writing a Business Plans for Lawyers – The Non-Financial Side

1 Why write a law firm business plan?

First and foremost, it’s a Management Tool, It f orces you to think through important issues you may not otherwise consider The recipe to grow your law practice

• A roadmap, albeit a changing one, with milestones to help reach goals you already know and have yet to define
• A sales tool to obtain financing
• A sales tool when looking to form a partnership or join one
• Some parts of a business plan include stating the obvious, but should not be overlooked because they still form a part of the whole
• As you write it, ideas come, strategies unfold, beliefs you may have had change
• It also changes your mindset. You’re no longer thinking about starting a business, you’re now in the process of starting a business.
• If you write a business plan and put it away in a drawer you have not written one that is feasible or is going to do you any good. Continual updating – whether semi-annual, annual, biennial, whichever is best for you – is your own set of checks and balances.

If you are going to buy a book, look for one that offers general advice and suggestions applicable to all businesses. And, if you choose a software package, eliminate the “techy” things like their numbering system; that is a dead giveaway that you’re using a software program. Also, eliminate sections that are irrelevant!

Suggestion: Don’t just buy one from an online bookstore. Take the time go through a table of contents and thumb through.

Examples available from Barnes & Noble:

• Alpha Teach Yourself – Business Plans in 24 Hours by Michael Miller
• Successful Business Planning in 30 Days TM, 3/ed, Peter Patsula
• The Executive Summary
• Analysis of Your Market
• Description of Your Firm
• Competitors
• Your Marketing Strategy

No set formula for a successful practice

Before developing a plan for a lawyer, answer the following:

• Identify your practice niche(s)
• What skills and experience you bring to your practice
• What legal structure to use: sole proprietorship, PC, partnership, LLP, etc.
• What clients you currently have and might potentially acquire
• What clients you want
• What business and social contacts you have
• What other attorneys you can call upon to fill in practice gaps
• How your firm’s records will be kept
• What equipment and supplies will be needed
• What library and other information sources will be needed
• What insurance will be needed
• What other resources will be needed
• How you will compensate yourself
• Review your current finances re assets, current cash flow, expenses
• What financing may be needed
• What financial assets do you have
• What banking accounts will be needed
• Review your current non non-financial resources
• Identify your market
• Describe your startup plans
• Where will your office be located
• What will the name of your firm be

2 The Executive Summary

For some businesses this is the most important part of the business plan because it summarizes what the company does, where it is going and how to get there. Therefore, it must describe the company, the “product” and the market opportunities concisely.

It is written after the plan is complete but is the first and, sometimes, most important part read by investors.

How important this is for a legal business plan depends on your long and short term goals, e.g., whether they are to grow a partnership, join a firm, build up a practice that is enticing for acquisition by a larger firm, etc.

In order to provide that summary, go through a number of exercises:

• Mission statement – the firm’s purpose and what it will do
• Major goals
• Objectives/milestones needed to achieve those goals
• Vision statement – where you want to go and what you want your firm to become, not just 20 years down the road but where you want to be three or five years from now
• List what is out of your control e.g., nature of the law business, direction of the marketplace, competition, mergers and acquisitions among clients, and competitors, attorneys and firms already in place
• Analyze opportunities to face and threats
• List your firm’s specific capabilities and whatever you believe you can offer that is unique
• If you are not a solo practitioner, who is the management
• What is the legal organization
• What technology will you be capitalizing on
• What is the marketing potential
• Describe your basic strategies based on the information you have learned about the legal business, your competition and applicable markets within your field.
• Provide the basis for why you believe your strategy is the right one for your firm.
• What markers will you use to change direction
• Outline what your firm needs to make that strategy succeed
• Financial projections
• Back up of those projections with assumptions (so that they can be adjusted as necessary)
• Summary of revenues by month for at least three years
• Balance sheet
• Cash flow statement
• What actions you’re going to take to carry out the plan
• What changes will be needed or skills acquired to put the plan to work

3 Analysis of Your Market: The Legal “Business” that Affects You

Purpose: an accurate understanding of trends affecting law practice in general and your specializations, client demographics, client universe.

Keep track of impact factors, obstacles, opportunities and threats to better forecast and build the strategies.

• Identify who and what firms dominate and where they are
• What new technologies have already and may yet change the way your practice is done
• What laws and regulations have and may yet change your practice
• Describe the overall demand for your specialties
• What else besides price affects your client decisions to use your services
• What clients (people or companies) can influence your areas of practice
• Large firms, mid size, boutiques, solo practitioners
• In-house attorneys
• Government attorneys
• Divide into primary, secondary and, if necessary, tertiary levels
• Is there substitution, e.g., do it yourself or outsourcing to India
• List what is available and how it affects your practice
• Describe how technology is affecting your kind of practice
• Describe who controls the technologies that affect
• Describe how you keep up with new technology
• List all the things that will make it difficult for you to practice in your expertise and locale
• List the things that will make your exit from you area of expertise or your transition to a different one difficult
• What can relationships with suppliers do for you
• Could a supplier become a competitor, e.g.; for articles you write
• Colleagues and competitors
• Professional associations
• Community associations
• Social and business organizations
• Current and former clients
• Former employment colleagues
• Pro bono colleagues
• What ways improve your position with clients
• Does pricing affect
• What else affects your relationship
• What kind of follow up do you do after meeting someone who may be a potential client or who can introduce you
• Writing articles
• Giving speeches
• How can you use your other relationships
• What are the overall costs that affect your hourly, daily or matter rates?
• Profit margins
• What do suppliers of your technology, research, information, etc. offer by way of pricing, discounts
• Are there long term agreements that can be to your advantage/disadvantage
• Elasticity of demand for the rates you charge
• If on a regular retainer, are you realizing 100% of your hourly rate, or more/less
• Identify where the biggest costs of your practice come from
• Identify fixed and variable costs
• How to gain economies of scale
• Identify where you can lower costs
• Is the profit margin you’re working with the right one for your practice
• Describe the size of your primary market
• List the niche markets that can use your expertise
• Is your kind of practice a growing or shrinking market
• Identify new growth opportunities in your areas of expertise
• Economic slowdowns
• Changing statutes, regulations and decisions
• Social pressures
• By product, industry, size, geography
• Membership lists of trade organizations
• List of conference attendees
• By referral of current clients
• By referral of colleagues, bar association, etc.
• By referral from competitors with conflicts
• What untapped market is there
• What underserved market is there
• Trade associations made of small companies in the same field
• Part time general counsel for small companies
• Trade associations you can join and committees you can volunteer for

4 Describing and Analyzing Your Own Firm

• It’s not just a law firm.
• What’s the general history
• When was it formed and why
• What is your mission
• What are your goals
• What direct experience do you have? Your partners?
• How relevant is your experience to the current world?
• How often do you talk to prospective clients
• What do you current clients feel about you
• What is the maximum amount of business you can handle yourself without farming it out
• To whom can you farm
• Who is your backup when you are too busy, traveling on business, on vacation, sick
• What is unique about you or your practice
• Describe the areas you focus on and want to focus on
• What are the ancillary areas of law that often or usually involved or triggered by your focus area
• What need does your expertise serve
• What are the advantages and disadvantages of your areas of expertise
• Identify your own strengths and weaknesses
• Who are your clients
• Who among your clients makes the decisions to use your services
• What stage of business development are your clients in
• How sophisticated/knowledgeable are your clients
• Are your clients street smart and/or business savvy
• Do they use more than one lawyer at a time
• Long term objectives
• Short term objectives
• What problems do you face
• What problems do your clients face
• What do you consider milestones
• What are the legal (statutory, regulatory & case law) trends that will affect it
• What are the technological trends that will affect it
• What are the economic trends that will affect it
• What potential risks and opportunities to be faced?
• Do you use innovative technology
• Do you offer superior client care/service
• Is your hourly, daily, or matter pricing lower than the “norm”
• Is there a small group of firms or attorneys who offer the same expertise or specialization
• Are you well known for a book, a speech, an article, news coverage, etc.
• Are you a trade association or bar association director or active participan
• Do a SWOT Analysis – Strengths, Weaknesses, Opportunities, Threats

Strengths & Weaknesses are vis à vis your competitors, rather than your own history Focus on current competition and potential competition

• Are there advantages to your expertise areas
• What do you enjoy doing
• What resources to you have access to
• What do others see as your strengths
• What can you improve
• What don’t you do well
• What should you avoid
• Do others perceive a weakness you don’t agree with
• Are your competitors doing better than you
• How can you meet a potential client
• What are the good opportunities – are they new areas, new statutes & regulations, etc.
• How can changes in technology help you
• How can changes (or no changes) in government policy affect your area of expertise
• Are there changes in social patterns or lifestyle that can help
• What opportunities can open if a weakness is eliminated
• Family/emotional/physical challenges
• Technological challenges
• What is your competition doing you are not
• How can technological changes threaten you

5 Competitive Analysis and Target Market

• List law firm/solo practice trends
• List direct competition
• List indirect competition
• Describe the extent of the unserved market for your kind of legal services
• Who is your client/customer
• What is your price
• Profile your primary customer
• Traits: geographics, demographics, psychograhics
• List client needs
• Describe how your fill those needs
• List primary, secondary and tertiary competitors
• What services do they offer in addition to yours
• What do they charge
• How do competitor firms sell their services
• What are the competitor strengths
• What are the competitor weaknesses
• What size competes with you
• What other specialties do they offer
• Who are they representing
• What is their pricing
• What are their operational strengths and weaknesses
• Are they adequately financed
• How do your competitors advertise or promote themselves
• What are their conflicts
• How does your competition market itself
• Competitive Identification
• Direct competitor – offers the same benefit
• Indirect competitor – services the client can get instead of yours
• Visit and read competitor websites and their advertising, including separate websites by individual partners
• Subscribe to competitor law firm online or other newsletters
• Does it use innovative technology
• Does it offer superior client care/service
• Is its hourly, daily, or matter pricing lower than the “norm”
• Are they well known for a book, a speech, an article, news coverage, etc.
• Are they trade association or bar association directors or active participants

Generate similar info for potential clients to help identify the target that will be most interested in you

A marketing plan must have a detailed description of the target market for your services, an analysis of the trends and conditions of that marketplace and how the trends affect that marketplace

• Total size of targeted market
• Historical current and projected growth rates
• What social, economic &political changes could affect it and your services
• Describe recent developments in the law that affect your areas of expertise
• Are there identifiable niches
• What or will be your clients’ needs and wants
• How will potential customers find out about you
• What kind of marketing, if any, are your clients and potential clients receptive to
• What do existing clients like best about your services
• Are your target clients consumers, businesses or both
• Demographics, psychographics, legal service purchasing habits
• When and how does the client decide to use a lawyer & find a lawyer
• Does your potential client use the Internet, bar association, trade association, business referral, family referral, friend referral, etc. to find a lawyer
• What is your client’s level of education and occupation
• Are they Fortune 1000,500, 100, mid size or smaller
• Is your client industry specialized and do you know that industry
• Does the client use more than one lawyer or law firm
• How long does the client take to decide to use a lawyer
• Does more than one person at the client make the decisions to use a lawyer, and if so who are they
• Is the person who decides who is going to provide legal services the one who is going to receive those services
• What influences your client’s decision to retain a lawyer
• Is using a lawyer optional, a necessity or a luxury
• Is a lawyer needed all year round, seasonal or ad hoc
• How and how well do your clients market themselves

6 Marketing & Strategy

Once you analyze your client needs you can build a comprehensive marketing strategy,

• What is it you intend to accomplish
• What is the amount of increase in clients and/or billing that you want to achieve
• Make each goal measurable and explain each one specifically
• Set each goal to a planned schedule
• Be able and prepared to assess all components to revise when necessary
• Compare these goals to what you believe your competitors’ goals to be
• Tactical objectives = measurable tasks
• Create client value
• Name recognition among your clients and potential clients
• Client retention
• Attracting partners or merging into a bigger firm
• Create a timeline for the objectives or events
• Determine the time frame for the plan, e.g., every six months, every year, etc.
• Describe the need for your services from the client’s POV
• Define the impact on the client of your services
• Ask whether your clients currently obtain this service more cost-effectively than you can provide it
• Describe what would compel clients to change from the lawyers they are using to you or to add you to their lawyer rosters
• E.g., how you will use that list of relationships
• Marketing Mix – Networking, Advertising, Promotion, PR
• Inserts in papers
• Bus, taxi, etc. ads
• Space in professional and trade publications
• Street banners
• New resident welcome kits
• Trade and trade association show directories and handouts
• Trade and trade association show sponsorships
• Coupon mailers
• Press releases
• Sponsorship
• CRM (customer relationship marketing)
• Cost based = cost plus profit margin
• Cost plus profit = cost plus fixed percentage markup
• Market based = use the market norm and add or subtract
• Ask what the highest price your target market can bear
• Determine the price elasticity for your kind of legal services
• Should you offer an introductory rate
• Age of business
• Premises/location
• Competition
• Cost to acquire a client

• Privacy Overview
• Strictly Necessary Cookies

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

Limited time: Try B12 $1/mo for 3 months.

Launch an online presence that makes it simple to attract, win, and serve clients

B12 uses AI and experts to quickly set up your website, scheduling, payments, email marketing, and more.

Your guide to crafting a successful business plan for your law firm

Law practices do not often follow the traditional business structure. Sure, lawyers provide their professional services in exchange for money, but because of the nature of their industry, their obligations cannot be based on commercial concerns alone.

Additionally, lawyers want to focus primarily on their professional practice and billable hours (that’s what keeps the light on, after all). This often means that they hardly have the time to properly dedicate towards the business management side of their practices, such as marketing, financial planning, and business development efforts.

And that’s why it’s important to get it right from the very start. In this instance, it means nailing your law firm business plan!

The business plan is where it all begins. This document is essentially your breakdown of how you want your business to run. Every important consideration relating to your business must be clearly outlined here along with your process for dealing with potential issues. To say that the business plan can make or break your company’s growth and profitability is no understatement.

Why a law firm business plan is worth the effort

Regardless of your practice area, starting your law firm with a business plan is simply that smart thing to do. When you have a roadmap of where you want to go (both short-term and long-term), and how you intend to get there, things get done faster. Here’s why putting in the effort to craft a winning law firm business plan is definitely a benefit worth seeking:

1. Improve focus

One of the prevailing challenges in the legal services industry is focus. From time pressures and financial obligations to actual law practice to trying to maintain a healthy work-life balance — there’s no shortage of things that need attention on any given day.

That's why law firms with focused core practice areas are winning in the marketplace. These practice areas must be included in the initial business planning stage and clearly defined in the business plan. There’s not much sense in trying to be all things to every prospective client, especially since it can lead to a lack of identity, in addition to pulling focus in every direction.

It’s not even feasible for established sole proprietorships and small businesses, so how much more when you’re still at the startup phase. A well-designed business plan can focus your firm so you are spending time on things that really matter.

2. Foster accountability from all

Accountability is crucial in business development. When you have a roadmap of how your law firm should operate to achieve its short and long term goals, then it becomes easier to know who is responsible for what. This fosters accountability across the business and keeps everyone aligned to achieving the overall goals of the company.

The business plan also allows the firm to utilize its resources by immediately identifying areas that may need improvement. For example, if your law firm is struggling to attract new clients, then you can check the marketing strategy outlined in your business plan to see if it’s being correctly implemented.

3. Keep strategy and planning simple

A business plan helps you take on a few projects at a time that can be realistically accomplished. This simplifies not only the strategy and planning, but also the implementation. The company can then build upon initial successes to tackle more complex strategies and replace ineffective structures.

Also, because the business plan forces the law firm to think about business concerns that it otherwise would not have considered, the management can easily adopt structures that allow the firm to act decisively.

4. It can help with the firm’s growth and expansion

For many solo practitioners and small law firms, a business plan may be useful in securing financing and attracting the right lateral partners. In fact, some lending organizations will only approve a line of credit and other forms of business financing after they have thoroughly studied the firm’s business plan. In terms of attracting partners, it all comes down to the law firm’s core values, all of which have been clearly defined in the business plan.

Of course, there’s no point putting together a business plan if it is quickly forgotten. However, the mere act of creating one can give your law firm a direction head in and practical goals to work towards. Still, it is important to revisit your business plan every now and then. This way, the business considerations will remain top-of-mind and the firm will continually find ways to refine them for better productivity and profitability.

The most important considerations when creating a law firm business plan

There’s no standard recipe for success when it comes to creating a business plan. Success or failure often comes down to the reasoning behind the business plan in the first place. By taking a step back and reflecting on what you actually want to get out of your law practice, you will be able to create a meaningful, more specific, and ultimately more rewarding business plan.

With that said, here are the three main considerations when creating a law firm business plan:

What does ‘success’ mean to you?

Defining your success means understanding why you want to own a law firm in the first place. Remember that owning or running a legal practice isn’t just about having a job, but the freedom and sense of fulfillment that come with running your own business.

To determine what success means for your law firm, ask yourself these questions:

• What drives your passion for legal services?
• What does work fulfillment mean to you as a lawyer?
• How do you measure success as a lawyer? Is it by the number of clients served, or huge billable amounts perhaps?
• What’s your current financial situation like in relation to your long-term goals? Where are you planning to live? What are your most tasking expenses?
• What type of lifestyle are you looking forward to after retirement?

Answering these questions will not be as easy as you may think. But it’s important that you answer them nonetheless so you can establish clear goals for your law firm and achieve them.

How much revenue will your law firm need to be successful?

The previous consideration was about your personal and financial goals. Now it’s time to consider the short and long term financial goals for your law firm.

Often, you’ll hear people say things like, “if we’re making $200,00 a year, then we’d be really happy.” In truth, $200,000 is a considerable sum, but when you factor in important expenses like the law office setup, tax, staff remunerations, retirement plans, capital projects, and emergencies, that amount doesn't seem so high anymore.

That’s why financial projections take up a significant part of any business plan. As long as it’s a business, cash flow will always be a paramount consideration. When estimating the costs of your goals, be generous with the forecasts so there is ample room to accommodate emergencies and unforeseeable circumstances.

How many cases will you need to meet your revenue goals?

This is an important consideration because it gives you an idea of how much work you’ll need to put in to make your business succeed. If you’re only able to take on three or four cases a month, then they’ll need to be high profile enough to meet your revenue goals. The number of cases you’ll need will depend on a number of factors, such as your practice area and the location of your law firm.

Balance is key here. Obviously, most startups and solo practices want to handle as many cases as possible so they can hit the ground running and establish their name. But it’s also important to pick your cases based on your capability. This way, you don't get stuck and end up feeling completely overwhelmed.

The primary components of a successful business plan

As mentioned earlier, there’s no standard success recipe for business plans. However, there are certain elements that are present in every successful business plan.

Most authorities agree that a sound law firm business plan should adequately address the following broad areas:

Overview of the law firm

This section covers the basics of your law firm — company name, branding information, practice area(s), legal structure, leadership roles, and so on. The idea here is to establish the firm's identity, as well as its aspirations. This means including other important information like the mission statement, vision statement, and any other important philosophies that guide the firm. These info are usually included in the executive summary.

Related: How to write a powerful mission statement

Client service

This section is all about defining your potential clients (demographics, needs, and motivations) so you know the best way to reach them. Understanding who your prospective clients are makes the rest of your planning much easier.

For example, if your main practice area is in real estate law, then your target market will comprise individuals and organizations that dabble in real estate. Now you’ll need to figure out the best way to reach this target market. It’s also important to know how to position your client service to stand out in such a crowded marketplace.

Market analysis

Every marketing plan should begin with an in-depth analysis of your industry. You already know that having a sound marketing strategy is non-negotiable, but in order to actually put one together, your market research must be on point.

This section should also cover the latest business trends affecting the industry and how they can impact your firm’s bottom line.

Competitive analysis

No matter what form of legal service you offer, you can expect that there will be competition. This section is about identifying your major competitors and outlining how you intend to make your law practice stand out from theirs. For example, you could offer a slightly lower pricing structure for your services for the time being until you start to have a regular stream of clients.

You need to know what kind of tactics to employ, what marketing channels to focus on, what kind of content to publish, and so on. For example, if you’re planning to do social media marketing (you definitely should), then obviously you’ll need to figure out how to do marketing on relevant platforms like Linkedin, Twitter, and Reddit.

On the other hand, if you already have a few regular clients, you could ask them for referrals. Because of the nature of the industry, word-of-mouth referrals for law firms are a very potent marketing tool.

This is one section that will receive a lot of scrutiny, especially from prospective financiers and potential partners. Your financial plan must be thorough and include details on not just how you intend to make money, but also how much you intend to spend over a given period. This means accounting for the firm’s fixed and variable costs, profit margins, monthly overheads, assets and liabilities, 12-month profit and loss financial projection, and so on.

This section focuses on addressing key operational issues regarding your law firm. Things like office location, lease, equipment purchases, and IT upgrades are important considerations. By addressing them in the business plan, you can better organize your priorities and avoid wasting resources on stuff that doesn't really matter.

Our best tips for nailing a successful business proposal

Now that you have an idea of the most important sections to cover in your business plan, it’s time to draft the document. Here are some helpful tips to get you through to completion:

1. Get the format right

The prevailing standard for the business plan format goes like this:

Table of contents — Your business plan is a formal document and so deserves a well-structured table of contents. You don't have to go overboard with the layout. Just make sure people know where to find what on the document.

• Executive Summary — This one-pager is a high-level overview of what your business plan is about. The typical law firm business plan covers a lot of information, so it’s important to not fixate on a certain aspect over others. Keep things simple, yet informative. One thing you can do is to write the executive summary last. This way, you would have broken down all the main points in the document and it’s, therefore, simpler to summarize them.
• Firm description — This is a company summary of your law firm. The aim here is to provide important details about your law practice — type of legal service offered, core values, history, legal structure, law firm office location, unique selling proposition, etc.
• Strategy — This is where you detail your various analyses and strategic plans for your law firm. Basically, this section should outline your vision for your practice and a detailed breakdown of how you will actualize it. Context is vital here and your strategy must be practical. It should take into account current market trends as well as forecasts.
• Financial projections — Though it’s part of your overall strategy, this deserves special mention because of its importance. You might even need to hire a finance expert to break down the figures as this section is often a struggle between under and over projecting.
• Marketing plan — Another section worth highlighting separately, the marketing plan should suitably demonstrate how you intend to attract potential clients to your law firm. You should have a detailed market analysis for each specialty that you offer, as well as a breakdown of market trends that can influence demand.

2. Clearly explain your ‘why’

Your business plan is a roadmap for how your business will operate and be profitable, but it should also communicate why you’re going into that business. Anyone reading this document should immediately grasp your passion for the practice.

And remember that because you’ll need to update your business plan from time to time, your immediate ‘why’ can also change over time. For example, a lawyer nearing retirement may want the business plan to delve deeper into the long-term viability of the practice along with plans for a smooth succession.

3. Don’t exaggerate, but don’t understate either

You know your strengths and weaknesses. Craft your business plan around them. What processes can amplify your strengths and what personnel or tools can negate your weaknesses? It’s easy to overestimate one’s potential and before you know it you’re up to the ears in unfinished projects and processes while also trying to successfully run the business.

That being said, it’s important that you don't understate your capabilities either. Don't let the fear of overshooting your genuine potential keep you from doing all you can do and being all you can be. The more stuff you can get out of the way in the startup stage, the faster your law firm will grow.

4. Address potential issues upfront

It’s very likely that the people reading your business plan are industry experts and have already seen their fair share of business plans in the past. Therefore, they already know what potential may arise based on the strategy described in the business plan.

If you want more than a nonchalant glance over at your business plan, you must be able to think ahead. What comes next once I set up this law firm? What are some issues that pose a threat to your plans? How do you intend to tackle them?

Even if you’re not writing the business plan for the benefit of outside readers, having answers to these questions will go a long way in helping you scale your business quickly and steer clear of avoidable issues.

How long should my law firm business plan be?

This will mostly depend on the size of your law firm and the primary purpose of the business plan. For example, if you’re using the business plan as part of the supporting documents required for enlisting investor funding, it must be concise while also fully covering various technical details.

In any case, the length of your business plan document should be as simple or as comprehensive as you need it to be. However, remember that the more you put into it, the more useful it will be in the long term because you’ve laid out a clear strategy to follow.

With that said, no one really wants to read through a massive document, let alone write one. That’s why it’s a good idea to peg the document to a reasonable length. At the very most, 15 to 20 pages. As long as you have dutifully covered all the territory you need to, aim to keep it short.

How often should I review my law firm business plan?

Again, there’s no standard answer here. However, your business plan should fall among the categories of working documents. That means you should be able to refer to it from time to time and make revisions as your business situation changes.

Now the actual interval is something you’ll have to decide for yourself. Whether it’s once a year or once every quarter, you’ll need to take a cold hard look at your current situation and measure how it aligns with your business plan and reflects its intended future direction. Outlooks change, new opportunities arise, unforeseeable issues set in — revise your business plan accordingly.

To make things easier, you could save your business plan into a template so you can make any needed changes without having to go through a lengthy document filing and storing process. Save a copy of the original business plan. This will serve as your template base. Every sample business plan is then built on that.

Truth be told, writing a business plan can be quite cumbersome, especially if you’re juggling work and other important concerns. Between crafting the perfect message and working out the structure, the process can often stretch out far longer than you might have anticipated. Nevertheless, this is something you’ll need to get done if you hope to own a successful law firm.

Now you know how to do it, so what are you waiting for?

Want access to more practical small business guides? Visit our resource center today. If you would like to set up a stunning, customized, mobile responsive law firm website in the shortest time possible, click here .

Related posts

Spend less time on your website and more time growing your business

Let B12 set up your professional online presence with everything you need to attract, win, and serve clients.

LawVision INSIGHTS Blog

Posted In: Practice Group Management

Enhancing Practice Group Performance – Part 1: Running Effective Practice Group Meetings

By Susan Raridon Lambreth on October 11, 2021

There’s a war for talent and many of the best law firms are winning. That’s why it’s critically important to engage your practice group members. One of the seemingly mundane but highly important tasks of a practice leader is to conduct effective group meetings. Well executed, they fire up the troops and create energy. Done poorly? You risk losing the hearts and minds of your practice group members.

Our research indicates that in the strongest practice groups, these meetings occur at least monthly. And, they are focused on the business of the group. Here are eight keys you can use to optimize your meetings.

1: Stick to the purpose of the meeting.

The primary purpose of practice group meetings is to create cohesion and a sense of shared destiny among group members. It’s not about reporting information or tactical implementation, though any of those can be a small part of the meeting time. But leave the training for a dedicated training session.

When you’re going for engagement, there are several approaches that work best.

First, it is important to ensure that each group member feels that they are a valuable contributor and that their views matter. One way to do this is to provide positive feedback and recognition to individuals, as well as to the entire group. Allocate time equitably so that the meeting feels jointly owned and not dominated by one or two team members.

Second, limit the group’s annual goals to no more than three (see recent blog on Practice Group Strategy). These common goals should be part of the practice group’s business plan. Discuss progress, and any challenges the group must overcome.

Three, communicate well. Ensure that you are sharing essential information that the group needs to know and promoting dialogue. Create a safe environment for group members to speak their views on the topics you are discussing. Encourage your group to show appreciation toward one another even when they disagree.

Research shows that people must hear a message multiple times before they take action. So, any essential idea or theme that you relay to your practice group should be communicated in the meeting and repeated in various ways in the future. If it’s worth saying, it’s worth repeating. Group meetings play an essential role in overall firm communication, as well. There may be messages that firm management wants to reinforce during PG meetings.

Another key purpose for the meetings is to create a “sense of urgency.” Urgency is what moves the group from complacency to actual achievement. The best-laid plans aren’t just laid; they’re executed. So how do you create urgency? Prepare — or better still — have members prepare and report on trends affecting your clients. Also, use client presentations or competitive intelligence about current or aspirational peer firms.

2: Prepare an agenda and circulate it before the meeting.

When you create an agenda, it tells the attendees that you are (a) prepared, (b) take the meeting seriously, and (c) the time spent is highly likely to be productive. Also, an agenda gives group members a fair opportunity to think about critical issues so that they can contribute thoughtfully. Cover top priority items and key messages at the beginning of the meeting while everyone is most alert. A sample agenda is outlined below.

Most Common Successful Agenda Format

• “Good and welfare” – congratulate group members who have a recent accomplishment or significant milestone (i.e., handling first trial, receiving a public honor or ranking, etc.), share other achievements or personal landmarks (birth of a child, recent marriage, etc. – assuming you ask them first if they feel comfortable sharing it more publicly): 5 to 10 minutes
• Implementation of the business plan – key highlights (not roundtable reporting), including new marketing and plan ideas: 20 to 35 minutes
• Reports on accomplishments (on the plan and otherwise) since the last meeting: 5 to 10 minutes
• Discuss significant new clients/matters, how they were developed, what will be done, and by whom: 10 minutes
• Developments in practice, client trends, and short informational segment: 15 to 20 minutes
• Workloads and staffing issues (not a report) – only when it is important to gather feedback from a large number of the group members: 10 minutes max

Obviously, if you go to the high end of these time allotments, your meeting will be over the typicaly hour-long PG meeting so if one topic will be on the longer side, another one should be shorter for that meeting.

3: Plan the meeting in advance.

Successful meetings typically take much longer to prepare than to conduct. To prepare an agenda or invite speakers to the meeting, you’ll need to determine the topics. This should include issues that you know the group should address and other themes or topics that members want to discuss. Enlist help if needed for pre-meeting planning since it is a time-consuming activity. Then, you or your delegate should contact various group members or others outside the group to speak on specific topics.

For example, you might have someone speak about their key learnings from a recent CLE program or trade association meeting they attended or provide a brief synopsis of a significant client project that was recently completed. However, don’t wait until the meeting to call upon members to speak up. You may find that many are unprepared to speak extemporaneously or simply reluctant to speak at all. This can result in a less productive meeting than you anticipated.

4: Let others speak.

We hear practice group members frequently complain that the practice leader does all the talking. Make sure that your speaking time is only a small part of the total meeting. Plan time to solicit input and ideas from others, and not just as an afterthought. In addition to identifying speakers ahead of time to address certain topics, make a note of others you’d like to call upon during the meeting. Of course, encourage members to speak up at any time.

Practice group leaders may believe that they are soliciting sufficient input by asking, “Does anyone have anything to add?” This is not the most effective way to encourage active participation. Use the aforementioned agenda to give others plenty of notice regarding the planned discussion. This will allow them time to think and formulate opinions without the pressure to speak now.  For others, let them know ahead of time that you would like them to share their views or get the discussion started.

5: Bring in outside perspectives.

Clients and others outside the firm typically appreciate being asked to participate. Plus, you’ll have better attention from your group members at these meetings. Another way to make the meetings interesting and productive is to invite guest speakers from other practice groups or industry leaders. This tends to increase the attendance at meetings, as well.

Depending on the speaker and the topic, outside speakers can help generate the sense of urgency needed to battle the natural complacency many lawyers have about spending time understanding their clients or industries, working toward group goals, or building new practice niches.

Of course, you want to create a safe environment and encourage openness. So, you don’t want to have an outsider at every meeting. This tactic works best when limited to every three or four meetings. But, you’ll find that having a relative stranger in the room is a great way to shake things up, send some important messages, and generate new enthusiasm.

6: Keep a regular monthly meeting schedule.

In almost 30 years of advising firms on their practice group structures and training practice group leaders, I have never seen a successful practice group that meets less than monthly. Some groups meet more frequently, i.e., weekly or bi-monthly. If you only have one monthly meeting, as mentioned, focus primarily on group business rather than a training or CLE-type meeting. This is not to say that these are not important meetings, as well. But if your practice group is to achieve strong cohesion and successfully implement its plan, a regular, monthly business meeting is critical.

Practice group meetings work best if you establish an annual schedule using a regular interval, such as the third Tuesday of the month at 2 p.m. If your firm has offices in multiple time zones, as most firms do, it is important to be sensitive to the time in each location. For example, do not call it a “lunch” meeting when for a significant number of the people joining via phone or videoconference, it may be breakfast or late in the day.

Publish the schedule a year in advance and stick to it, barring major disasters. If you regularly reschedule or cancel meetings, it tells your members that the time together with them is not important or that group’s activities are not as critical as individual concerns.

7: Create a to-do list from each meeting.

For each meeting, the to-do list captures the action steps required going forward, including who will be responsible for each and the target date for completion. This best practice works exceptionally well in combination with an agenda. First, circulate the agenda and the to-do list from the last meeting a few days prior to your upcoming practice group meeting. Then, circulate the updated to-do list right after the meeting.

This way, each group member gets a reminder twice during the month. While this may seem redundant, most lawyers forget about the actions they committed to until the list lands in their email inbox again a few days before the meeting. We find groups typically achieve a higher degree of follow-through when they use this kind of approach. Even better, some firms post these lists on their practice group intranet page or collaboration portal.  To-do lists work better than taking detailed minutes which can encourage people to miss the meetings when busy, assuming they can just read the minutes later.

8: Make the meetings interesting.

Stability is comforting during these uncertain pandemic times. For that reason, maintain a consistent format for parts of your meeting. But don’t let your meetings become navel-gazing events. Keep the meetings lively by changing them up. Some practice groups meet every other month with all partners and the other meeting with all lawyers. Others invite the paralegals and other professional staff once or twice a year, especially if the group is not too large. In this way, you can introduce fresh perspectives and keep the group invigorated.

Consider letting the associates plan the meeting agenda and run the meeting once or twice a year. They typically come up with terrific ideas that reenergize the group. Invite a client to speak to the group on trends in their industry or their business (mentioned above also).

Set Your Practice Group Up for Success

While some lawyers consider meetings a part of unnecessary bureaucracy, well-run meetings are critical to having a cohesive, motivated group aligned with one other and the firm. If you follow the pointers above, you should be able to conduct highly effective and interesting meetings. Also, consider reading Patrick Lencioni’s book, Death by Meeting . It has some great ideas to make meetings both dynamic and effective.

The Practice Group Leader’s Handbook for Success , considered a classic by many PGLs who have read it over the years, includes pointers on effective meetings and much more. It will be updated next year, but much of the content is timeless and applies to every PGL getting started in their role or learning some new approaches.

When you take the time to cultivate great meetings, you’ll find that group members look forward to each event and leave with a renewed commitment to the practice.

Share Article Via

No Comments

Leave a reply cancel reply.

Save my name, email, and website in this browser for the next time I comment.

Law Firm Practice Group Leader’s Guide: Creating Your Group’s Professional Development Plan

One of the key leadership functions of any practice group leader (“PGL”) is assessing their practice group members’ professional development (“PD”) needs and identifying key PD opportunities. This is critical in order to ensure that the group is performing at its highest level and meeting its business goals.   

A misstep we often see PGLs make is that while they consider their people’s individual feedback, they fail to connect that feedback to the business needs of the group, or vice versa. This results in programming that either does not support the group’s overall performance goals or is poorly attended, wasting both precious time and resources. 

If you are looking to gain clarity about what PD programming would support your group’s business performance and align with your group members’ needs, follow this three-step process:

1.  Explore which PD opportunities support your group’s business goals

In order to understand your group’s PD needs, you first need to understand the correlation between your group’s business goals and the PD needs of your people. Answering the following questions will get you started: 

• Substantive legal skills:
• Practice management skills:
• People management skills:
• Leadership skills:
• Business skills: 
• For each skill rated between 1 and 3, determine how your members are performing now. Use the rating scale: A (Excellent), B (Good), C (Sufficient), and D (Poor). 
• For all skills rated below B, ask what should be happening (as opposed to the current performance)? What are the goals and success metrics for each of those skills?
• Is the gap between the current and the desired performance caused by knowledge, skills, or attitude shortfalls?
• How much of the gap is caused by the environment, a process, or a technical factor?

2.  Explore your group members’ individual needs

Your next step is to gather feedback from your group members about the skills they find most important to successful performance in their roles. This can be done via email, in a survey (like SurveyMonkey), or at your next PG meeting. 

Use the following questions to gather insights from your people:

• What are the main knowledge areas and skills required for your role?
• List any factors that might be negatively impacting your effectiveness in your role right now?
• What would help you to perform in your role most successfully?
• What PD opportunities did you take advantage of in the past to support your professional growth? How effective was each and why?

Once you gather this feedback from your group (ideally from at least 65% of the group members), review each response and begin to identify common themes.

3.  Determine the most important PD opportunities

Now that you have clarity about which PD skills are key to your group’s business success and which skills have been identified as important by your group’s members, determine the top five development needs you’d like to focus on this year (more than five may get too overwhelming). 

Next, for each development need identified, begin exploring what type of PD programming would support the outcomes you are looking for. Use the following questions to guide you:

• To answer this question, consider the correlation between knowledge and practice required to achieve improvement in each skill. If not a lot of practice is required (mostly new knowledge-based), then one-time live workshops, webinars, training series, or video training curriculum can work well. If more practice is required, then the more opportunities individuals have to apply new knowledge and practice their skills the better. In this case, facilitated discussions, group or individual coaching works best.  
• What is the target audience for the program – level of seniority, number of people?
• Have they received any development opportunities in the past? What kind? What was the result?
• What, if anything, could derail the successful launch of this program? What issues/obstacles could we run into?

Set up your group for success

While this process is more involved than just throwing some training session together, if your goal is to develop a solid program that delivers actual results, asking these questions is the key to making it happen. By asking the right questions, you’ll have a better understanding of both your people’s desires, as well as your group’s overall business needs. 

Should you need any support in helping you identify your group’s PD needs, please reach out to us at [email protected] . Our team will be happy to help. 

About the Author: Yuliya LaRoe

Related Posts

Strategic Planning for 2024: New Considerations for Legal Industry Leaders

Beyond Coffee and Client Alerts: Strategizing Your Client Nurture System for Multidimensional Relationships

Executive Briefing > Unlocking Excellence: 4-step Framework for Improving Employee Engagement in Law Firms

Law Firm Practice Group Marketing Plan: Strategies for Success

When devising a marketing plan for a law firm’s practice group , it is pivotal to align the firm’s core strengths and value proposition with the needs and challenges of the target client base. A well-crafted marketing strategy takes into account the unique attributes of legal services, and focuses on creating distinctive advantages in a competitive market.

We recognize the importance of meticulous planning in the allocation of resources, which includes budgeting for marketing activities and investment in new strategies, particularly in the digital arena. Equally essential is the careful management of client relationships , ensuring that client satisfaction and retention are at the forefront of our marketing efforts. With these considerations in hand, a comprehensive marketing plan helps a law firm’s practice group to effectively communicate its value proposition, leverage modern marketing tools , and maintain robust client relationships.

Key Takeaways

• Effective marketing plans align with a law firm’s strengths and client needs.
• Strategic resource allocation enhances marketing efforts.
• Client relations are crucial for successful marketing outcomes.

Developing a Marketing Strategy

When we develop a marketing strategy for our law firm’s practice group, we focus on understanding our market position, identifying our ideal client, and crafting our brand message to stand out in a competitive market.

Analyzing Market Position and Competitors

To secure a stronghold within our market, we conduct a thorough competitive analysis to establish our firm’s market share and to understand where we stand relative to our competitors . This involves examining their services, clientele, and marketing approaches. By doing so, we pinpoint opportunities for differentiation and areas where we can leverage our strengths.

Defining Target Audience and Ideal Client

Identifying our target audience is paramount to our marketing success. We meticulously characterize our ideal client by considering both demographics and psychographics, which enables us to tailor our marketing strategies effectively. This ensures that we direct our efforts to the audiences most likely to engage with our services, thereby optimizing our marketing spend.

Establishing Brand Awareness and Core Message

Our brand awareness revolves around conveying a clear and impactful core message that resonates with our audience. The essence of our brand is articulated through consistent messaging across all marketing channels. This consistency fosters recognition and trust among our potential clients, setting the foundation for enduring relationships.

Budgeting and Investment

In developing a law firm marketing plan, it’s critical to ensure that every dollar spent is an investment in future growth. Our marketing budget serves as a financial roadmap, guiding us toward strategic activities that promise the best return on investment (ROI).

Allocating Marketing Budget

We approach our marketing budget with precision, aiming to allocate funds in a way that balances both short-term initiatives and long-term goals. We scrutinize every potential cost, ensuring that our investment aligns with areas that support our firm’s expansion and visibility in the market. It’s about more than just setting aside funds; it’s a strategic distribution of resources that reflects our priorities and anticipated growth .

• Direct Costs : Includes advertising, event sponsorships, and promotional materials.
• Indirect Costs : Encompasses salaries of marketing staff and operational expenses.
• Digital Marketing : A portion is dedicated to online marketing efforts which are key for modern legal practices.

Return on Investment (ROI) and Metrics

Understanding the return on our financial investments is paramount. We track ROI meticulously by employing metrics that reveal the effectiveness of each campaign. Our focus is on tangible returns, which can be assessed through:

• Lead Generation : The number of potential clients contacting us after a campaign.
• Engagement Rates : Interaction with our digital content, such as website visits and social media interaction.
• Conversion Rates : The percentage of leads that turn into clients, directly affecting our revenue .

This data informs our decision-making process, allowing us to adjust our strategies to maximize profitability.

Prioritizing Marketing Activities

Our marketing activities are prioritized based on their potential to drive profit and revenue . We consider:

• High-Impact Campaigns : Identifying the highest returning projects to receive more substantial investment.
• Client Retention : Allocating resources to initiatives that enhance relationships and retain existing clients.
• Key Growth Areas : Directing funds to practice areas with the capacity for growth or new market opportunities.

By continually reassessing our legal marketing efforts and where we allocate our budget, we ensure a dynamic and responsive law firm marketing plan that is designed to evolve with our firm’s needs and the market’s demands.

Digital Marketing Tactics

In the competitive landscape of legal services, embracing effective digital marketing tactics is crucial for increasing visibility and attracting organic web traffic to enhance our practice group’s online presence.

Search Engine Optimization (SEO)

We prioritize SEO to ensure our website ranks prominently in online searches, making it easier for potential clients to find us. By carefully selecting keywords that align with our expertise, we optimize our web pages, blog posts, and even the metadata to improve our organic search rankings. SEO’s impact is measurable through the growth in organic web traffic, providing a clear indication of our increased visibility .

Content Creation and Blogging

We leverage content creation and blogging as powerful tools for branding and demonstrating our thought leadership. By crafting well-researched and informative blog posts, we not only educate our audience but also integrate SEO strategies by incorporating relevant keywords. This not only bolsters our search engine optimization efforts but also establishes our authority in our areas of legal expertise.

Social Media and Online Presence

Our strategy extends to maintaining an active social media presence across various platforms, precisely targeting marketing channels that align with our client demographics. In doing so, we engage in both organic and PPC advertising campaigns to elevate our brand and connect with a broader audience. Social media serves as a direct channel for us to share valuable content, interact with our community, and enhance our overall branding and online search visibility.

Client Relationship Management

In our law firm’s marketing plan, client relationship management (CRM) is a pillar we cannot afford to underestimate. Through tailored CRM system s, meticulous service improvements, and strategic referrals and leads generation, we ensure our marketing activities foster lasting relationships and cultivate new business.

Using CRM Systems

CRM systems are indispensable tools for managing client interactions, data, and business processes. By utilizing a CRM system , we can target market segments more accurately and track all communications with current and prospective clients. This centralized database allows us to:

• Record client preferences, ensuring personalized service.
• Analyze client data to identify opportunities for new services.
• Monitor the lifecycle of leads from initial contact to conversion into new clients.

Improving Client Service and Retention

Our approach to client service is rooted in creating a positive experience that continues beyond the first case or transaction. Key strategies include:

• Regularly evaluating client feedback to improve our services.
• Offering tailor-made legal solutions that truly add value to our clients.
• Following up to ensure our services have met, or ideally exceeded, expectations.

Such attentive service strengthens our client relationships and fosters loyalty — a testament to our robust CRM practices.

Referrals and Leads Generation

Referrals are a testament to our service excellence and a major source of lead generation . We channel our resources into:

• Encouraging satisfied clients to refer others to our firm.
• Networking events that increase our visibility and awareness within the industry.
• Initiating marketing activities designed to remind clients of our range of services.

This multifaceted approach not only generates valuable leads but also reaffirms our commitment to building and nurturing professional relationships. Through these strategies, we harness our CRM systems to expand our client base and solidify our presence within the legal market.

Marketing Implementation and Management

Implementing an effective marketing plan for a law firm practice group requires clear objectives and a cohesive team effort. Our focus is on practical steps to deploy marketing strategies that will grow the law firm while staying aligned with our business development goals .

Setting SMART Goals

We establish SMART goals to ensure our marketing plan has a clear direction and measurable outcomes. Specifically, we strive to create objectives that are:

• S pecific: We target specific areas of our legal practice to boost our visibility in select industries or demographics.
• M easurable: Metrics are identified to measure progress, such as email newsletter open rates, website conversions, or the number of new clients.
• A chievable: We are honest about our capabilities, avoiding setting overly ambitious targets that fall outside our marketing potential.
• R elevant: Each goal ties back to our overarching strategy for business development and the firm’s growth.
• T ime-bound: Deadlines are assigned to keep our campaigns and marketing activities on schedule.

Roles and Responsibilities Within the Team

To facilitate seamless implementation, we define roles and responsibilities within our team . This is the layout of our team structure:

Each member of our team understands the importance of their role in the process and the collective aim to grow the law firm.

Evaluating and Adjusting Strategies

No marketing plan is complete without a system for evaluating and adjusting strategies . We use:

• Legal Marketing Metrics : We keep an eye on specific metrics to gauge the efficacy of our marketing activities. This includes website traffic, lead generation, and engagement rates.
• Feedback Loops : Regular reviews with clients and internal staff provide qualitative data to inform potential adjustments.
• Industry and Market Analysis : We continuously scan the legal industry and market trends to adjust our tactics and stay ahead of the competition.

By assessing our strategies against performance metrics, we can identify where adjustments are necessary and implement changes to maintain our competitive edge and ensure the marketing plan serves the law firm well.

Free Tools & Resources

• Image Resizer & Manipulation Team
• Kerning Demo Tool
• Prisoner’s Dilemma Game Simulator
• Image Widener
• Pixel Resizer for Pictures
• Facebook advertising image size converter
• Instagram advertising image size converter
• LinkedIn advertising image size converter
• Pinterest image sizes converter
• Snapchat image sizes converter
• TikTok advertising image size converter
• X Twitter advertising image size converter
• YouTube image sizes converter

What can we do for you?

My name is Shaheen , and I’m the Director of Customer Success at Web Upon . We’re a digital marketing agency focused on our customers and even more focused on our customer’s customers. We routinely take sites from tens of thousands of visitors and customers to millions.

The only thing that has stayed the same in that time is the need to innovate and test. We’re excited to share the latest information, perspective, and research from our work with you!

Our Favorite Tools

• Best All-in-One SEO Tool: SEMrush
• SEO Audits: Screaming Frog
• Payroll Software: Gusto
• Email Marketing: ConvertKit
• Graphic Design: Adobe Suite
• Competitor Research & Analysis: SimilarWeb
• Phone Call Tracking & Analytics: CallRail
• Personal Task List: Monday
• ADA Compliance: Accessibe
• GDPR & CCPA Compliance: Termly

Popular Resources

• What is Kerning
• How Websites Work
• Best AdSense Niches
• How to Create a Sitemap?
• Facebook Usage Statistics by Country
• What is Fintech Marketing?
• SEMrush vs AHREFS
• SEMrush vs Moz
• Why Financial Advisors Need Marketing
• Fintech Tech Startup Marketing Strategies
• Best Reverse Image Search Engines
• Examples of the Best fintech Marketing Campaigns
• Top Fintech Blogs for Professionals

Art of Steering the Ship: The Essential Management Toolkit for Practice Group Leaders

A law firm’s practice group leaders (PGLs) are the bridge between firm leadership and the individual lawyers within their practice groups. Succeeding in this multifaceted role requires a blend of leadership and practical management skills, both on the business side and the people side. Here is an overview of key leadership development areas to focus on and the four main roles a PGL fulfills for the firm.

Table of contents

Building a strong personal foundation, building influence and getting results, 1. chief strategy officer, 2. chief finance officer, 3. chief operations officer, 4. chief talent officer, the power of effective practice group leadership, essential skills for practice group leaders.

Effective leadership hinges on a strong personal foundation. To lead others effectively, as a PGL you must first invest in your own leadership development. This starts with self-awareness . Understanding your strengths, values, motivators, triggers, blind spots, biases (we all have them!) and opportunities for development allows for more conscious decision-making and fosters trust with team members.

Ideally, you are already continuously investing in your own leadership development, for example, by working with an executive coach. At a minimum, you’ll have taken an assessment to get a deeper understanding of your innate strengths and limitations. The DiSC Personality and Management Profile and DiSC Work of Leaders assessments are excellent for helping get a deeper understanding of your leadership style. This helps you learn how to play to your strengths to maximize your impact in ways that feel natural and authentic.

Beyond personal leadership development, to be effective, you must develop a robust set of leadership skills to propel your group forward.

• Executive presence — the ability to project confidence, strengthen credibility and inspire trust—is paramount when interacting with partners, clients and potential candidates.
• Adeptly handling difficult conversations and managing conflict is crucial for navigating disagreements and fostering a collaborative environment. PGLs must equip themselves with the skills to address performance issues and hold team members accountable with empathy and fairness.
• Lastly, building strong networks and relationships is essential. PGLs who cultivate connections with partners across different practice groups, firm and industry leaders, and current and future clients position themselves and their group for success by fostering collaboration, innovation and new business opportunities.

The Four Hats of Practice Group Leaders

Practice group leaders wear many hats, but the four main roles you assume are strategic architect, financial steward, operational leader and talent developer.

In this role, you are responsible for developing a clear and actionable strategy for the group. This strategy must align with the overall firm’s vision and the national practice group’s goals (if applicable). Setting clear goals and developing a robust execution plan provides a road map to ensure everyone works toward the same goals. (For more concrete strategic planning ideas, see Future-proofing Your Practice Group .) Tough decisions often involve making trade-offs, such as identifying areas where resources can be reallocated to maximize productivity or profitability. Communicating the strategy effectively to all partners and group members is vital for achieving buy-in and fostering a sense of shared purpose.

Financial acumen is also critical for PGLs. You should be adept at budget planning, interpreting financial statements, and establishing clear metrics for measuring productivity and profitability. Understanding firm financials will allow you to make informed decisions about resource allocation, track performance, and identify areas for improvement.

In this role, you are responsible for the smooth day-to-day functioning of the practice group. This includes strategic resource allocation — basically, making sure the right people have the right tools and support to excel. Top performers may require additional resources or accommodations. Work allocation becomes a crucial function, balancing workload distribution with individual strengths and expertise.

You must also be prepared to run effective meetings that focus on clear agendas, foster participation, and achieve concrete outcomes.

This is perhaps your most crucial role as a practice group leader. Motivating, engaging, developing and retaining talent within the practice group is essential for its long-term success. As a PGL, you play a vital role in shaping the group’s culture and setting expectations for behavior and interactions. You must also be adept at managing diverse personalities while fostering a culture of inclusion and respect where everyone feels valued and heard. Adding coaching skills to your toolbelt is key to being able to help your lawyers identify their strengths and opportunities for development, set goals and grow their skills.

Effective PGLs wear many hats, demanding a unique blend of leadership skills and practical knowledge. By investing in leadership development, honing essential management skills, and embracing these multifaceted roles, you can build a thriving practice group that delivers exceptional client service and drives long-term success for the firm.

Image © iStockPhoto.com.

Don’t miss out on our daily practice management tips. Subscribe to Attorney at Work’s free newsletter here >

Yuliya LaRoe is the president of LeadWise Group, an award-winning management consulting firm for the legal industry. For over a decade, her mission has been to help lawyers and leaders in law firms, in-house legal departments, and law schools to successfully manage their most critical issues: Strategy;Talent; Leadership; and  Business Development. To get in touch with Yuliya, email her at. [email protected] com and follow her @YuliyaLaRoe.

Sponsored links

• Back to Basics: Legal Trust Accounting. Stay Compliant with Confidence!
• 2024’s Top 4 Marketing Moves for Law Firms
• Staff Your Law Firm the Smart Way: Learn More
• Capitalize on industry growth. Increase billable hours, with a scalable tracking and reporting solution like TimeSolv dashboards.
• Top 20 LAW FIRM Marketing Artciles of 2023
• The Winning Formula for Making $1 Million As a Law Firm Owner
• Word for Attorneys | Top 10 Microsoft Word Articles
• OpenAI’s Prompt Guide for ChatGPT
• Remarkable 2, Supernote Nomad and Onyx Boox
• Solo and Small Firm Hourly Rates
• Designing Attorney Compensation Plans
• Books Every Lawyer Must Read Before Opening a Law Firm

One of a Kind: A Proven Path to a Profitable Law Practice By Jay Harrington Lawyer-turned-legal marketer, Jay Harrington explores how lawyers can harness creativity... Click for More

Get more Attorney at Work!

Sign up for our free newsletter.

• Law Firm Financial Management
• Law Firm Hiring
• Law Firm Leadership

What Is My Law Firm Worth?

Brooke Lively | Here are the two most important factors that determine your firm's value — if you want to sell.

• Product Spotlight
• Your Website is Your New Handshake… but is it Strong Enough to Make an Impression?

Attorney At Work Partners

• Boost Profits with TimeSolv: 7 Strategies
• Leveraging Your Law Degree to Save Big Money on Your Mortgage
• See why Lawmatics is ranked the #1 CRM platform for law firms

• Writing Guidelines for Attorney At Work
• Reprint Policy and Copyright
• Book Proposal Form
• You At Work
• Lawyer Productivity
• Personal Branding
• Personal Finance
• Analog Attorney
• Law Firm Associates
• Legal Career Development
• Lawyer Skills
• Retirement Planning
• Law Firm Marketing
• Business Development
• Law Firm Strategy
• Digital Marketing for Law Firms
• writer lawyer
• Legal Technology
• Lawyer Tech Tips
• Legal Tech Reviews
• Legal Cybersecurity
• Managing a Law Firm
• Client Service
• Law Firm Profits
• Small Law Firm
• How to Start a Law Firm
• Lawyer Time Tracking
• News and Trends
• Access to Justice
• Legal Events
• Free Downloads

Welcome to Attorney at Work!

Subscribe me to the Daily Dispatch

Subscribe me to the Weekly Wrap

• Find a Lawyer
• Ask a Lawyer
• Research the Law
• Law Schools
• Laws & Regs
• Newsletters
• Justia Connect
• Pro Membership
• Basic Membership
• Justia Lawyer Directory
• Platinum Placements
• Gold Placements
• Justia Elevate
• Justia Amplify
• PPC Management
• Google Business Profile
• Social Media
• Justia Onward Blog

Moscow Lawyers

Find Moscow Lawyers by Practice Area

• Personal Injury
• Medical Malpractice
• Criminal Law
• Business Law
• Consumer Law
• Employment Law
• Estate Planning
• Foreclosure Defense
• Immigration Law
• Intellectual Property
• Nursing Home Abuse
• Products Liability
• Real Estate Law
• Traffic Tickets
• Workers' Compensation
• Agricultural Law
• Animal & Dog Law
• Antitrust Law
• Appeals & Appellate
• Arbitration & Mediation
• Asbestos & Mesothelioma
• Cannabis & Marijuana Law
• Civil Rights
• Collections
• Communications & Internet Law
• Construction Law
• Domestic Violence
• Education Law
• Energy, Oil & Gas Law
• Entertainment & Sports Law
• Environmental Law
• Gov & Administrative Law
• Health Care Law
• Insurance Claims
• Insurance Defense
• International Law
• Juvenile Law
• Landlord Tenant
• Legal Malpractice
• Maritime Law
• Military Law
• Municipal Law
• Native American Law
• Securities Law
• Social Security Disability
• Stockbroker & Investment Fraud
• White Collar Crime

Show All Practice Areas »

• Saint Maries
• Latah County
• Nez Perce County
• Benewah County

Researching Attorney Discipline

Find out whether an attorney has ever been disciplined.

Resources for Lawyers

• About Justia Lawyer Directory Badges
• Lawyer Directory FAQs
• Claim your Profile
• About Premium Placements
• About Justia Lawyer Rating and Reviews

Freshfields Guides Buyout Firm CVC on $1.3 Billion IPO Plan (1)

By Mahira Dayal

CVC Capital Partners turned to Freshfields Bruckhaus Deringer to aid its plan to go public in Amsterdam, as the buyout giant seeks to raise €1.25 billion ($1.3 billion).

Partners Charles Hayes, Christopher Mort, David Sonter, Hanneke Rothbarth and Tom Godwin lead the Freshfields team.

Linklaters advised the banks involved in the deal. Its team was led by partners Pam Shores, Alex Harmse and James Wootton.

The plan is CVC’s second attempt to go public in less than six months and could indicate a path for other private equity firms to go public. The firm is targeting a valuation of around €13 billion to €15 billion, Bloomberg News reported on Sunday, citing people familiar with the matter.

Private equity firms have faced challenges in finding a path to exit investments among a slow mergers and acquisition market. The initial public offering market has also been sluggish, encouraging companies to turn to cornerstone investors to bolster plans.

CVC is one of Europe’s best known buyout firms. It manages about €186 billion of assets. Companies it owns stakes in include Breitling, a Swiss watchmaker, and Neptune Energy Group, according to the company’s website.

To contact the reporter on this story: Mahira Dayal in New York at [email protected]

To contact the editors responsible for this story: John Hughes at [email protected]

Learn more about Bloomberg Law or Log In to keep reading:

Learn about bloomberg law.

AI-powered legal analytics, workflow tools and premium legal & business news.

Already a subscriber?

Log in to keep reading or access research tools.

Smart Counsel. Straight Talk.

With 75 attorneys, superior knowledge of the law, polished business acumen and proven credentials, we have earned a reputation for excellence and success.

PRACTICE AREAS

Long Island law firm Ruskin Moscou Faltischek, P.C., is comprised of cornerstone groups in all major practice areas. Known as one of the region’s leading providers of innovative legal services, our firm’s breadth of experience is matched only by the depth of our client commitment.

Ruskin Moscou Faltischek is the premier Long Island law firm. Founded in 1968, the firm has consistently evolved and expanded to meet our clients’ changing needs. As specialized as we are diverse, we have built cornerstone groups that represent all major practice areas of law including: corporate & securities, commercial litigation, real estate, health care, commercial lending, corporate restructuring and bankruptcy, employment, and trusts & estates.

Our clientele is diverse, sophisticated and includes large and mid-sized corporations, privately held businesses, institutions and individuals. With more than 75 attorneys, superior knowledge of the law, polished business acumen and proven credentials, Ruskin Moscou Faltischek has earned a reputation for excellence and success.

Surcharges for Credit Card Usage - New York State Imposes Disclosure Requirements

Sheryl p. giugliano to be honored at schneps media 2024 power women of manhattan awards, ruskin moscou faltischek, p.c. attorney ross j. kartez elected to nassau county bar association board of directors, nysba: new york international law review - "we are who we protect: encouraging accessibility in the u.s. armed forces with lessons from the german bundeswehr and israeli defense force", new york law journal - continuation of a business of a decedent, cultivated live | mar. 19, 2024 with elizabeth kase from ruskin moscou faltischek, p.c., rmf attorney elizabeth s. kase honored in city & state ny trailblazers in law, skechers’ recent run-in with the sec signals the importance of transparent disclosures of related person transactions, kimberly b. malerba - women who lead (long island business news), corporate transparency act: questions arise regarding enforceability, adam p. silvers to be honored in long island business news’ long island business influencers in law 2024, rmf attorney nicole e. osborne to be honored at the girls inc. champion for girls breakfast, new york bankruptcy court ruling highlights subchapter v trustee’s role in small business bankruptcy case, compliance with a new federal privacy standard is on the horizon, rmf attorneys adam l. browser and michael faltischek defeat mortgage holder.

• Please Select Alternative Dispute Resolution Cannabis Law Commercial Lending Commercial Litigation Construction Corporate & Securities Corporate Governance Corporate Restructuring & Bankruptcy Cybersecurity and Data Privacy Digital Media Law Employment Energy Environmental Estate, Trust and Fiduciary Litigation Financial Services, Banking & Bankruptcy Food & Beverage Health Law IDA & Municipal Development Incentives Insurance & Insurance Litigation Intellectual Property & Technology International Practice Group Municipal & Government Affairs Not-For-Profit Real Estate Securities Disputes & Enforcement Tax Certiorari & Condemnation Trusts & Estates White Collar Crime & Investigations Zoning & Land Use
• Should be Empty: