WRITING A BUSINESS PLAN – SENIOR LAWYERS/PARTNERS
What are firms looking for:
– Culture fit
– Portable business and/or specific expertise needed in a particular practice area
– A partner’s track record of fee income (last 5 yrs)
– Viability of a partner’s practice for the long-term
– Record of their client service to long-term clients and producing business
– The practice fit in connection with the firm’s strategic plan for expansion
– The opportunities the partner would bring for business development and cross-selling within the firm
– Any potential conflicts that would preclude the firm from hiring the partner
– A partner’s current compensation and compensation expectation – A partner’s potential contribution to the firm’s bottom line/profitability
– A partner’s reason for leaving his or her current firm
STRUCTURE OF A BUSINESS PLAN
Partners need to strategically position themselves, and well-written and presented business plan can make a partner more attractive to a prospective law firm.
– Provide a narrative including professional history, practice overview, and a description of areas of expertise
– Outline your role in business development
– Briefly highlight why you will be a good fit for the firm.
– Give analysis of the need for services in this practice area
– Describe competition/other law firms with similar practices
– Describe why you believe you provide the best platform in the marketplace
– Describe current portable clients (use generic or specific)
– Describe key industries serviced
– Any business generated to other practices within the firm
– Fee income over the last 3yrs (min)
– Summary of anticipated fee income for the next three to five years.
– Describe current team structure and resource
– Consider extent to which team or members of it may be portable
– Given market analysis, project possible targets in local, regional, national, or international markets.
– Discuss expansion of business from current client base
– Cross-Selling Opportunities with current clients.
– Describe additional business contacts you are pursuing or plan to pursue
– Speeches, publications, Community organizations,Internal marketing initiatives, client seminars/newsletters.
– Discuss long-term strategies in connection with firm’s overall strategic plan and practice-group development plans.