Call Us Today For A Free Quote | 866.940.1101
Professionals Insuring Professionals
 

Business PlanningLaw schools may be great at giving lawyers a legal education, but many are very poor in preparing an attorney to run a business.  The last 2 blogs discussed succession planning and the need for a backup attorney, all important issues for running an ongoing law firm.  So once you have decided to start a new law firm and are ready to hang out your shingle you need a plan.  Whether you’re an experienced attorney or new in practice don’t start a new practice without a business plan.  Every new firm needs to address the business side of the law. 

A law firm is a business.  This business just happens to practice law.  And as with any business it needs to have a written business plan.  Why put the plan in writing?  Generally people that put plans in writing tend to follow the plans more closely and are more successful.  The plan should not be a static document; it needs to be reviewed, preferably monthly, against what actually happened.  As needed you should make adjustments to the plan to keep you on track.  So what should a business plan contain?

1.       An executive summary of what your new law practice is and is not.

2.       What the legal structure is for your firm.

3.       What will you call your firm?

4.       Where will your office be located?

5.       What areas of law and types of clients do you want to accept?

6.       How do you plan on marketing and selling your services; i.e. obtaining clients?

7.       Are you planning on teaming up with other lawyers or law firms for certain work?

8.       Create a list of measureable goals that you need to reach to be successful.

9.       What insurance will you need; i.e. Business Owners Coverage, Attorney Malpractice Insurance, Workers Compensation, Cyber Insurance.

10.   A fix asset budget for the equipment and supplies you will need.

11.   A staffing budget or how do you plain on making payroll.

12.   An annual budget that estimates revenue and expenses.

13.   A decision as to how you will finance your cash flow; i.e. personal funds or a loan, until the revenue starts to flow.

14.   How will you pay yourself?  Don’t forget that you still have personal expenses that will need to be covered.

15.   If you need funding, the above steps should help you determine how much you will need and when you will need cash.

Once you have answered the above questions with a written plan, it is now time to execute your plan and practice law.  The more you plan your work and work you plan, the more likely you are to succeed in the business of law.

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
Quick Contact
Referrals
We love referrals! And thank you even more for your continued business.
Customer Service
Self policy service any time of the day, directly from our website.
Join Our Newsletter
Stay in touch with the latest events, news and offers we have.
From Our Blog From Our Customers
Read More Read More
Stay In Touch With Us Helpful Site Links Read the News
Sign up now to receive new and updates Stay up-to-date with the latest industry, community and agency news through our newscenter. We also provide handy hints on how to save on your insurance.

Read More
We have the expertise to find you the right coverage at the right price 
Powered by Insurance Website Builder