So, the past few days I've been trying to tighten up the written portion of the law firm business plan, the part that will wow loan officers, friends, and family when I tell them what I'm doing and ask them for money. It has taken a lot longer than I expected, but when it is finished it is going to help drive my solo law firm to success.
Take the Time to Draft a Solid Law Firm Business Plan
If you had a jury trial scheduled for three weeks, would you take a day and draft a simple outline to guide you through the trial and then wing it when it actually begins? Of course not. And why not? Because it greatly diminishes your likelihood of success.Then why would you want to take this chance with your new law firm? As with prepping for trial, or doing the leg work related to any task within your practice area, it is not always fun. I haven't even come close to determining how much money I expect my new law practice to make. I'm still trying to nail down things such as start up costs, a marketing plan, and how I will set fees and keep clients once they sign up. It takes some research, some discussion with experts in the field, and just some time to get it right.
Don't under-prepare to open your law practice. Get off on the right foot with a great business plan. And once you think you are finished, send it to people you trust so they can read it. Ask for honest feedback, most particularly any questions they think remain unanswered after reading your plan.
Up next, figuring out how to start a law firm - working with numbers.
Update - I recently put together a one page law firm business plan that I think is really helpful, so please check it out.
Related Posts:
Starting a Law Firm | The Business of a Law Firm
Starting a Law | Drafting a Business Plan - Part 1
2 comments:
My wife wants to start her own firm, and your blog is GREAT!! Please keep up the great work!
I'm so excited to have found your blog, I'm thinking of doing what your doing, moving to another state and starting up a law practice of my own. Or staying where I am at and starting up a law practice of my own. Keep up the great work.
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