RMN'S Blog

The Importance of a Business Plan

Bringing in business is a major part of any lawyer’s career. When changing law firms, having an established (and portable) book of business can be influential to the hiring manager compared to a candidate who does not have much business to bring to the firm.  If you are thinking of finding a new law firm, now may be the time to start coming up with a plan to expand your book of business & create a business plan. In addition, setting forth a plan that can be shown to your future law firm to display your efforts can help you grow business-wise as an attorney.

Establishing Your Business Plan

• An objective. You should develop a practice that has a focus on a specific practice area and clients. This will help you to streamline your methods to reach this endpoint.
• Think of and describe the market you will serve, and services you will provide to the clients. Do you want to work for corporate offices or small businesses? There are a number of people out there seeking legal advice, and you should figure out where you want to focus your practice.
• You can include information about your background, experience, and qualifications. This should include your education, internships, clerkships, and previous employment. You can also include if you are a part of professional organizations here as well.
• Mention your prospective business. At this point, you can speak of corporations or individuals you have been in contact with for potential business.
• Describe how you plan to market yourself and the law firm. This can be a challenge. There are many avenues to use in order to get your name out into the legal world. Research your options, and see what will work best for your business plan.

In the final conclusion of your business plan, make sure to include a reasonable time you plan to accomplish this goal. You should keep in mind that this time span should be flexible; situations can change and getting set back is common, so don’t be hard on yourself if you have not achieved your goal within a set time.
Having a set business plan is helpful whether you are moving to a new firm, starting a new practice, or trying to expand your clientele. When goals are written down, you are more likely to work harder and want to achieve the goals. Take the time to come up with a business plan that is best for you, and strive to achieve this target.