If you are thinking about starting a law firm or if you already have a law firm, do you have a business plan? Having a business plan will enable you to have a base document that helps guide your operations.
There are some key components of a good business plan.
Executive Summary – This is the basic summary of your law firm. Who is your market? What is your practice area? Where will you be located?
Financial Analysis and Plan – In this section, consider the financial aspects of your law firm. What will you charge? What kinds of fees will you use? If you are doing flat fee work, consider what you will charge for a specific task. If you are working at an hourly rate, how much will you charge per hour? How do these rates compare to other lawyers? What expenditures will you need to make? What do things cost? What is your month by month budget?
Management Plan – How will your business entity be structured? How will your practice be structured? What is the work flow?
Marketing Plan – How will you get clients? Consider the responsibilities unique to lawyers.
Creating a business plan is discussed in more detail in our new (free member benefit) resource, Going Solo in Arizona available here. You can also always contact Practice 2.0 for guidance in structuring your law firm and considering how to build your practice to run it as a business.
For questions on running your law firm as a business, risk management,
Practice 2.0 at 602-340-7332
for a free, confidential consultation.