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Law Firm Business Plan Basics

By Susan C. Finelli

When you are starting a new practice it is essential that you first have a viable Business Plan in place. Even if your firm has been up and running for years, a fresh look back to business plan basics can help your bottom line tremendously. Remember that your firm is a business and must be run like one. Your Business Plan is a tool that will keep your firm on course, by keeping you focused on your business goals, and financial obligations. It is also a guide that will help prepare you for future difficulties and opportunities. Keep in mind that when there is a change in your firm's status, whether an expansion or a downsizing, your Business Plan must also change to reflect your firm's new or adjusted goals.

A Business Plan is not just an internal document to help you keep your firm running on course. The practice of law is competitive, and prospective clients are business savvy; they will want to know that you know how to run your business, before they trust you with theirs. Additionally, in today's banking climate, when applying for a line of credit or lease financing, one of the first things that your bank will ask to see is your Business Plan. Therefore, your Business Plan should succinctly set forth your current business objectives, strategies, values, and long-term goals.

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