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Some have platform expansion on their minds or an appetite to build a practice that cross sells nicely with an existing client base.Whatever the reason, firms prioritize certain hires for various reasons.
As long as your projections are reasonable and you justify any projected growth then your business plan will be deemed credible.
Marketing Plan: The marketing plan is your opportunity to demonstrate your long-term plan for growth with the company.
note: This is the latest installment in a series of posts Lateral Link’s team of expert contributors.
A business plan is one of the most important tools to explain your practice, relationships, and strategy to another law firm.
Don’t expect firms to give you the benefit of the doubt. Most Am Law firms seek to expand their presence or influence around the globe by bringing on profitable partners.
In fact, expect them to take a haircut off your numbers and poke holes in your strategy. It is probably the main priority of a firm chair in his or her strategic plan.Given this formula it can be tempting to overestimate, or become overoptimistic of your chances to retain a client.Firms run pro formas based on years of historical originations to determine future compensation.This section can easily span several pages and should include a market analysis across all your different specialties.In this section you want to identify trends in the market to anticipate legal demand.Similarly, if your inflated estimations are the tipping point of your acceptance, you may find yourself being pushed back onto the market soon after if your business generation is comparatively disappointing to your estimations. While the preceding section may sound unduly ominous, you do not want to underestimate your business potential out of fear of overshooting your true potential.You don’t want to start a job with a target on your back. Like any job interview, your goal is to communicate your potential, which means remaining cautiously optimistic while tastefully bombastic, i.e., credible to the decision maker who decides your compensation and role with the firm.Did you win a high value or newsworthy case in the last year or two?These are eye-catching details that belong in the summary.The chart in this section should break down your work by category.For example, Outbound Lit, IP Lit and Inbound Lit, could be three sections under your category heading. If you anticipate an increase or decrease in your historic revenue, be sure to list why, as firms will examine this section carefully.