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How To Start An Innovative Business Plan For Your Law Practice

How to Start an Innovative Business Plan for Your Law Practice

You need the essential building blocks to create an innovative law practice.

Once you have your vision developed, you’re ready start planning to get there. If you still need to identify your vision of career success, find out how to start in this recent post.

A business plan is like a map or outline that explains the big-picture perspective of how your organization will perform effectively and reach your goals and vision of success. If you’re aiming to run a law firm that makes a profit, your business plan explains how you intend to make that profit a reality instead of merely a dream. The benefit of having a business plan is to know what to do and when to do it. It’s also being able to evaluate your actions for their level of effectiveness in leading to your financial and other goals.

Find the best resources to inform your business plan in the Business Planning section of our Law Practice Startup Kit. |Mass LOMAP Resource|

So, what goes into a business plan? Here is a list of 8 typical content pieces in a business plan. Use it as a checklist. You don’t need everything, unless you are seeking outside investors. In general, this is what should be included and more importantly, given your thought and consideration.

  1. Cover sheet
  2. Table of Contents
  3. Executive Summary
  4. Mission Statement/Statement of Purpose:
    • What is the purpose of your business? Why do you exist?
  5. Description of the Business
    • What problems are you solving, for whom, and how?
    • If you have a physical office, where is it? What type of legal entity are you: sole proprietorship,
      corporation, LLC, LLP, etc.
  6. Management Plan:
    • How will you lead and manage your staff? What roles and responsibilities will everyone have in
      order to make your business work?
    • Describe your management structure and how decisions will be made.
    • Operating plan. What do you need to do to generate revenue and operate profitably?
    • People. Who do you need to help you do everything that the business requires to be successful?
  7. Financial Plan:
    • Describe your start-up budget (business capitalization) or annual budget. What revenue and expenses do you anticipate?
    • If you are starting up, what is the breakeven point and when do you anticipate reaching it?
  8. Marketing Plan:
    • Who do you expect to buy whatever you are selling?
    • Why will they buy what you are selling, buy from you and not someone else, and return and/or refer
      others to you?
    • What, when, where, how, and how often will you communicate with those people?
    • What will you do to transform a person into someone, who has no idea of who you are and what you can do for them into a client and referral source?

Find out how to design your law firm structure for profitability — Watch this workshop from our Innovation Series with the Mass Bar on demand!  Free for members.