It’s almost strange to tell a lawyer they need a business plan before creating a successful law firm. Attorneys aren’t into the details of the business itself sometimes because, well, they’re practicing law after all. It’s a career that takes up their time and rents a lot of space in their minds already.
Implementing a business plan for lawyers is just as important as for any other business and not much different. Here, we’ll showcase how simple it can be with a bit of organization. This shouldn’t be an issue for a criminal defense attorney who must organize cases much more seriously than a business plan.
Most see a law firm as a non-business because it may not have the same goals as other business types, but when they draft a business plan with the firm’s goals in mind, it will reveal why they need a business plan.
It’s amazing what happens when you have a plan for both the present and future of your law firm. It demands a structure that allows the firm partners or solo owners to use critical thinking, which is what an attorney does best.
We said earlier that there’s not much that’s different in the structure of the business plan for a criminal defense attorney. We will give you a structure that makes the most sense for this business type.
Business Plan Structure
The first tip we need to illustrate is the length of the document. It should be no longer than 20 pages. This may seem like an oxymoron. The criminal defense lawyer has a position predicated on long arduous documentation, but business plans are the last document they want to pour-over.
The first section of the document will include four major topics. Take each one and write only what you need to paint a picture of the firm. Each point here needs to be brought together as a summary of who you are as a firm.
History of the Firm:
If the firm has a history, meaning it’s not fledgling, then a brief history that illustrates the most important details. No need to go on a long, boring tangent. Stick to the facts. We know attorneys can be concise, so use it here. For instance, if there’s a story about how the firm formed that’s at all compelling, then use it.
The Mission and Vision:
You could get away with merging the two. They’re not the same entity, though. The mission is why you’re in business in the first place, but the vision can be a bit longer but not too verbose. Vision is what you see for the future of the firm, and growth of how you’ll better serve the people.
The Philosophies:
This section is a great place to stand out. If you have a philosophy that brings something unique to the table in the law arena, then use it. It’s important to realize that the point of a business plan for a law firm is to attract possible future partners too. This section can bolster the right type of person who wants to invest their time.
Market Analysis and Clients:
The next two sections will analyze what types of technology that may affect the practice. Then, how they will implement plans to keep current with them. Any fall back in this area can and will break a practice. Remember, there are components that affect you the same as any other business, and tech is a significant part of it.
In the client section, identify and isolate your major clients. Who are they, and how do you serve them? Like any other business plan, a target market is essential. Your practice isn’t defending any indiscriminate client. You specialize whether or not you realize it. Break down who they are, what brings them to you, and that’s more than just breaking the law. There is a demographic.
The Most Important Part:
Financials are the most important part of the overall business plan. Profit and loss is the heart and soul of the plan. Then we list realization, assets, liabilities, collection rate and your overhead.
If done incorrectly, the firm could fail, or at least run into legal issues of its own. Don’t glaze over this part. Get as detailed as you can. Best to funnel down rather than omit information.
Last Section:
Marketing and Operations. This is the section that covers how you run the logistical part of the business and designate who is in charge of the challenges in those areas. For example, who is your tech guy? This is an easy section because you already know what you use in terms of tech and equipment to run the business.
Marketing is key. How are you obtaining clients and how do you plan on up keeping the process? Do you use a marketing team? What are your main avenues of obtaining clients, including social media and any schedule surrounding that?
You now have a simple and effective outline of a business plan for a criminal defense attorney. It’s not much different from any other business so that should stop any overwhelm you may have about it and you’re well on your way to creating the foundational structure of your law firm.
