law firm strategic plan template

Law Firm Strategic Plan Template: Your Blueprint for Success

Strategic planning is essential for law firms looking to navigate the complexities of the legal market while aligning their business objectives and client needs. A well-crafted strategic plan serves as a roadmap, guiding a firm towards its long-term goals. It comprises a detailed layout of the firm’s vision, mission statement, core values, and the strategic initiatives to achieve desired outcomes. The plan should reflect a deep understanding of the internal dynamics and external market forces that influence the legal profession.

Embedding a systematic approach to strategic planning enables law firms to identify opportunities for growth and areas requiring improvement. By establishing clear strategic objectives and goals, a law firm can prioritize actions, allocate resources efficiently, and drive collective efforts in a unified direction. The strategic planning process is iterative, involving meticulous implementation, regular management, and consistent measurement of progress. Adapting to new challenges and effectively responding to changes in the legal landscape are fundamental to achieving sustained success.

Key Takeaways

• A strategic plan is the foundation for law firm growth, setting clear directions aligned with core values.
• Effective execution of the plan requires structured initiatives and coordinated management efforts.
• Success is measured through continuous evaluation and readiness to adapt strategic actions.

Vision, Mission, and Values

In our law firm, the clarity of our vision and mission is pivotal for the direction and the success of our practice. We consider these elements as our firm’s fundamental DNA—shaping our culture, informing our goals , and guiding our decisions. Now, let’s delve deeper into how we define our law firm’s purpose, create our vision, and establish our core values.

Defining Your Law Firm’s Purpose

Our purpose encapsulates why we exist beyond just turning a profit. It’s about the impact we have on society and our dedication to upholding the law , delivering justice, and serving our clients . In essence, our mission is to provide unparalleled legal services while championing the legal rights and interests of those we represent.

Creating a Compelling Vision Statement

We craft our vision statement to be the beacon that guides us into the future. It’s a forward-looking declaration where we describe the long-term change we strive to create. Our vision is clear— to be recognized as a law firm that sets the standard for excellence and integrity in the legal community, always striving to evolve and innovate in our practice.

Establishing Core Values

Core values are the principles we hold sacrosanct. We list them as:

These core values unite us as a team and are the benchmarks against which we measure every aspect of our practice—from how we manage internal affairs to how we engage with our clients. They are not just words; they represent our commitment to upholding the highest ethical standards in every action we take.

Internal and External Analysis

In developing a strategic plan for a law firm, we recognize the importance of analyzing both the firm’s internal dynamics and the external competitive landscape. Our internal and external analysis investigates our strengths and weaknesses, market opportunities, and potential threats that might impact our legal practice’s growth and profitability.

Conducting SWOT Analysis

Undertaking a SWOT Analysis is essential to our strategic planning process. We methodically outline our firm’s Strengths (e.g., specialized legal expertise) and Weaknesses (e.g., limited presence in emerging markets), while also mapping out Opportunities (e.g., adoption of new legal technologies) and Threats (e.g., regulatory changes). This comprehensive view aids us in creating a robust strategic framework.

• In-depth knowledge of specific legal areas
• Strong existing client relationships
• Limited geographical coverage
• Resource constraints
• Expansion into new legal sectors
• Leveraging technology to improve client services
• New entrants into the marketplace
• Shifts in legal regulations

Evaluating Market Opportunities

We closely Examine Market Opportunities to gauge how our law firm can expand its client base and increase market share. Our approach involves assessing emerging trends in the legal field, like the increase in cyber law cases, and identifying sectors with growth potential that align with our firm’s capabilities and long-term goals.

• Cybersecurity and data privacy laws
• Cross-border transactional legal services

Understanding Competition

Analyzing our competition is a continuous necessity. We scrutinize competing law firms’ service offerings, market position, billing structures, and client satisfaction rates. Understanding these external factors is pivotal to sharpening our own competitive edge and effectively differentiating our firm in the legal marketplace.

• Competitor legal specializations and strengths
• Innovations in client service delivery offered by rivals

By carefully considering these internal and external elements, we can shape a strategic plan that not only safeguards against potential risks but also positions our law firm advantageously for future opportunities.

Strategic Objectives and Goals

In drafting a strategic plan for a law firm, our primary focus centers on establishing clear-cut strategic objectives and goals. These guide our pursuit of growth and enable us to measure our progress with precision.

Setting SMART Goals

We are committed to establishing goals that are Specific, Measurable, Achievable, Relevant, and Time-bound ( SMART ). For instance, one of our objectives might be to increase client retention by 10% within the next fiscal year. It’s crucial that these goals speak directly to our firm’s aspirations and provide a clear roadmap to follow.

Identifying Key Performance Indicators (KPIs)

To gauge our success and ensure we’re on the right track, identifying the right Key Performance Indicators (KPIs) is essential. These may include the number of new client acquisitions, average case value, or billable hours. By regularly analyzing these KPIs, we can make data-driven decisions that steer us toward our strategic objectives.

Outline Strategic Objectives

Our strategic objectives are the pillars of our strategic plan. These objectives are designed to be both aspirational and actionable, ensuring that they propel us towards long-term growth and immediate improvements. For example, our objective could be to expand our legal services into two new practice areas over the next five years, which will require a step-by-step plan to achieve.

Strategic Initiatives and Action Plans

In our law firm’s strategic plan, we focus on clearly defining our strategic initiatives and prescribing the precise action plans necessary for implementation. Our roadmap is designed with an understanding of our priorities, a commitment to executing strategies, and a system to track milestones.

Prioritizing Initiatives

We identify and prioritize strategic initiatives based on their potential impact and alignment with our firm’s overarching goals. Determination of priority considers the following:

• Impact on Firm’s Success : High priority initiatives are those that contribute significantly to our firm’s growth and operational efficiency.
• Resource Allocation : We consider the availability of resources, ensuring that the initiatives we prioritize can be realistically supported with our current and projected assets.
• Feasibility & Timing : Initiatives are evaluated for their practicality and the timeline for implementation, ensuring that we set achievable due dates.

An Initiative Priority Table helps organize our approach:

Developing Action Plans

For each initiative, we create comprehensive action plans that delineate specific tasks to be performed, by whom, and within which timelines. A typical action plan includes:

• Detailed Tasks : Breaking down each initiative into smaller, manageable tasks.
• Assigned Responsibilities : Clarifying team members who are accountable for each task.
• Milestones : Setting benchmarks to measure progress towards completing each initiative.
• Strategies for Completion : Outlining the methods and tools we’ll utilize to accomplish the tasks.

We maintain a Strategic Action Plan Timeline :

By maintaining this level of detail in our strategic planning and project management processes, we are able to turn our vision into actionable steps that lead to tangible improvements in our law firm’s operations and services.

Implementation and Management

In implementing a strategic plan for a law firm, it is crucial to ensure resources are properly allocated, progress is meticulously tracked, and strategies are flexible to adjustments. Each of these components plays a fundamental role in the success of the plan’s execution.

Resource Allocation

We allocate resources effectively to align with our strategic objectives. This includes budgeting for necessary expenses and managing the workload to optimize our staff’s performance. For example, if an initiative requires additional legal research tools, we allocate funds specifically for that purpose and ensure that attorneys have access to the resources they need.

• Budget : Allocate funds for initiatives, technology upgrades, and staff training.
• Expense Management : Regularly review expenses against the budget to avoid overruns.
• Workload Distribution: Balance caseloads and administrative tasks to prevent burnout.

Tracking Progress and Accountability

To maintain a clear progress view , we implement tracking systems that provide real-time updates on the status of each initiative. We hold regular meetings to review these reports, ensuring that every member of our team is accountable for their part in our collective effort.

• Progress Reports: Bi-weekly updates on strategic plan initiatives.
• Accountability : Assign clear ownership of tasks and objectives to team members.
• Initiatives View : Dashboard showing the status and next steps for each strategic priority.

Adjusting Strategies

We remain adaptable, knowing that changes in the legal industry can necessitate strategic shifts. By maintaining a comprehensive workload view , we can reallocate resources swiftly and effectively when circumstances change.

• Feedback Loop : Regular collection of feedback from team members and clients to inform strategic adjustments.
• Market Analysis: Quarterly analysis of market trends to anticipate necessary strategy updates.
• Initiative Revision: Ongoing evaluation and refinement of strategic initiatives.

Measuring Success and Making Adjustments

As we engage in the strategic planning process, our primary focus is to define clear measures for success and to establish protocols for making informed adjustments. Ensuring the impact and efficiency of our strategies involves a cyclic process of measurement, review, and adaptation.

Reviewing KPIs and Metrics

Key Performance Indicators (KPIs) and metrics serve as the heartbeat of our firm’s strategy. They provide quantifiable measures of productivity and efficiency that guide our decisions. By tracking metrics such as client satisfaction and profitability margins , we can gauge our success and pinpoint areas for improvement. Regularly reviewing these figures ensures that we remain aligned with our strategic goals.

• Client Satisfaction Scores: Determining the satisfaction levels of our clients to ensure our services meet their expectations.
• Profitability Measures: Assessing financial metrics to evaluate the economic health and success of our firm.

Regular Strategic Reviews

Our commitment to excellence necessitates periodic strategic reviews. These sessions are critical for assessing the overall impact of our strategies and for making any necessary adjustments . Holding quarterly reviews allows us to reflect on our firm’s performance and to validate the effectiveness of our strategic plan in a rapidly evolving legal landscape.

• Quarterly Performance Review Meetings: Discussing the outcomes of our strategies and determining any required course corrections.

Adapting to Change

The legal sector is in a constant state of flux, which means that adaptability is key to our firm’s success. We’re proactive in identifying shifts in the market and regulatory environment, and our ability to adapt to change is a testament to our strategic agility. Whether it’s adopting new technologies or restructuring our service offerings, we’re always prepared to make strategic modifications to maintain our competitive edge.

• Regulatory Changes: Monitoring legal developments to adjust our practices accordingly.
• Technological Updates: Implementing new tools and platforms to enhance our operational productivity.

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How To Create A Strategic Plan For A Law Firm.

June 8, 2023 by Rohin Pujari

In today’s competitive and dynamic legal landscape, strategic planning plays a vital role in the long-term success of a law firm. A well-crafted strategic plan acts as a roadmap, guiding the decision-making process, resource allocation, and goal-setting of a firm. In this article, we will explore the key elements that constitute an effective strategic plan for your law firm.

By understanding these essential components, your law firm can navigate the challenges, leverage opportunities, and position the business for sustainable growth. For an effective plan, use this strategic plan template for guidance.

Define the Firm’s Vision and Mission

The first step to creating a strategic plan for a law firm is defining its vision and mission. The­ vision represents the­ firm’s desired future state­ and long-term aspirations, giving clear direction to all stake­holders involved. Meanwhile­, the mission statement outline­s the purpose of the firm and its core­ values, emphasizing how it provides value­ to clients and society as a whole. When crafting the vision and mission, involve key stakeholders, including partners, associates, and support staff, to ensure alignment and ownership.

Conduct a Comprehensive SWOT Analysis

The next essential step is conducting a thorough SWOT analysis. This strategic e­valuation requires identifying the­ strengths, weaknesse­s, opportunities, and threats of the organization. By obje­ctively assessing internal factors, such as expertise, re­putation, and operational efficiency, along with e­xternal factors, including market trends, compe­titors, and regulatory changes, the firm can gain valuable insights. This review allows organizations to capitalize­ on their strengths while addre­ssing potential weaknesse­s and risks. Additionally, companies can recognize e­merging opportunities and proactively mitigate­ impending threats by conducting this analysis.

Set Clear Goals and Objectives

Setting clear and measurable goals and objectives is a critical step in creating a law firm’s strategic plan. These goals need to align with the firm’s vision and mission and be realistic, specific, and time-bound. Whether the objective is to increase revenue, expand into new practice areas, or enhance client satisfaction, clarity and specificity are essential. Moreover, accompany these goals with key performance indicators (KPIs) that enable the firm to track progress and evaluate the effectiveness of strategic initiatives.

Identify Target Clients and Markets

The next crucial step of strategic planning for a law firm is identifying target clients and markets. This helps define the ideal client profile­ based on factors, such as industry, size, location, and le­gal needs. By understanding the target market segments, the firm can accordingly tailor its services, marketing efforts, and business development strategies. This focused approach not only e­nhances client acquisition, but also leads to de­eper client re­lationships and helps differentiate­ the firm from competitors.

Develop a Resource Allocation Strategy

The e­ffectiveness of a strategic plan re­lies on properly allocating the re­sources of the firm. This involves evaluating the firm’s current resource capabilities and aligning them with the identified goals and priorities. Smart decisions can include hiring skilled profe­ssionals, investing in top-notch technological infrastructure, or re­allocating resources from underpe­rforming areas. Regular monitoring and adjustment of resource allocation e­nsure flexibility when face­d with changing market dynamics, maintaining an agile and responsive­ business.

Implement a Risk Management Framework

Mitigating risks is a critical consideration in a law firm’s strategic plan. A robust risk manage­ment framework offers a syste­matic approach to identify and manage potential risks that could harm the­ firm’s reputation, financial stability, or operational efficie­ncy. To achieve this, establish clear policies and proce­dures, conduct regular risk assessme­nts, and implement strategie­s to minimize exposure to le­gal, ethical, and financial risks. Proactive risk management enhances the firm’s credibility, builds client trust, and safeguards its long-term viability.

Monitor and Review Progress

The final step of creating a strategic plan is a implementing mechanism for monitoring and reviewing progress. Regularly tracking the implementation of the strategic initiatives allows the firm to gauge its performance and make necessary adjustments. This involves setting up key milestones, establishing metrics to measure success, and conducting periodic evaluations. By regularly reviewing progress, the firm can identify areas of improvement, celebrate achievements, and ensure that the strategic plan remains relevant and aligned with the firm’s evolving goals and external factors.

Involve and Engage Stakeholders

Throughout the strategic planning process, involve and engage key stakeholders. This includes partners, associates, support staff, and even clients. By soliciting input and feedback from stakeholders, the firm can tap into diverse perspectives and gain a deeper understanding of internal and external dynamics. Involving stakeholders also fosters a sense of ownership and commitment to the strategic plan, enhancing its implementation and overall effectiveness.

A well-crafted strategic plan is a powerful tool that empowers law firms to navigate challenges, leverage opportunities, and drive sustainable growth. By following these key steps, your law firm can adapt to the ever-changing legal landscape, achieve its objectives, and thrive in a competitive industry.

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How to Create a Law Firm Business Plan Aimed at Success

Want a successful law firm? Start with a solid business plan. Our guide covers everything that will help you create a roadmap for success.

A firm exists to serve people- so its business plan must take into account those it aims to help. A law firm's business plan lays out the key pillars that will support a practice, from operational details to marketing strategies to financial projections. Furthermore, it should provide a clear roadmap for where the firm hopes to be in the coming years.

In this blog,  we will guide you through the process  of creating a comprehensive law firm business plan that  will help you achieve your goals . Additionally, in our latest Grow Law Firm podcast, our host Sasha Berson conversed with Omar Ochoa, the founding attorney of Omar Ochoa Law Firm, to discuss the topic of creating a law firm business plan aimed at success.

Why Is a Business Plan Important for Law Firms?

A business plan is a vital tool for any law firm to achieve success. It outlines goals, strategies, and the feasibility of business ideas, providing a clear direction and focus for the firm. The plan can be used to secure funding from investors or financial institutions by demonstrating the potential for growth and profitability.

Moreover, a business plan supports decision-making by evaluating the feasibility of new ventures and assessing potential risks and rewards. It helps to manage resources effectively by setting financial goals and tracking progress, ensuring the firm is making the most of its resources and achieving objectives.

Lastly, a law firm's business plan enables growth by identifying new opportunities and developing strategies to capitalize on them. By planning for the future and setting realistic growth targets, law firms can take their businesses to the next level. Overall, a well-developed business plan is critical for success in the legal industry, providing direction and focus, supporting decision-making, managing resources effectively, and enabling growth.

General Tips for Creating an Attorney Business Plan

Building a business plan for law firms is not an easy or intuitive process. By considering the following issues before opening your doors to clients, you have a much better chance of having a stable firm that matches your values and has a clear set of goals.

— Stay Focused

Forming a law firm can feel overwhelming. You have a lot of freedom and can easily get sidetracked into issues that either can wait or do not deserve your attention.

If having a strong law firm website design is important enough for you to include in your plan, you will spend time on that instead of less important matters.

A plan also includes a budget. The process of planning your firm's finances can ensure that you do not overspend (or underspend) as you start your own firm.

The attention to detail that comes from having a plan will help you avoid spreading yourself too thin by focusing on every issue or the wrong issues. Instead, you will maintain your focus on the important issues.

Whether you have law partners or develop a solo law firm business plan, the plan will help you stay focused on your end goals.

— Keep Track of Goals and Results

It is easy to set goals when you  start a law firm and then promptly forget about them.

Your plan will set out your goals and the metrics you will use to determine your progress toward meeting them. The plan should also explain how you will know when you have met them.

For example, you might have a growth goal of reaching five lawyers within two years. Or you might have a revenue goal of collecting $200,000 your first year.

Too many businesses, including law firms, meander on their developmental path. By setting goals and the path for meeting them, you will have guardrails to keep your firm on track.

"If you want to be the number one law firm in the country by revenue right in a 20 year time period, have that be your goal and everything that you do right is in service of that goal. You might not get there, but you're gonna find that you're gonna be very successful either way."

"If you want to be the number one law firm in the country by revenue right in a 20 year time period, have that be your goal and everything that you do right is in service of that goal. You might not get there, but you're gonna find that you're gonna be very successful either way." — Omar Ochoa

— Sort Out Your Own Law Firm Strategy

Developing a clear vision is important for establishing a strategic law firm plan aimed at long-term goals . As Omar Ochoa discusses in the podcast, having very specific milestone visions like where you want to be in five, ten, or fifteen years helps drive the strategy and actions needed to get there.

It's easy to say that you'll run your law firm better. But a plan actually helps you identify how to improve by articulating a concrete strategy. The process of creating the plan will help you pinpoint problems and solutions.

A plan forces consideration of operational details often overlooked. It equates to defining your firm's purpose and then pursuing that vision with purpose-driven strategies and actions. As Omar notes, marrying vision to action through knowledge of other successful law firm models is key to achieving goals.

One area that is frequently overlooked in plans is the inclusion of law firm marketing strategies . Developing this aspect is critical for attracting clients and sustaining growth.

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— Move Forward

You should view your plan as a law firm business development plan that will guide the formation and growth of your firm .

You can review the document periodically to remind you and your law partners of your growth and expansion projections. After this review, you can ensure your growth and expansion remain on track to carry you to your goals.

The review will also tell you whether you need to update your firm's goals. When you started your law firm, you might have been unduly pessimistic or optimistic in your projections. Once you have some time to operate according to your plan, you can update your goals to keep them realistic. You can also update your processes to focus on what works and discard what does not.

The review can provide your projections for what you hope to accomplish and the roadmap for accomplishing it.

Law Firm Business Plan Template

Each of the websites below includes at least one attorney business development plan template:

• Business Plan Workbook
• PracticePro
• Smith & Jones, P.A.
• Wy'East Law Firm

You can use a law firm strategic plan example from these sites to start your firm's plan, then turn the plan into a document unique to your circumstances, goals, and needs.

What to Consider before Starting Law Firm Business Plans

Before starting a law firm business plan, think through a few key issues, including:

— Setting the Goals

Reflect deeply on your firm's purpose. Think about who you represent and how you can best meet their needs. A law firm exists for its clients. As you think about your  law firm goals , think about goals for providing legal services to your clients.

"We continue to try to have the biggest impact that we can because ultimately, in my opinion at least, that's what lawyers are for, is to be able to help people and be able to move us forward." — Omar Ochoa

You need to set realistic and achievable goals. These goals should reflect your reasons for starting your law firm. Thus, if you started your law firm because you expected to make more money on your own than working for someone else, set some goals for collections.

While you are setting your goals, think about how you will reach them and the ways you will measure your success. For example, if you want to expand to include ten lawyers within three years, think about intermediate goals at the end of years one and two. This helps measure your progress.

— Choosing Partnership Structure

For lawyers considering a partnership structure, it's important to select partners that complement each other's strengths and weaknesses to help the firm function effectively.

There are 2 main partnership structure options:

• A single-tier model provides equal decision-making power and liability between partners.
• Meanwhile, a two-tier structure offers tiers like equity and non-equity partners, providing flexibility and career progression opportunities.

While similarly skilled individuals may clash, partners with differing abilities can succeed together. Some attorneys also choose to run their own firm for flexibility. This allows them to leverage different specialists through occasional joint ventures tailored for specific cases, without the constraints of a single long-term partnership. Furthermore, it highlights how the law firm partnership structures impacts freedom and sustainability.

— Thinking of the Revenue You Need

Calculate how much revenue you need to cover your overhead and pay your salary. Suppose your expenses include:

• $2,000 per month for office rent
• $36,000 per year for a legal assistant salary
• $600 per month for courier expenses
• $400 per month for a copier lease

Assume you want the  median annual salary for lawyers  of $127,990. You need $199,990 per year in revenue to cover your salary and expenses.

But revenue is not the end of the story. Your landlord, vendors, and employees expect to get paid monthly. So, you should also calculate how much cash flow you need each month to cover your hard expenses.

You also need a reserve. Clients expect you to front expenses like filing fees. Make sure you have a reserve to pay these costs and float them until clients reimburse you.

— Defining the Rate of Payment

You need to make some difficult decisions when it comes to setting your own fee structure. If you choose a higher billing rate, you will need to work less to meet your revenue goals. But you might not find many clients who are able to pay your fees.

Whether you charge a flat fee, contingent fee, or hourly fee, you should expect potential clients to compare your fees to those of your direct and indirect competitors. Remember, your firm competes against other lawyers, online services like  LegalZoom , and do-it-yourself legal forms books.

Finally, you need to comply with your state's rules of professional conduct when setting your fees. The  ABA's model rules  give eight factors to determine the reasonableness of a fee. These factors include the customary fee for your location and the skill required to provide the requested legal services.

— Making the Cases in Your Law Practice Meet the Revenue Needs

Figure out how much you need to work to meet your revenue target . If you charge a flat fee, you can simply divide your revenue target by your flat fee.

Hourly fee lawyers can calculate the number of hours they need to bill and collect. However, law firm owners rarely bill 100% of the hours they work due to the administrative tasks they perform to run a firm. Also, you will probably not collect 100% of your billings, and clients could take 90 days or longer to pay.

Contingency fee lawyers will find it nearly impossible to project the cases they need. You have no way of knowing the value of your cases in advance. You also have no idea when your cases will settle. You could work on a case for years before you finally get paid.

Parts of a Business Plan for Law Firm Formation: Structure

A law firm business plan is a written document that lays out your law firm goals and strategies.

For many businesses, a business plan helps secure investors. But the ethical rules prohibit law firms from seeking funding from  outside investors or non-lawyer shareholders .

Your business plan is for you and your law partners. It will help you manage everyone's expectations and roles in the firm. Here is a law firm business plan example to help you see the parts and pieces in action.

— Executive Summary

An executive summary combines the important information in the business plan into a single-page overview. Your plan will include details like projections, budgets, and staffing needs. This section highlights the conclusions from those detailed analyses.

Your executive summary should include :

• A mission statement explaining the purpose of your firm in one or two sentences
• A list of the core values that your firm will use whenever it makes decisions about its future
• The firm's overarching goals for itself, its lawyers, and the clients it serves
• The unique selling proposition that sets your firm apart from other firms in the legal industry

You should think of this section as a quick way for people like lenders, potential law partners, and merger targets, to quickly understand the principles that drive your firm.

— Law Firm Description and Legal Structure

First, you will describe what your law firm does. You will describe your law practice and the clients you expect to serve.

Second, you will describe how your firm operates. The organization and management overview will explain your legal structure and the management responsibilities of you and your law partners.

This section should fill in the details about your firm's operation and structure by:

• Describing the scope of the legal services you offer and your ideal clients
• Restating your mission statement and core values and expanding upon how they will guide your firm
• Explaining your location and where your clients will come from
• Describing your business entity type and management structure
• Detailing your unique selling proposition , including the features that distinguish your firm from your competitors

When someone reads this section, they should have a clear picture of what you will create.

— Financial Calculations

Your attorney business plan explains where your firm's revenue comes from and where it goes. This is where your skills as a lawyer begin to diverge from your skills as a business owner. You may need to learn a few new accounting concepts so you can perform the analyses expected in a financial plan.

You will need a  financial plan  for at least the first year.

If you plan to seek a bank loan or line of credit, your bank may need a financial plan that covers three years or longer.

You will need more than a few rough numbers for a useful business plan. Instead, you will need to estimate your expenses and revenues as accurately as possible.

"Take some financial statements courses, take some managerial accounting courses that teach you how to track costs, how to frame costs in a way that you're looking at the important costs." — Omar Ochoa

You might need to contact vendors and service providers to get precise costs. You will probably need to track your billings with your prior firm to predict your revenues. If you are opening a law firm after law school or an in-house job, you may need a competitive analysis to show what similar law firms earn in your location and practice area.

Some reports you may need in your business plan include:

• Revenue analysis listing the fees you will collect each month
• Budget describing your monthly and annual expenses
• Financial projections combining the revenue analysis and budgeted expenses to predict your profit margins
• Cash flow statement showing how your revenues and expenses affect your cash on hand.

Your cash flow statement might be the most important financial report because it explains how your bank balance will fluctuate over time. If your clients take too long to pay their bills or you have too many accounts payable due at the same time, your cash flow statement will show you when money might get tight.

— Market Analysis

A market analysis will tell you where you fit into the legal market in your location and field. You need a competitive analysis to understand the other lawyers and law firms that will compete with you for potential clients. You can also analyze their marketing messages to figure out how to stand out from the competition.

A competitive analysis will tell you what services other firms offer, how much they charge, and what features help your competitors succeed.

Your analysis should include a discussion about your :

• Ideal clients and what you can do to help them
• Market size and whether you offer something clients need
• Competitors and what they offer to clients
• Competitive advantages and how you can market them to potential clients

You can also develop and hone your marketing strategy based on the benefits you offer to clients over your competitors. Finally, a market analysis can tell you the locations and practice areas in which your firm may expand in the future.

Your market analysis helps you focus your efforts on your legal niche.

— Marketing Plan

A marketing plan sets out the steps you will take to reach your target market. Your marketing strategy will take your market analysis and turn it into a plan of action.

You will start with the results of your market analysis identifying your clients, your competitors, and your competitive advantages. You will then discuss the message you can deliver to potential clients that captures the advantages you have over your competition.

Some advantages you might have over other lawyers and law firms might include tangible benefits like lower billing rates or local office locations. Other advantages might provide some intangible benefits like more years of experience or state-bar-certified specialists in those states that allow specialization.

You will then discuss your marketing plan. A marketing plan explains :

• Characteristics of the target market you want to reach
• What your competition offers
• The distinct benefits you offer
• A message you can use to explain what separates you from your competition
• Your action plan for delivering your message
• Your goals for your action plan, such as the number of client leads, new clients, or new cases per month

Your action plan will include the marketing channels you want to use to spread your message. Marketing specialists can help you identify the best channels for your marketing message and client base.

For example, if you practice intellectual property law, you need to reach business owners and in-house lawyers who want to protect their companies' brands, inventions, artistic works, and trade secrets. A marketing agency may help you create a marketing strategy geared toward trade publications and business magazines.

However, IP lawyers require an entirely different marketing strategy than firms that practice family law. Family lawyers need to market to individuals and will tailor their marketing efforts toward different marketing channels and messages.

Even if you expect most of your client leads to come from referrals, you still need brand recognition for those leads to find you. You should consider a website, basic SEO, legal directory, and bar association listings.

— Your Law Firm Services

You will outline the services your law firm offers to clients. Lawyers with established clients and an existing legal practice can simply describe what they already do.

Any new law firm or lawyer transitioning from other practice areas should consider:

• Practice areas you know and enjoy
• Overlapping practice fields that will not require extra staff, such as personal injury and workers' comp
• Related legal services your clients may need, such as wills and guardianship

By offering needed services you can competently provide, you can gain clients and avoid referring existing clients out to other lawyers.

— Your Law Firm Budget

You should approach your budget as a living document. You will spend more money as you add more lawyers and staff members to your firm. But you can also look for ways to reduce your operating costs through investments in technology services and other cost-saving measures .

Your budget should set out the amount you expect to initially spend on start-up expenses. As you create your start-up budget, remember many of these expenses are not recurring. Furniture, computers, and office space build-outs can last several years. In short, your budget should answer the question, "What do you need to open a law firm?"

It should also lay out the amount you plan to spend each month to operate your firm. Here, you will include your recurring expenses, such as rent, staff salaries, insurance premiums, and equipment leases.

Using your operating budget, you will determine the amount of money you need to start and run your firm. This, in turn, will tell you whether you need to take out a loan or tap into your savings to start your law firm. You will need a plan for paying your expenses and day-to-day costs while your firm gets onto its feet.

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Some Useful Tips on Creating a Business Plan for Law Firm Creation and Development

As you draft your law firm business plan, you should focus on the process. By putting your thoughts down in writing, you will often identify issues you had not previously considered.

Some other tips for drafting your business plan include:

— Describe Both Strengths and Weaknesses

You want to project confidence as you prepare your business plan. Remember, you will use this plan to approach potential law partners, lenders, and merger targets. You need to show that you have a solid plan backed up by your financial projections.

At the same time, you need to remain realistic. Write a business plan that describes your business challenges as well as your competitive advantages.

For example, if you have a strong competitor that has a solid  law firm reputation management  and many of the clients you will target, acknowledge the difficulty of getting those clients to switch law firms. Describe your marketing strategies for approaching and pitching your law firm to those clients.

— Think Ahead

Remember that your business plan sets out the roadmap for both the establishment and operation of your law firm . Think about issues that could arise as your firm grows and matures.

For example, you may have a goal of reaching ten lawyers in three years. But as your staff grows, you may need a human resources manager. You may also seek to handle your payroll in-house instead of outsourcing it to a payroll provider. These changes will create ripple effects throughout your business plans. You will incur costs when you add staff members. You will also realize benefits like increased attorney efficiency.

At the same time, any projections more than five years into the future will likely be useless. Your firm and its clients will evolve, and technology will change how you practice law.

— Be Clear about Your Intentions

As you develop your plan, you should keep its purpose in mind. First, you want to outline your core values and goals for your law firm. Set out the reasons why you started your law firm and what you intend to accomplish with it.

"You can't just be doing something because you want prestige. There's gotta be more to that, right? You have to have a purpose that you're following. And if you've got that, that purpose is like gravity, right? You will always be grounded." — Omar Ochoa

Second, you set out your path to achieving those goals. This will include boring technical information like how much you spend on legal research every month. But it will also explain your approach to solving problems consistent with your mission statement and philosophy for law firm management.

— Consult and Update If Necessary

Your plan should guide you as you build your firm. It contains your goals and the roadmap for reaching them. But your plan is not carved in stone.

As you face challenges, you will consult your plan to make sure you approach these challenges in a way consistent with achieving your goals. But under some circumstances, you might find that the plan no longer provides the right solution.

As you work with your firm and your law partners, your goals, processes, and solutions to problems may evolve. The technology your firm uses may change. Your law firm's costs may go up with inflation or down as you realize economies of scale. You should update your plan when this happens.

Final Steps

There is no recipe for creating a business plan for law firm development. What goes into your mission statement and plan will depend on several factors, including your law firm's business model. But this is a feature, not a bug of developing a business plan.

The process of business planning will help you develop solutions to issues you might have overlooked. If you have law partners, just going through the process of creating a law firm business plan can ensure that everyone is on the same page.

As you create your plan, the process itself should provoke thoughts and ideas so you can have a unique law firm tailored to your goals and values. This will help you get exactly what you wanted when you started in the legal industry.

To learn how to expand your client base as your firm grows, check out Grow Law Firm, a professional  law firm SEO agency .

Founder of Omar Ochoa Law Firm

Omar Ochoa is a founding attorney with extensive experience in complex litigation, including antitrust, class actions, and securities cases. He has recovered hundreds of millions of dollars for clients and has been nationally recognized as one of the best young trial lawyers in the country.

Omar graduated from the University of Texas at Austin with degrees in business administration, accounting, and economics. He later earned his law degree from the university, serving as editor-in-chief of the Texas Law Review. He has clerked for two federal judges and has worked at the prestigious law firm Susman Godfrey L.L.P. Omar is dedicated to seeking excellence. He has been recognized for his outstanding achievements in antitrust litigation.

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Lawyers Strategic Plan Template

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In the world of law, having a strategic plan is essential for success. With ClickUp's Lawyers Strategic Plan Template, you can streamline your planning process and set your firm on the path to victory.

This template allows legal professionals to:

• Set clear goals and objectives for your firm's growth and success
• Outline strategies and action plans to achieve those goals
• Allocate resources effectively to maximize productivity and efficiency
• Prioritize initiatives to stay ahead of the competition in the legal landscape

Whether you're a small law firm or a large legal organization, ClickUp's Lawyers Strategic Plan Template is your secret weapon to strategic success. Start planning smarter and achieving more today!

Benefits of Lawyers Strategic Plan Template

A strategic plan template for lawyers provides numerous benefits, including:

• Streamlining the decision-making process by clearly defining objectives and strategies
• Ensuring alignment of goals and actions across the entire legal team
• Enhancing client satisfaction by delivering consistent and high-quality legal services
• Enabling effective resource allocation to maximize productivity and profitability
• Facilitating proactive risk management and compliance with legal regulations
• Supporting business development efforts by identifying new opportunities and target markets

Main Elements of Lawyers Strategic Plan Template

Stay organized and on track with ClickUp's Lawyers Strategic Plan template. Here are the main elements of this template:

• Custom Statuses: Easily track the progress of your strategic plan with 5 customizable statuses, including Cancelled, Complete, In Progress, On Hold, and To Do.
• Custom Fields: Capture important details and data with 8 customizable fields such as Duration Days, Impact, Progress, Ease of Implementation, Team Members, Department, and Project Lead.
• Custom Views: Utilize 6 different views to gain insights and manage your strategic plan effectively. These views include Progress view, Gantt view, Workload view, Timeline view, Initiatives view, and Getting Started Guide view.
• Collaboration Tools: Collaborate seamlessly with your team using features like comments, attachments, and task assignments.
• Reporting and Analytics: Analyze your progress and make data-driven decisions with ClickUp's reporting and analytics capabilities.

How to Use Strategic Plan for Lawyers

Creating a strategic plan for your law practice can help you set clear goals and guide your decision-making. Follow these steps to effectively use the Lawyers Strategic Plan Template in ClickUp:

1. Define your vision and mission

Start by clearly articulating your law firm's vision and mission. Your vision represents the ultimate goal you want to achieve, while your mission defines your purpose and how you will work towards that vision. Consider what sets your law practice apart and how you want to make a difference in your clients' lives.

Use the Goals feature in ClickUp to create and track your vision and mission statements.

2. Identify your target clients and practice areas

Next, identify your target clients and the practice areas you want to focus on. Consider the types of clients you enjoy working with, the industries you have expertise in, and the legal services you want to offer. This will help you tailor your marketing efforts and allocate resources effectively.

Use the Custom Fields feature in ClickUp to categorize and track your target clients and practice areas.

3. Set strategic objectives

Based on your vision, mission, target clients, and practice areas, define your strategic objectives. These are the specific goals you want to achieve in the next few years to move your law practice forward. Examples of strategic objectives could include increasing revenue, expanding your client base, improving client satisfaction, or enhancing your online presence.

Use the Gantt chart feature in ClickUp to create a timeline for your strategic objectives and set milestones to track progress.

4. Develop action plans

Once you have your strategic objectives in place, it's time to develop action plans to achieve them. Break down each objective into smaller, actionable steps and assign responsibilities to team members. Consider the resources and budget needed for each action and set realistic timelines for completion.

Use the Tasks feature in ClickUp to create tasks for each action step, assign them to team members, set due dates, and track progress.

By following these steps and utilizing the Lawyers Strategic Plan Template in ClickUp, you can create a comprehensive and actionable plan that will guide your law practice towards success.

Get Started with ClickUp’s Lawyers Strategic Plan Template

Law firms and legal professionals can use this Lawyers Strategic Plan Template to streamline their strategic planning process and ensure alignment with their business objectives.

First, hit “Add Template” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a strategic plan:

• Use the Progress View to track the progress of each initiative and ensure timely completion
• The Gantt View provides a visual timeline to plan and manage the execution of strategic initiatives
• Utilize the Workload View to balance and distribute tasks among team members based on their capacity
• The Timeline View helps you visualize the order and duration of strategic initiatives
• Use the Initiatives View to list and prioritize all the strategic initiatives of your law firm
• The Getting Started Guide View offers a step-by-step guide to help you understand and navigate the template
• Organize initiatives into five different statuses: Cancelled, Complete, In Progress, On Hold, To Do, to track their progress
• Update statuses as initiatives progress to keep stakeholders informed of their current state
• Monitor and analyze initiatives to ensure successful execution of your law firm's strategic plan.

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Starting a law firm can be a rewarding and lucrative venture, but it requires careful planning and strategy. A well-crafted business plan is a crucial tool for any law firm looking to establish itself, secure funding, or grow its practice. The business plan will serve as a roadmap, outlining the law firm’s objectives, strategies, and unique selling proposition

Why Every Law Firm Needs a Business Plan

A well-structured business plan is imperative for every law firm, regardless of its size or specialization. While legal expertise is undoubtedly crucial, having a clear vision and strategic direction is equally essential. A business plan serves as a guiding light, defining the firm’s mission, values, and long-term goals. This clarity is vital for aligning the entire firm towards a common purpose, ensuring that everyone understands the objectives and the path to achieving them. Without a business plan, a law firm may find itself navigating uncertain waters, reacting to circumstances rather than proactively pursuing its ambitions.

The Key Components of a Law Firm Business Plan

A well-structured law firm business plan consists of several key components, each playing a crucial role in guiding the firm’s operations and ensuring its long-term success. Here are the essential elements of a comprehensive law firm business plan:

• Executive summary
• Law firm description
• Market analysis
• Organization and management
• Services 
• Marketing Strategy
• Financial plan
• Start-up budget

Section One: Executive Summary

The executive summary is arguably the most critical section of your law firm’s business plan. While it appears at the beginning, it is often written last, as it serves as a concise yet comprehensive overview of your entire plan. This section should capture the reader’s attention, providing them with a clear understanding of your law firm’s essence, mission, and what to expect from the rest of the document. In your executive summary:

• Introduce your law firm: Briefly describe your law firm’s name, location, and legal specialization.
• Mission and vision: State your firm’s mission and vision, highlighting your commitment to serving clients’ legal needs effectively.
• Your unique selling proposition: Clearly state your USP, and present what is unique about your firm that will ensure success.

The executive summary sets the stage for your entire business plan. It should be a concise yet compelling introduction to your firm’s mission, values, and potential. If crafted well, it can grab the reader’s attention and encourage them to explore other sections in detail. If you feel overwhelmed by this, you can write this section last. 

Section Two: Law Firm Description

This section of your business plan provides a deeper dive into your firm’s background, history, legal specializations, and legal structure and ownership. This section should provide a concise yet informative overview of your firm’s identity and history. Here’s what this section should cover:

• Mission Statement: Briefly reiterate your law firm’s mission statement. This statement should encapsulate your firm’s overarching purpose and guiding principles.
• Geographic Location: State out the physical location of your law firm’s office(s). This should include the city or region where your primary office is situated.
• Legal Structure and Ownership: State the legal structure of your law firm, whether it’s an LLC, S-Corp, or another legal entity. This choice is a fundamental aspect of your business model, influencing ownership, liability, and taxation. If your firm’s ownership is not that of a sole proprietorship, provide details on the ownership structure. Explain how the chosen structure aligns with your firm’s business model, decision-making processes, and long-term goals.
• Firm History: Provide the history of your law firm. Highlight key milestones, achievements, and notable moments in your firm’s journey. If your firm is well-established, briefly summarize its history, showcasing your accomplishments and contributions to the legal field.

Remember that brevity is key in this section. Don’t spend too much time, just touch on important points and achievements. 

Section Three: Market Analysis

A well-conducted market analysis will not only demonstrate your understanding of the legal industry but also inform your law firm’s strategies and decision-making. It goes beyond understanding your competition; it delves deep into your potential clients’ needs and expectations. 

Through market analysis, you can segment your target market based on demographics, industry, legal needs, and preferences. This segmentation allows you to tailor your services to meet the specific needs of different client groups. It also helps you identify the pain points and challenges that potential clients face. By understanding their concerns, you can offer solutions that directly address these pain points.

Your market analysis should also reveal the pricing strategies of your competitors. By benchmarking your pricing against theirs, you can position your services competitively. You can choose to price higher if you offer unique value or lower if you aim to attract price-sensitive clients. Your market analysis should reveal areas where your competitors may be falling short. Use this information to frame your services as the solution to these weaknesses. For example, if competitors have slow response times, emphasize your firm’s commitment to timely communication. 

Showcase your firm’s USPs that directly address client needs and preferences. If you excel in a particular practice area, have a reputation for excellent client service, or offer innovative fee structures, use these strengths to attract your preferred clientele. Ultimately, a well-documented market analysis not only informs your law firm’s business model but also guides your approach to client acquisition, pricing, and service delivery. It ensures that your legal services align with client expectations and positions your firm for success in a competitive legal industry

Section Four: Organization and Management

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This section provides a clear picture of your firm’s internal structure and leadership. Name the key stakeholders in your law firm and what they bring to the table. Highlight any unique experiences or expertise that each partner brings to the firm. This could include prior work at prestigious law firms, involvement in landmark cases, or specialized knowledge in a specific area of law. Explain how these experiences set your firm apart and enhance its capabilities. You can also include an organizational chart that visually represents your law firm’s structure. This chart should showcase the hierarchy, roles, and reporting lines within the firm. By including the names, educational backgrounds, unique experiences, and organizational chart, you paint a comprehensive picture of your law firm’s leadership and structure. This not only builds confidence in your team’s capabilities but also showcases the depth and expertise of your staff to potential clients, partners, or investors.

Section Five: Services

This section is the core of your law firm business plan. Here, you will go into detail about all aspects of your services. Present in simple words:

• The problem(s) your law firm is addressing and your approach to how to alleviate those pain points? Answer these questions, and provide in detail how your firm is in the best position to tackle this problem. 
• The solution(s) you are providing. This should describe how your law firm resolves your prospective market’s needs. This should include the work you do, and the benefits that each client will receive if they work with your firm. 
• Your law firm competition.  This should describe what advantages your law firm has over your competitors? What you do differently when providing your solutions and how your clients will gain additional benefits when they work with your law firm.

Section Six: Marketing Strategy

As you craft your business plan, keep these four essential questions in mind:

• What Is Your Firm’s Value Proposition? Clearly define what sets your law firm apart from others. This should guide your marketing and sales strategies, emphasizing the unique value you offer to clients.
• Who Is Your Target Audience? Identify your ideal client profile. Understanding your target audience helps tailor your marketing efforts to reach those most likely to benefit from your services.
• What Are Your Growth Goals? Set specific, measurable growth goals for your firm. These goals should inform your sales and marketing strategies, outlining how you plan to achieve them.
• How Will You Measure Success? Determine key performance indicators (KPIs) to measure the success of your marketing and sales efforts. Whether it’s tracking client acquisition rates, website traffic, or revenue growth, having measurable metrics will help you gauge your progress and make informed adjustments.

It is also valuable to perform a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to assess your law firm’s internal and external factors. Describe your online marketing efforts, including your website, social media presence, and email marketing campaigns. Explain how you plan to leverage marketing  to reach and engage potential clients effectively. You should also define your pricing structure and fee arrangements. This may include hourly rates for specific legal services, retainer agreements for ongoing representation, or flat fees for standardized services. 

Section Seven: Financial Plan

If you want to expand your law firm and ensure a steady income, it’s essential to create a financial strategy for your practice. While you might not have all the answers regarding your firm’s finances, provide comprehensive details. Your goal should be to establish a financial plan, particularly for the initial year of your firm’s operation.

Provide comprehensive financial projections that cover the anticipated income, expenses, and cash flow for your law firm. These forecasts should offer a clear picture of how your firm expects to perform financially. You should also Incorporate income statements, which show your firm’s revenue and expenses, balance sheets that detail your assets and liabilities, and cash flow projections, which illustrate how money moves in and out of your business. These financial statements offer a holistic view of your firm’s financial health.

Explain the assumptions underlying your financial projections. This may include factors like growth rates, market trends, client acquisition strategies, and pricing models. Describe your strategies for achieving growth and how they translate into financial outcomes. This section is critical for demonstrating your law firm’s financial preparedness and sustainability. Investors, lenders, or partners will scrutinize these sections to assess the viability of your firm, making it essential to provide detailed and well-supported financial information.

Section Eight: Start-up Budget

When developing a business plan for your law firm, it is essential to create a realistic startup budget. This involves carefully considering various initial and ongoing expenses and factoring them into your revenue objectives. Here are some instances of expenses to incorporate into your budget:

• Hardware costs, such as laptops, printers, scanners, and office furniture.
• Office space expenses, whether you plan to rent space or work from home.
• Malpractice insurance fees.
• Staff salaries, including potential hires like administrative assistants or paralegals.
• Utility expenses, covering phone and internet services, among others.
• Expenses on practice management software or other tech tools

After itemizing these costs, review them thoroughly. Clearly state the total amount of funding you require to start and sustain your law firm. Explain how this funding will be allocated, including how much goes into covering startup costs and how much is reserved for ongoing operations. Be specific about the purpose of each funding component. 

Additionally, explore tools and solutions that can streamline non-billable tasks, freeing up more time for your legal practice. This not only enhances your overall productivity but also allows you to allocate more time to your legal practice. One exceptional solution that can significantly benefit your law firm operations is a legal practice management software. 

DigitsLaw: The Legal Practice Management Software for Law Firms

DigitsLaw is an all-in-one practice management software that streamlines and simplifies the day-to-day operations of a law firm. Whether you are a small firm or you have law firms in major cities, DigitsLaw can meet the unique needs of your legal practice. Our simple and intuitive tool offers a wealth of features that can make a substantial difference in the success and efficiency of your firm.

Here’s how DigitsLaw can help your new law firm scale:

• Effortless Case Management: DigitsLaw simplifies case management by centralizing all your client information, documents, and communications in one secure location. This ensures that you have easy access to everything you need, right at your fingertips.
• Time Tracking and Billing: With DigitsLaw, tracking billable hours and generating invoices is seamless. You can accurately record your time, expenses, and activities, allowing for transparent and error-free billing processes.
• Conflict Check: DigitsLaw provides a robust conflict check system that assists law firms in maintaining ethical standards and preventing conflicts of interest. By incorporating DigitsLaw conflict check capabilities into your law firm’s workflow, you can enhance your due diligence processes, reduce the risk of conflicts of interest, and uphold the highest ethical standards in your legal practice. 
• Client Collaboration: Foster better client relationships through DigitsLaw’s client portal . Clients can securely access case information, share documents, and communicate with your firm, enhancing transparency and trust.
• Legal Document Management: Say goodbye to the hassle of paper documents and disorganized files. DigitsLaw enables efficient document storage, organization, and collaboration, saving you time and reducing the risk of errors.
• Secure and Compliant: DigitsLaw prioritizes security and compliance, ensuring that your client data and sensitive information are protected at the highest standards.

By leveraging DigitsLaw’s capabilities, you can significantly reduce administrative overhead, minimize errors, and provide a more streamlined and responsive experience for your clients. It’s a strategic investment that will pay dividends as your firm grows and prospers.

Sample Business Plan and Fillable Template

If you’re in the early stages of creating your business plan, we’ve prepared an example that can serve as a reference. You can also download a blank version of our template here. Remember to tailor your plan to your specific requirements and objectives. 

Download your copy of our law firm business plan template HERE

Final thoughts.

In conclusion, crafting a law firm business plan is not just a formality; it’s a roadmap that guides your firm toward success. Whether you’re launching a new law firm or seeking to revitalize an existing one, a well-thought-out plan helps you.  From defining your firm’s mission and values to conducting a thorough market analysis every section of your plan plays a crucial role in shaping your law firm’s journey. It’s not just about impressing potential investors; it’s about setting clear goals, making informed decisions, and ensuring that your firm is well-prepared for the challenges and opportunities that lie ahead.

As you start planning, remember that your business plan is a living document. It should evolve and adapt as your firm grows and the legal industry changes. Regularly revisit and update your plan to stay aligned with your mission, serve your clients better, and achieve your long-term vision.

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Law Firm Business Plan Template

Written by Dave Lavinsky

Law Firm Plan

Over the past 20+ years, we have helped over 1,000 lawyers to create business plans to start and grow their law firms. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a law firm business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Law Firm Business Plan?

A business plan provides a snapshot of your law firm as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Law Firm

If you’re looking to start a law firm, or grow your existing law firm, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your law firm in order to improve your chances of success. Your law firm plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Law Firms

With regards to funding, the main sources of funding for a law firm are personal savings, credit cards and bank loans. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

Finish Your Business Plan Today!

How to write a business plan for a law firm.

If you want to start a law firm or expand your current one, you need a business plan. Below are links to each section of your law firm plan template:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of law firm you are operating and the status. For example, are you a startup, do you have a law firm that you would like to grow, or are you operating law firms in multiple cities?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the law firm industry. Discuss the type of law firm you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.  

Company Analysis

In your company analysis, you will detail the type of law firm you are operating.

For example, you might operate one of the following types of law firms:

• Commercial Law : this type of law firm focuses on financial matters such as merger and acquisition, raising capital, IPOs, etc.
• Criminal, Civil Negligence, and Personal Injury Law: this type of business focuses on accidents, malpractice, and criminal defense.
• Real Estate Law: this type of practice deals with property transactions and property use.
• Labor Law: this type of firm handles everything related to employment, from pensions/benefits, to contract negotiation.

In addition to explaining the type of law firm you will operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of clients served, number of cases won, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the law firm industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the law firm industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your strategy, particularly if your research identifies market trends.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your law firm plan:

• How big is the law firm industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your law firm? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your law firm plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: businesses, households, and government organizations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of law firm you operate. Clearly, households would respond to different marketing promotions than nonprofit organizations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve. Because most law firms primarily serve customers living in their same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other law firms.

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes accounting firms or human resources companies. You need to mention such competition as well.

With regards to direct competition, you want to describe the other law firms with which you compete. Most likely, your direct competitors will be law firms located very close to your location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of customers do they serve?
• What types of cases do they accept?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide better legal advice and services?
• Will you provide services that your competitors don’t offer?
• Will you provide more responsive customer interactions?
• Will you offer better pricing or flexible pricing options?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a law firm plan, your marketing plan should include the following:

Product : In the product section, you should reiterate the type of law firm company that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to in-person consultation, will you provide virtual meetings, or any other services?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the products and services you offer and their prices.

Place : Place refers to the location of your law firm company. Document your location and mention how the location will impact your success. For example, is your law firm located in a busy business district, office building, etc. Discuss how your location might be the ideal location for your customers.

Promotions : The final part of your law firm marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Advertising in local papers and magazines
• Reaching out to local websites
• Social media marketing
• Local radio advertising

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your law firm, including filling and filing paperwork, researching precedents, appearing in court, meeting with clients, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to file your 100th lawsuit, or be on retainer with 25 business clients, or when you hope to reach $X in revenue. It could also be when you expect to expand your law firm to a new city.  

Management Team

To demonstrate your law firm’ ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally you and/or your team members have direct experience in managing law firms. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with legal experience or with a track record of successfully running small businesses.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you file 25 lawsuits per month or sign 5 retainer contracts per month? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your law firm, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a law firm:

• Location build-out including design fees, construction, etc.
• Cost of licensing, software, and office supplies
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or your certificate of admission to the bar.  

Putting together a business plan for your law firm is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert and know everything you need about starting a law firm business plan; once you create your plan, download it to PDF to show banks and investors. You will really understand the law firm industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful law firm.  

Law Firm Business Plan FAQs

What is the easiest way to complete my law firm business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Law Firm Business Plan.

What is the Goal of a Business Plan's Executive Summary?

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of law firm you are operating and the status; for example, are you a startup, do you have a law firm that you would like to grow, or are you operating a chain of law firms?

Don’t you wish there was a faster, easier way to finish your Law Firm business plan?

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• Hidden Date MM slash DD slash YYYY
• Name * First Last
• Password * Enter Password Confirm Password
• United States
• Which state is your firm's primary location? * Pick one. Alabama Alaska American Samoa Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Guam Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Northern Mariana Islands Ohio Oklahoma Oregon Pennsylvania Puerto Rico Rhode Island South Carolina South Dakota Tennessee Texas Utah U.S. Virgin Islands Vermont Virginia Washington West Virginia Wisconsin Wyoming Armed Forces Americas Armed Forces Europe Armed Forces Pacific State
• Which province is your firm's primary location? * Pick one. Alberta British Columbia Manitoba New Brunswick Newfoundland and Labrador Northwest Territories Nova Scotia Nunavut Ontario Prince Edward Island Quebec Saskatchewan Yukon Province
• What is the size of your firm? * Pick one. Solo practice Small firm (2–15 lawyers) Medium or large firm (16+ lawyers) I do not work at a law firm
• What is your role at your firm? * Pick one. Owner/partner Lawyer Staff Vendor (web designer, consultant, etc.) I do not work at a law firm
• What is your primary practice area? * Pick one. Bankruptcy Civil litigation (non-PI) Class Action Collections Corporate Criminal Education Employment Estate planning, probate, or elder Family General practice Immigration International Landlord/Tenant Mediation/ADR Personal injury Real estate Small business Sports/Entertainment Tax Trademark/IP Other I do not work in law
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19 Mar 2020

How to Write Your Law Firm Business Plan

By Cari Twitchell

News Articles Healthy Strategy

Every new law practice needs a business plan . This is a guide to creating one.

Here is what should go in your business plan once you’ve decided about your law firm business model.

Section One: Executive Summary

This section provides a succinct overview of your full plan. It should also include the following:

• Mission statement.  This statement should be one or two sentences at most, so you can quickly state it off the top of your head at any given moment. It should clearly state your value and offer inspiration and guidance, while being plausible and specific enough to ensure relevancy. For further direction on how to write a mission statement, read this Entrepreneur article .
• Core values.  Your core values outline the strategy that underpins your business. When written well, they help potential employees and clients understand what drives you every day. When written incorrectly, they include meaningless platitudes that become yet another thing forgotten or ignored during practice. To pack the most punch into your core values, write them as actionable statements that you can follow. And keep them to a minimum: two to four should do just fine. You can read more about writing core values at  Kinesis .
• What sets you apart.  If you are like every other attorney out there, how will you stand out? This is known as your unique selling proposition (USP). What is it that will convince clients to turn to you instead of your competition? By clearly stating your USP, you identify what it is about your firm that will ensure your success.

Are you feeling slightly overwhelmed by all of this? Then write this section last, as you’ll find much of what you write here is a summary of everything you include in subsequent sections.

Section Two: Company Description

Write a succinct overview of your company. Here is what it should cover:

• Mission statement and values.  Reiterate your mission statement and core values here.
• Geographic location and areas served.  Identify where your offices are located and the geographic areas that you serve.
• Legal structure and ownership. State whether you are an LLC, S-Corp or other legal entity. If you are something other than a sole proprietor, identify the ownership structure of your firm. How does your law firm business model influence the ownership type?
• Firm history.  If you are writing or updating a plan for a law firm already in existence, write a brief history that summarizes firm highlights and achievements.

This section is often the shortest. Do not spend much time or space here. Touch on the major points and move on.

Section Three: Market Analysis

Done correctly, a well thought out market analysis will help you identify exactly what your potential clients are looking for and how much you should charge for your services. It also enables you to identify your competitors’ weaknesses, which in turn helps you best frame your services in a way that attracts your preferred clientele. You probably already considered some of these subjects when deciding on the small law firm business model, but you need to document them.

Elements of a market analysis include:

• Industry description.  Draft up a summary that encompasses where your particular legal niche is today, where it has been, and which trends will likely affect it in the future. Identify everything from actual market size to project market growth.
• Target audience.  Define your target audience by building your ideal client persona. Use demographics such as location, age, family status, occupation and more. Map out the motivations behind their seeking your services and then how it is you are best able to satisfy their requirements.
• Competitive analysis.  This is where you dive into details about your competitors. What do they do well? Where do they fall short? How are they currently underserving your target market? What challenges do you face by entering legal practice in your field of choice?
• Projections.  Provide specific data on how much your target audience has to spend. Then narrow that down to identify how much you can charge per service.

A proper market analysis includes actual data to support your analysis. If you are unsure of where to find data, Bplans  has a great list of resources for you to use. And if you would like to read further about conducting a market analysis, check out this article from the Small Business Administration.

Section Four: Organization & Management

This section goes into detail about you and any others who may have ownership interest in the firm. The small law firm business model section here should incorporated into the management documentation. Do not be afraid to brag a bit!

• What is your educational background?
• What experience do you currently have?
• Why are you the right person to run your firm?

If there are other individuals involved, it is a good idea to insert your organizational chart here. Visuals help quickly convey information and break up otherwise blocky text.

Section Five: Services

The Services section is the heart of your law firm business model plan. It is where you dive into all aspects of your services, including:

• The problem(s) you are addressing.  What pain points do your preferred clients experience? What can they do right now to alleviate those pain points? Answer these questions, and then take the extra step to explain how those current solutions fail to adequately address their problems.
• The solution(s) you are providing.  This describes how your solutions better resolve your prospective market’s needs. This not only includes the actual work you do, but the benefits that each client will receive based on your work.
• An overview of your competition.  Describe your competition here. For instance, which other solo attorneys and firms provide the same solutions as you? What are your advantages over these competitors? What do you differently when providing your solutions? How will clients gain additional benefits by seeking out your services instead of working with your competitors?

Section 6: Marketing Strategy

Your marketing strategy section needs to address the three P’s:

• Positioning.  How will you position your law firm and your services? What will you say to present your practice in the best light? What short statements can you use to entice a potential client to pursue your services?
• Pricing.  How much will you charge? How does that fit within the legal industry? Within your niche industry? What do clients receive for that price?
• Promotion.  Which sales channels and marketing activities will you pursue to promote your practice? Who is in charge of these activities? Even if you plan to build your law firm on the basis of word-of-mouth referrals, you must remember that most referrals will still look for information about you before contacting you. Know where they will look and ensure you are there.

Section Seven: Financials

Last comes the financials section. It is the key component to your plan if you are going to seek funding to get your practice off the ground. It is imperative that you complete this section even if you are not seeking funding, however, as you need to paint a clear financial picture before opening your doors.

Two main items make up this section: budgeting and forecasting (sales and cash flow). Answer these questions to help you address these items:

• How much starting capital do you need?
• How much money will it cost to keep your practice operating on a month-to-month basis?
• How many cases will you need to close each month to break even?
• How many cases would you need to close to make a profit?
• What is your projected profit and loss for the year?

This section often incorporates graphs and other images, including profit-and-loss and cash-flow tables. The more specific you get with your numbers, the more likely you are to succeed!

One final note: If your goal is to submit your business plan to potential funders, you want to do everything you can to make sure your plan stands out. One good way to do this is to work with a designer to artfully format your plan. Great presentation can take you a long way.

Originally published 2017-09-23. Republished 2020-07-31.

Cari Twitchell

About the Author

@CariTwitchell

/in/caritwitchell/

Website: https://www.customcontentllc.com

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Last updated October 7th, 2022

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Law Firm Business Plan

If you are a lawyer, chances are you have thought of owning a law firm at least once if not more.

After all, having your firm gives you the freedom of taking up projects that you like and working at flexible hours.

But with freedom comes responsibility, and most of us find the thought of doing everything from onboarding clients to taking care of every detail of their case at least in the initial days quite overwhelming.

But don’t worry! It isn’t as scary as it looks. All you need to run a successful law firm is your sharp wit to deal with cases and a well-written law firm business plan to deal with the business side of your profession.

Free Law Firm Business Plan Template

Download our free business plan template now and pave the way to success. Let’s turn your vision into an actionable strategy!

• Fill in the blanks – Outline
• Financial Tables

Industry Overview

The global legal services market was valued at a whopping sum of 849.28 billion dollars in 2020 and is expected to rise at a high rate going forward too.

The main changes in the legal industry have been brought about by the introduction of AI which does proofreading and data research jobs with higher efficiency. This lets the lawyers focus on what really matters.

Also, the security and access systems have become loads better due to cloud computing.

What is Law Firm Business Plan?

A law firm business plan is a document that outlines your business goals and strategies to achieve those goals. It includes your law firm overview, your reason to start your firm, the services you will offer, a budget or funding requirements, and strategies to get and manage your clients.

Why Law Firm Business Plan is Important?

A business plan would help you understand what sets you apart from your competitors, and how you can market your USP to your clients.

It also helps you design strategies to reach out to your clients and manage them. It comes in extremely handy for analyzing the loopholes in your business structure.

Moreover, it helps you identify your strengths and work on your weaknesses.

All in all, It can make managing your business a hassle-free and less chaotic process.

Things to Consider Before Writing a Law Firm Business Plan

Focus on your expertise.

Between juggling business and practice, it is natural that practice gets neglected more often than not. But always keep in mind that though focusing on your business is important it shouldn’t come at the cost of skills you need to develop and upgrade to do well as a lawyer.

Also, it is important to decide on a niche so you can dig deeper and become an expert at handling cases of that kind.

Create a proper website

In today’s world being present and active on the internet is as important for your business as being good at what you do.

A strong web presence helps you reach out to your customers as well as builds your reliability for them.

Build your network

Networking is an important aspect of being a lawyer. From getting new customers, getting updates on the legal world, and even collecting evidence if you are a criminal lawyer, a good network can work wonders for your legal business.

The kind of circle you belong to also has an impact on your reputation and image as a lawyer.

Develop soft skills

We all know that confidence and intellect are a lawyer’s best friends. And although it is an ongoing process to develop these skills, it is good to get a head start before you start your business.

Intellect helps you upgrade and pay attention to detail, and confidence helps you sound more convincing and reliable. Both of which are foundational to a legal business.

How to Write a Law Firm Business Plan?

A law firm business plan would be a combination of segments common to all business plans and segments specific to a law firm.

Before you start writing your business plan for your new law firm, spend as much time as you can reading through some examples of  consulting-related business plans .

Reading some sample business plans will give you a good idea of what you’re aiming for. It will also show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.

We have created this sample law firm business plan for you to get a good idea about how a perfect law firm business plan should look like and what details you will need to include in your stunning business plan.

Chalking out Your Business Plan

Starting your own law firm is an exciting prospect for any lawyer. Having your firm gives you more independence, lets you implement ideas you want to, and most importantly, you get to deal with clients firsthand.

And if you plan on starting your own, do so with a proper business plan.

But you might wonder, why do I need a business plan as a lawyer, isn’t my legal knowledge and years of work enough?

The answer is no.

To run a law firm you need a law degree, but to run a successful business you need a business plan alongside your degree.

Law Firm Business Plan Outline

This is the standard law firm business plan outline which will cover all important sections that you should include in your business plan.

• Mission Statement
• Vision Statement
• Financial Summary
• 3 Year profit forecast
• Business Structure
• Startup cost
• Market Analysis
• Market Trends
• Target Market
• Market Segmentation
• Sales Strategy
• Marketing Strategy
• Pricing Strategy
• Personnel Plan
• Financial Plan
• Important Assumptions
• Brake-even Analysis
• Profit Yearly
• Gross Margin Yearly
• Projected Cash Flow
• Projected Balance Sheet
• Business Ratios

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Now, let’s understand how you can complete each section of your business plan.

1. Executive Summary

The executive summary forms the first page of your business plan. It acts as a pitch for your business to potential investors and should consist of the following sections.

• Objective: This gives an overview of what you wish to accomplish with your business. The objective should be clear and solve an existing problem in the market.
• Vision Statement: This should state what vision you have for your business. How do you want it to function and how far do you expect to reach with it. You can also include how your vision sits with the current market situation.
• Financial Summary: This section should ideally consist of the history of your finances and their current state. A proper financial summary helps you gain an investor’s confidence and makes it easier for your business to get funded.

2. Company Summary

Next up we have the company summary section, this segment provides an overview of your company’s structure and its functioning.

This section provides a brief description of the following:

• Legal Structure: This section would describe the legal terms and conditions your firm functions on, as well as the ownership structure of your firm.
• USP: This would consist of points that set your firm apart from your competitor’s firm.
• Services: This section will include the services you offer, the legal procedures you are well versed in, all in all, the client base you cater to.
• Location: This segment covers your area of service and the location of your firm. A clearly stated area of service, helps you reach the right audience.

3. Market analysis

This segment consists of a thorough analysis of the market situation. It can be split up into the following sub-segments.

• Market Trends: This would consist of all the prevailing trends in the market. It is important to know market trends because it helps your business keep up with the evolving market.
• Target Market:  This section would consist of a summary of the market you cater to. Clearly defining your niche helps you reach out to your desired customer base.
• Market Segmentation: In this section, note down the segments present in the market, as well as what segment of the market your business would fit in. This would help you narrow down the number of competitors you have, the strategies you must follow, and the major and additional services you should offer.

4. Strategy and implementations

In this section, you would include various business strategies like:

• Marketing strategy You can formulate a marketing strategy depending on your target audience and the easiest and most effective ways of reaching out to them. It is important to formulate your marketing strategy based on your USP and your vision statement.
• Pricing Strategy It is important to formulate a pricing strategy based on the market trends, the nature of the work, and your target audience.
• Milestones This segment would consist of the various milestones your business would have to reach to achieve your goal and the strategies to help you reach them.

5. Financial Plan

The financial section of your business plan would consist of the following information regarding your business.

• Financial history
• Current State of finances
• Profit and loss

Download a sample law firm business plan

Need help writing your business plan from scratch? Here you go;  download our free law firm business plan pdf  to start.

It’s a modern business plan template specifically designed for your law firm business. Use the example business plan as a guide for writing your own.

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Law Firm Business Plan Summary

All of the above segments would help you in creating a well-rounded business plan. Starting your law firm with a well-written business plan can make your growth process faster and smoother.

After getting started with Upmetrics , you can copy this law firm business plan example into your business plan and modify the required information and download your law firm business plan pdf or doc file.

It’s the fastest and easiest way to start writing your business plan.

Related Posts

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Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Get the most out of your business plan example

Follow these tips to quickly develop a working business plan from this sample.

1. Don't worry about finding an exact match

We have over 550 sample business plan templates . So, make sure the plan is a close match, but don't get hung up on the details.

Your business is unique and will differ from any example or template you come across. So, use this example as a starting point and customize it to your needs.

2. Remember it's just an example

Our sample business plans are examples of what one business owner did. That doesn't make them perfect or require you to cram your business idea to fit the plan structure.

Use the information, financials, and formatting for inspiration. It will speed up and guide the plan writing process.

3. Know why you're writing a business plan

To create a plan that fits your needs , you need to know what you intend to do with it.

Are you planning to use your plan to apply for a loan or pitch to investors? Then it's worth following the format from your chosen sample plan to ensure you cover all necessary information.

But, if you don't plan to share your plan with anyone outside of your business—you likely don't need everything.

More business planning resources

How to Start a Business With No Money

How to Write a Business Plan for Investors

Simple Business Plan Outline

Business Plan Template

How to Write a Law Firm Business Plan

10 Qualities of a Good Business Plan

Industry Business Planning Guides

How to Write a Business Plan

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2021 Legal Software Report

Finding the right legal software is hard.  Our annual Legal Software Report makes it just a little easier.

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• How to Evaluate Law Firm Software • Software Features Explained • Cloud vs. On-Premise Comparison • Review of the Top 15 Law Legal Applications

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Law Firm Marketing Plan: A Step-By-Step Template [Free PDF]

That’s the question your law firm marketing strategy is designed to answer.

Documenting your strategy is a crucial first step that lays the groundwork for all of the marketing tactics you move forward with. It’s the framework that helps pinpoint your goals and the methods you’ll use to meet them.

The reasons why law firms invest in digital marketing are varied but should answer:

• What’s the specific purpose of this year’s plan?
• What do you hope to achieve with each initiative in 2022?

Besides just “winning more clients,” you may want to:

• Establish your firm as an authority in the practice of family law in your area
• Establish your firm as the clear go-to for child custody rights in your area
• Ensure the firm’s online presence and messaging is consistent with the firm’s real-world prestige
• Generate marketing leads/followers by engaging your website audience and content readers
• Generate sales leads and new prospective clients in your area

By being specific, you can target precise actions and real-world campaigns to achieve each goal.

Get started by downloading the marketing plan template and using the following steps to build your strategy.

Successful Law Firm Marketing Strategy

In 10 minutes or less!

Our template will help you to:

• Define your SMART goals
• Craft your brand story
• Create your customer personas
• …and more!

1. Define your SMART goals

To start, you’ll want to define your marketing goals. But not just any goals — your SMART goals.

Here’s what that looks like in the downloadable marketing plan:

The idea behind your marketing plan is to set attainable goals. By ensuring the goals you set are SMART (specific, measurable, achievable, relevant, and time-bound) , you’ll be more likely to meet your targets.

We recommend everyone starting a law firm do this.

Define the goalposts upfront so that you know what’s working and what isn’t.

Instead of saying “generate new clients and cases,” you can say:

I want to increase the number of leads generated per month from our newsletter from 15 to 30 per month. If I convert 25% of leads, I’ll convert 3.75 more leads to clients per month. I’ll reach this goal in 6 months.

When creating your goal, think about the following:

• How many new leads (prospective clients) would you like each month?
• What quantity, in a month, would you consider “good,” or a success?
• How many would be “not good enough”?

Afterward, align each goal with a purpose. Why is this one of your goals? What are you hoping to achieve?

Here are a few marketing goals to consider:

• Brand awareness
• Lead generation
• Thought leadership
• Client acquisition
• Increase customer value

2. Build your brand

Even law firms need to invest in building their brand. A strong brand helps you resonate and connect with the right type of client, both of which are important for growth.

To start, determine what your vision statement is. Begin by thinking about core values central to your brand, then turn those values into a one-to-two sentence summary.

Law firm McCarthy Tetrault started with their values:

And turned those values into a one-sentence statement highlighting what they stand for.

From there, figure out what your value proposition is. It’s your unique promise to clients that sets you apart from the rest.

McCarthy Tetrault highlights the diversity of their law firm, alongside their focus on innovation , making up two value propositions.

From there, you can write your unique selling proposition (USP). It’s a one-sentence breakdown of your value propositions, showcasing what makes you unique.

McCarthy Tetrault’s USP would look something like:

We are the only law firm in Canada that embodies diversity in the workplace. We use the unique perspectives of our lawyers to generate innovative solutions.

Use this section of your marketing plan to build your brand.

3. Define your audience

Next, identify your customer persona. This is a semi-fictional representation of your ideal client.

With a customer persona, all your efforts in acquiring and retaining new clients can be highly targeted to the client’s needs. This leads to happier clients, better reviews for your law firm, and more referrals.

Fill out the table in the marketing plan using market research and insights into your business.

4. Identify a gap in the market

Figuring out where your law firm fits into the market can help you position yourself favorably.

When you know who your competitors are and their strengths and weaknesses, you can pinpoint what you need to do to stand out.

For example, if competitor A isn’t focusing on their criminal defense marketing , you could use that to your advantage by making yours the best it can be. This will help you win local clients who may have otherwise gone with a competitor.

Competitor research doesn’t have to be hard. The simplest thing to do is to look up law firms in the same practice area who service the same area as you. Then do a deep-dive on their website and social media to see how they match up.

A quick Google search will pull up your local competitors.

Use this information to fill out the Gap Analysis section of the marketing plan.

5. Make note of your budget

Using the law firm marketing budget tool below, you’ll be able to calculate how many new leads you can generate per month and at what cost.

Law Firm Marketing Budget Estimation Tool

Investing VALUE /mon will yield between.

Please contact us to discuss your budget to see how we can best serve you.

The minimum monthly budget is $1,000.

Keeping track of this information is important so you can proactively shift the emphasis of your marketing efforts to the methods that are performing best.

Use the following table to document your budget and estimated number of leads per month for each practice area.

6. Choose your marketing tactics

The next step is to use the information from the previous steps to determine what tactics you’ll use to meet those goals.

Take a look at the 22 law firm marketing strategies. Pick at least 5 that you want to execute and consider how you’ll do that.

Then fill out the table in the marketing plan.

7. Measure your success

The key to any successful digital marketing campaign is tracking the success of your activities.

For each tactic, identify which metric you’re going to measure and how you’ll measure it. For example, if you’re looking to generate leads with your blog, you could monitor how much traffic you get from the blog and your keyword rankings.

Use the following table to track your results:

Now that you understand how to develop a law firm marketing strategy, let’s look at our highest recommended techniques.

Create a detailed law firm marketing plan with our free template

A comprehensive marketing plan is critical to success as a law firm.

You need to know your target client, what they’re looking for, and how to reach them. Our free PDF will help you create a custom law firm marketing plan tailored to your specific needs and goals. It’s a free template that you can fill out, and it’s chock-full of resources you can use to level up your law firm marketing in 2023.

Get started today by downloading our free PDF.

Dennis Dimka

As the founder and CEO of Uptime Legal Systems , I've had the privilege of guiding our company to become a leading provider of technology services for law firms.

Our growth, both organic and through strategic acquisitions, has enabled us to offer a diverse range of services, tailored to the evolving needs of the legal industry.

Being recognized as an Ernst & Young Entrepreneur of the Year Finalist and seeing Uptime Legal ranked among the Inc. 5000 list of fastest-growing private companies in America for eight consecutive years are testaments to our team's dedication.

At Uptime Legal, we strive to continuously innovate and adapt in the rapidly evolving legal tech landscape, ensuring that law firms have access to the most advanced and reliable technology solutions.

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Plan Templates

11+ legal strategic plan templates – pdf, word.

As corporations and even small businesses respond to the challenge of stricter regulations and complexity in government and legal compliance, the legal plan function gains ground on taking on a role of maximum importance for businesses across all industries. You may also see strategy plan samples .

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Kim Mallett is a director in Major, Lindsey & Africa's partner practice group. Based in New York City, she helps partners and partner groups navigate the lateral market and finds them new opportunities in global, national, regional and local law firms. She can be reached at [email protected].

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