business plan for law firm in south africa

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.

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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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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?

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How To Start A Law Firm In South Africa: A Comprehensive Guide to Legal Requirements

• Post author: Edeh Samuel Chukwuemeka ACMC
• Post published: October 6, 2023
• Post category: Legal Articles

How To Start A Law Firm In South Africa : An interesting next step in your legal career may be opening a firm of your own. If you want to practice law in South Africa, you might be asking how to launch your own legal services business.  Before you take the thrilling step of starting your own business, it is crucial to understand what the process takes, whether you want to start reaping the financial benefits of your labor, have a better work-life balance, or practice in a legal area that you are passionate about.

Of course, opening your law firm has its own unique set of difficulties, worries, and unknowns. Despite how difficult the procedure may seem, it is doable with careful planning and execution. You must fulfill a few standards to be eligible for legal licensing in the nation. A law degree from a South African university that has been accredited is required to finish the first phase.

It’s also crucial to be aware that anyone in South Africa who has attained the required legal age to practice law may also operate a law company there.  Due to this, we have chosen to examine the actual procedures involved in establishing a law firm in South Africa.  We hope this is helpful to you and that it will contribute to the success of your new law business.

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Table of Contents

REQUIREMENTS TO ESTABLISH LAW FIRM IN SOUTH AFRICA

It is crucial to understand that the Legal Practice Act No. 28 of 2014 (LPA) governs the whole legal profession in South Africa before deciding to start a law practice.  The Legal Practice Council (LPC) is a body corporate with full legal status that is established by Section 4 of the LPA. It has jurisdiction over all legal practitioners.  To guarantee that all legislative requirements are met and all necessary actions have been completed, it follows that any legal practitioner who seeks the establishment of his or her law firm must consult the LPA and the LPC.  Below are some basic requirements for starting a law firm in South Africa:

1. Preparatory Requirements: This is a crucial step to starting your own business.  You must have the following before you begin the process

a. Choose between operating as a registered limited liability corporation or as a sole proprietor.

b. You must register the firm with the Companies and Intellectual Property Commission (CIPC) if you intend to register a company.

c. Have a workplace address

d. Possess a postal address.

e. Possess an email address.

f . Possess a fax line.

g . Have all the information about the auditor you’ve chosen.

h . Create a letterhead for your brand-new company.

i. Name an officer in charge of compliance following the Financial Intelligence Centre Act No. 38 of 2001 (FICA), and register your business as an accountable entity on the FICA’s website.  Remember that you must yearly submit confirmation of your firm’s FICA registration to the LPC.

j . Open a trust and business bank account. This trust account must be held at a bank with which the Fund has contracted following Section 63(1)(g) of the LPA.  Any funds held by a legal practice on behalf of a person must be deposited there as soon as practicable after being received.  Remember that your law practice will also require a business banking account. Once your trust account has been set up, it won’t be operational until the bank has received your Fidelity Fund Certificate.

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2. Statutory requirements: According to the LPA, you must meet the following requirements to run a law firm on your own:

a . Be recognized as an attorney by the High Court.

b . Have an LPC enroll you to practice.

c. Have a Fidelity Fund certificate. This is necessary following Sections 84(2) and (3) of the LPA.

d . Maintain the necessary accounting records.

e. Possess a Legal Practice Management Course (LPMC) diploma that has been authorized by the LPC. This phase is covered under Section 85(1)(b) of the LPA. This step is part of the legal requirements for running your own law company.  After receiving your first FFC, you have one year to finish this course, which must be approved by the LPC.

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3. Legal Practice Council Step: The final stage is to submit specific information to the LPC for approval when you have finished the aforementioned steps.  These things are included:

a . A certified ID copy of each attorney and legal practitioner for the proposed new law firm.

b . The suggested name of the law company, business cards, and letterheads.  All of the firm’s active legal practitioners’ information must be properly listed on the letterhead.

c . The location of the legal firm and address.

d . The postal address and fax number for the law firm.

The LPC needs all of this information to confirm that the new law firm conforms with the requirements outlined in the LPA and its Rules.  The LPC receives this data together with the completed application.

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4. Financial Requirements : The following is a list of fundamental costs that you should budget for:

a. CIPC registration for your business.

b . The opening of your company account with the bank of your choice.

c. Paying the LPC’s yearly dues.

d . Registering a post box.

e . Practice Management Training Course.

f . Investing in a computer, a printer, and some basic stationery.

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STEPS TO OPEN A LAW FIRM IN SOUTH AFRICA

1. Create a Business Plan : Before opening a law firm, draft a thorough business strategy. As part of this, you should develop your company’s goal statement, identify its competitive advantages, and plan its finances and marketing strategy. Having a clear picture of your company’s future will help you plan accordingly.

2. Select an Area of Practice: After creating a business plan, you should decide which legal specialties you want to focus on. To find the right fit, concentrate on your legal strengths and shortcomings.

3. Name Your Firm : Your practice name could be based on your area of expertise or named after you. Make sure the name you choose isn’t deceptive if you’re choosing based on your area of expertise.

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4. Choose Your Entity: Choose the organizational structure based on how you intend to run and manage the business. Solopreneurs, for instance, can choose sole practitioners, while multi-member enterprises can choose limited liability partnerships.

5. Choose a Location: Your practice area has a lot to do with the ideal location. Choose a location or office space that best suits your needs.

6. Obtain Office Supplies, Furniture, and Equipment: You’ll require office equipment, supplies, and furnishings for your workspace, including desks, computers, filing cabinets, etc.

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7. Build a Network: If you don’t currently have a clientele, you should consider how to draw in new customers. The initial step towards achieving this is creating a powerful referral network. Maintain strong connections with other attorneys and clients to receive referrals.

8. Join Organizations or Associations: Joining a local bar association is one of the ways lawyers can network. You can connect with knowledgeable lawyers who can serve as your mentors and teachers.

9. Set Up a Financial Plan: It is important to set up a good financial plan or employ a finance expert because running a legal firm’s finances can be challenging and frustrating, especially if you handle your bookkeeping.

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The fundamental conditions and procedures for opening a law firm in South Africa as specified by the LPC under the LPA and its Rules are summarized above.  However, it remains a good idea to establish connections with colleagues who have begun their legal practice to share information, act as a sounding board, or perhaps gain some guidance along the way.

Edeh Samuel Chukwuemeka, ACMC, is a lawyer and a certified mediator/conciliator in Nigeria. He is also a developer with knowledge in various programming languages. Samuel is determined to leverage his skills in technology, SEO, and legal practice to revolutionize the legal profession worldwide by creating web and mobile applications that simplify legal research. Sam is also passionate about educating and providing valuable information to people.

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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.

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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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Law Firm Business Plan (PDF, Excel, Word)

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How to start your own law firm

Starting your own law firm can be an exciting next step in your legal career.  Whether you want to start enjoying the financial fruit of your own labour, have a better work-life balance, or you want to practise in a legal field that you’re passionate about, it is important to know what the process entails before you take the exciting leap of opening your own firm.

Of course, starting your own law firm presents its own set of challenges, concerns, and uncertainties.  That is why we have decided to take a look at the practical steps involved in starting your own law firm in South Africa.  We hope this will be useful to you and help you and your new law firm succeed.

Steps for starting your own law firm

The entire legal profession in South Africa is governed by the Legal Practice Act No 28 of 2014 (LPA).  Section 4 of the LPA establishes the Legal Practice Council (LPC) to function as a body corporate with full legal capacity and exercise jurisdiction over all legal practitioners.  Therefore, naturally, any legal practitioner who pursues the establishment of his or her own law firm needs to consult the LPA and the LPC to ensure that all statutory requirements are complied with and all the prescribed steps have been taken.  Finally, you also need to ensure that you keep an eye on the financial implication of opening and operating your own firm.

We have divided the process into the following three steps:

• Practical preparation step
• Statutory step
• LPC step   

1. Practical preparation step

This is an important first step in your journey to establishing your own firm.  Before you start the process, you need to have the following:

• Decide whether you are practicing as a sole proprietor or as a registered limited liability company
• If you decide to register a company, you must register the company with the Companies and Intellectual Property Commission (CIPC)
• Have a physical address for operations
• Have a postal address
• Have an e-mail account
• Have a fax number
• Have all the details of the auditor you have appointed
• Design a letterhead for your new firm
• Appoint a compliance officer in terms of the Financial Intelligence Centre Act No. 38 of 2001 (FICA) and register your firm as an accountable institution in terms of FICA on its online portal .  Remember to keep your firm’s proof of FICA registration safe as you will need to submit it to the LPC on a yearly basis.
• Open a business and trust bank account.  Once your trust account has been opened, it will only be activated once you submit your Fidelity Fund Certificate to the bank.  

1.1 Opening a trust account

Section 86 of the LPA states that every legal practitioner (referred to in Section 84(1) of the LPA) must operate a trust account.  This trust account must be at a bank with which the Fund has made arrangements as provided for in Section 63(1)(g) of the LPA.  Any money held by a legal practice on behalf of any person must be deposited therein as soon as possible after it has been received.  Keep in mind this is a separate bank account from your business banking account which your law firm will also need.  Interest accrued on trust accounts may be deposited into a separate trust saving account for the purposes of investing the interest.

Section 87 of the LPA sets out further financial requirements.  Stating that a trust account practice must keep proper accounting records with information and particulars of the following:

• Money paid and received on its own account;
• Any money received, held, or paid on account of any person; and
• Money invested in a trust account or other interest-bearing account referred to in Section 86, and any interest on money so invested which is paid over or credited to it.

Additionally, Section 87 of the LPA states that the LPC, the Board, or its nominee may inspect the accounting records of a law firm.  This is done at their cost, however, should they find that the provisions of the LPA have not been met, they will write up the accounting records of the law firm.  They will then recover the cost of the inspection and the writing up of the accounting records from the practice.

This is why it is important to ensure that you comply with all of the financial requirements set out by the LPA.  Therefore, when it comes to how to start your own law firm it is important to appoint a good auditor.  A good auditor will ensure that your law firm complies with all of the above trust account requirements.  New law firms must appoint an auditor who is registered in terms of the Auditing Profession Act, 26 of 2005, and who practices as an auditor.

Once you have completed all the practical preparation steps above, the foundation of your new law firm has been laid down and you are ready to move to the next step.

2. Statutory requirements

In terms of the LPA, if you want to operate a law practice for your own account you must:

• Be admitted as an attorney by the High Court;
• Be enrolled to practice by the LPC;
• Operate a trust account;
• Be in possession of a Fidelity Fund certificate;
• Keep the required accounting records; and
• Have completed a Legal Practice Management Course (LPMC), approved by the LPC.  

2.1 Fidelity Fund Certificate

This is required in terms of Section 84(2) and (3) of the LPA which states that no legal practitioner or person employed/supervised by that legal practitioner can receive or hold funds/property without a Fidelity Fund Certificate (FFC).  This provision applies to deposits taken on account of fees or disbursements concerning legal services to be rendered.  Receiving and holding funds or property is something legal practitioners are often required to do, therefore it is vital to obtain an FFC.

In order to obtain an FFC in terms of the LPA and its Rules , legal practitioners must satisfy certain requirements.  These requirements set out by the Legal Practitioners Fidelity Fund website , are as follows:

• Proof of completion of an LPC-approved LPMC course, subject to the provisions of Rule 27.1 of the rules which allows you to obtain your first FFC prior to completing the LPMC.  Note that you will need to complete the LPMC within one year of the date of issue of your first FFC.
• The annual contribution of R345.00 (incl. VAT), as stated by Section 54(b) of the LPA and Rule 3.1 of the Rules, is payable by applicants to the Council for the issuing of the certificate.
• The completed application, which also includes the Attorney's Insurance Indemnity Fund risk questionnaire and details of your auditor.
• Timely submission of the trust account audit report/s, of all practices in which you are either sole practitioner/partner/director, approved by the Council.

The completed paperwork must be submitted with a once-off Fidelity Fund contribution of R1,000.00.  This amount is subject to change and is best confirmed with the Legal Practitioners Fidelity Fund or the LPC.  You can apply for your FFC through the Fidelity Fund Certificate application portal here .

2.2 Complete a legal practice management course

This step forms part of the legal requirements for operating your own law firm and is covered in Section 85(1)(b) of the LPA which states that every legal practitioner, practising for themselves either alone or in partnership for the first time, must complete a legal practice management course.  This course must be approved by the LPC and must be completed within one year from the date that your first FFC is issued to you. 

These legal practice management courses are often referred to as practice management training (PMT).  They are designed to equip legal practitioners with the necessary skills to efficiently manage their legal practice.  These courses cover topics relating to marketing, management, finance, technology, and strategic business management. These PMT courses will usually have attendance and assessment requirements, like assignments and quizzes to complete.

These PMT courses are a legal requirement for starting a law firm.  However, beyond that, they will provide you with indispensable skills for running your law firm which will help to ensure that you and your law firm are successful.

3. Legal Practice Council step

Once you have completed all the above steps, the last step is to submit certain information to the LPC for approval.  This includes the following:

• Certified ID copies of the legal practitioner(s) and candidate attorneys within the proposed new law firm.
• The proposed name of the law firm, with business cards and the letterhead.  The letterhead must clearly set out the details of all practising legal practitioners within the firm.
• The address of the law firm and where it will operate from.
• The law firm’s fax number and postal address.

All this information is given so that the LPC can ensure the new law firm complies with the standards set out in the LPA and its Rules.  This information is submitted with the completed application to the LPC.

4. Financial implications

The process of opening your own law firm is not a costly exercise.  However, below is a list of basic expenses that you will need to plan for:

• Registration of your company with CIPC;
• Activation of your business account at your elected bank;
• Payment of the LPC’s annual fees;
• Registering a post box;
• Practice Management Training course; and
• Purchasing basic stationary, a printer and a computer.

These are the basic steps on how to start your own law firm in South Africa as required by the LPC in terms of the LPA and its Rules.  However, it is always a good idea to build relationships with colleagues who have already gone through the process of opening their own law firm in order to share information, soundboard, or even to get some inspiration along the journey.

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How to Draft a Law Firm Business Plan

Law firms are something more than a business. Law firms and the lawyers within them are engaged in a profession, with obligations that go beyond purely commercial concerns.

Listen to this article:   Click here to play this audio clip

This truth can obscure the need for lawyers to pay attention to the business management side of their practices: their finances, marketing plans, business development efforts, IT purchases, lease terms and capital needs. For the highly trained lawyer, such concerns may feel at best like an afterthought, or at worst a nuisance that steals time from their true occupation: the “practice of law.”

And yet, those annoying business details are responsible for keeping the lights on. While law firms may be more than a business, there is, in fact, a large and necessary business element to them. For solo practices and small firms in particular, investing time into the business management side of legal practice can make a major difference in the financial rewards they derive from it—or even their survival. Firms that have failed to do so in the past (and even those that haven’t) can get a handle on their law practice business management by taking the step of drafting a business plan.

THE POINT OF A BUSINESS PLAN

We’ll discuss the components of a business plan in a moment, but first, let’s talk about why this exercise is valuable. For another type of business, a business plan may be useful in attracting investors or securing financing. Law firms should not think of their business plans as utilitarian documents in that sense (although someday one could prove helpful in obtaining a line of credit, say, or attracting lateral partners). Instead, the primary value of the business plan, particularly for the solo practice or small firm drafting one for the first time, lies in the fact that it forces the firm to think about business issues that it otherwise would not have considered.

As the D.C. Bar says in its advice to startup law offices : “The act of planning helps you think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically. It takes time now, but avoids costly, perhaps disastrous, mistakes later.”

Of course, a business plan does little for anyone if it is quickly forgotten. But the mere act of generating a business plan gives a firm a direction to head in and goals to point toward. If the firm makes it a practice to revisit the business plan on an annual basis (if not more regularly), its business considerations will stay top-of-mind and the firm will continually refine them in ways that improve its performance.

THE CONTENTS OF A BUSINESS PLAN

Creating a strong business plan will require an investment of time and energy. At the same time, no one wants to write, or read, a massive document. To improve the chances that the project gets done, and gets read, it is best to keep a business plan to a reasonable length. Anything over 20 pages may stretch attention spans to the breaking point, and there’s no harm in going shorter if you have covered all the territory you need to by that point.

So, what, exactly, is the territory that you should cover? Most authorities agree that a sound business plan for a law firm should address the following broad areas:

• Overview of the Firm

This section should include basic information about the firm: its name, legal structure, practice areas and leadership positions. It should also contain some deeper information about the firm's identity and aspirations.

This would include:

A mission statement about the firm’s purpose

A vision statement or recitation of medium- and long-term goals for the firm

Important aspects of the firm’s history

Any important philosophies that the firm brings to legal practice

• Market Analysis

This section should discuss the business trends affecting the firm’s important practice areas and clients. It should evaluate any technologies that are affecting your practice area and consider how the firm may leverage or keep up with them. This section should also devote substantial energy to identifying the firm’s major competitors in each of its important practice areas and comparing their services to the firm’s.

In this section, identify the firm’s major clients, breaking them down by important characteristics like size, location, industry and practice groups used. Go through a similar exercise for major client prospects and targets. It’s worth examining how the firm can improve its relationships with both of these groups.

Important financial information includes the firm’s fixed and variable costs, backward- and forward-looking revenue, realization rate, collection rate, monthly overhead, assets and liabilities. A 12-month profit and loss projection should be included and could be considered the heart of the business plan.

There is a great amount of detail that any firm could get into on this front. Don’t get overwhelmed by it; at the same time, this is some of the most important information in the business plan, so it’s not advisable to gloss over it.

This section will address key operational issues like the office lease, equipment purchases and technology plans. You may assign roles to various staff members for operational issues.

Think about what marketing the firm currently performs, how it obtains clients and what marketing goals it wants to set for the future.

After completing these and any other sections the firm might want to address, then go back and draft an executive summary to be included at the beginning of the business plan document. The summary should be professional, but don’t be afraid to give it some optimistic energy. After all, with your eyes on the business management fundamentals of your firm, things should be looking up for the future.

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Creating a Successful Business Plan for a Law Firm in South Africa

Creating a solid business plan for a law firm in south africa.

As a legal professional in South Africa, the idea of starting your own law firm may be daunting. However, with a well-thought-out business plan, you can set yourself up for success in the competitive legal industry. In this blog post, we will explore the key components of a business plan for a law firm in South Africa and provide you with valuable insights to help you succeed.

Market Analysis

Before diving into the specifics of your business plan, it`s crucial to conduct a thorough market analysis. Understanding the legal landscape in South Africa, including the demand for legal services, the competitive environment, and the regulatory framework, will help you identify opportunities and challenges that may impact your firm`s success.

Case Study: Market Trends in South African Legal Services

From the above table, it`s clear that the legal services market in South Africa is growing, presenting a promising opportunity for new law firms. By analyzing market trends and data, you can make informed decisions about your firm`s positioning and target market.

Services and Specialization

When developing your business plan, consider the legal services you will offer and any specific areas of specialization. Whether you plan to focus on commercial law, family law, or constitutional law, it`s essential to clearly define your areas of expertise and the value you will bring to your clients.

Case Study: Successful Specialization Strategies

Lawyers specializing in niche areas, such as technology law or environmental law, have seen significant success in South Africa. By catering to unique and growing legal needs, these firms have been able to differentiate themselves and attract high-value clients.

Financial Projections

One of the most critical aspects of your business plan is your financial projections. This should include your startup costs, revenue forecasts, and a break-even analysis. By demonstrating a clear understanding of the financial aspects of your firm, you can instill confidence in potential investors and partners.

Case Study: Financial Projections for New Law Firm

By presenting realistic and well-researched financial projections, you can demonstrate the viability and potential profitability of your law firm.

Creating a business plan for a law firm in South Africa is a challenging yet rewarding endeavor. By conducting thorough market analysis, defining your services and specialization, and presenting solid financial projections, you can set a strong foundation for your firm`s success. With the right strategy and careful planning, your law firm can thrive in South Africa`s competitive legal market.

Exclusive Business Plan Contract for a Law Firm in South Africa

This Business Plan Contract (the «Contract») is entered into as of [Date], by and between the undersigned parties, [Law Firm Name] (the «Firm») and [Client Name] (the «Client»).

WHEREAS, the Firm is a duly licensed law firm operating in South Africa, and the Client wishes to engage the Firm`s services to create a comprehensive business plan for the establishment and operation of a new law firm in South Africa;

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto agree as follows:

IN WITNESS WHEREOF, the parties hereto have executed this Contract as of the date first above written.

[Law Firm Name]

Authorized Signature:

[Client Name]

FAQ: Business Plan for a Law Firm in South Africa

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Are you ready to start your own law firm?

By Emmie de Kock

So you are a well-rounded attorney, running your own matters, managing your own support staff and clients. Perhaps you are waiting to be promoted, but it seems too long to wait, or you are uncertain that it will ever happen. Perhaps it frustrates you to exceed your budget and work for a fixed salary. Perhaps you always had an entrepreneurial side that you wanted to explore. Or maybe you just feel stuck where you are and want a new challenge. There may be many reasons why attorneys decide to go solo or start a new law firm. But how will you know if it is the right decision for you?

To be a successful law firm entrepreneur, it is essential to have confidence. It is true what they say: ‘If you do not think the world of yourself, who will?’ For a person starting and standing alone, you must have confidence that you will be able to make it by yourself. You must know yourself. You must trust your abilities and your judgment. You must be your own best friend. You must be able to forgive yourself for failures. You must be able to award yourself for achievements. You must be able to trust others and earn the trust of others. You must be a consistent hard worker.

Another important quality for law firm entrepreneurs is the taste for adventure. Perhaps not everyone will refer to ‘financial risk’ as adventure. Unless you can negotiate to move your client matters with you, you will start from zero and must learn to be a good business owner, on top of being a great attorney. In this regard, if you are a person who requires the certainty of a monthly salary, you are likely to find starting your own law firm from scratch very daunting. Generally, especially start-up entrepreneurs see opportunities to serve others, contribute something new to society, make their own mark, or make a living from something they feel passionate about. I think this is what is meant by referring to an ‘entrepreneurial spirit’. It is contagious and requires only one person.

Other aspects to consider include:

• Knowledge and experience: You must assess, and be honest about your abilities, knowledge and experience. To start a law firm, is to set a standard for others to follow. If you lack knowledge or experience in any legal area, be open with your clients, and involve or refer instructions to other expert attorneys on an ad hoc basis to grow and diversify your practice.
• Finances: Finances are also a reality and must always be approached rationally. While busy developing your law firm, your income may not be guaranteed and you must continue to provide for normal living expenses. Responsible start-up law firm owners try to limit personal expenses, and even downsize, if the firm may take a substantial time to develop before profitability is likely to follow.
• Support: Starting your own law firm, may put you solely in charge of your firm’s business, but you will nevertheless not be alone in the world. Even if you are the champion of your own team, you will appreciate a cheerleader to help you win. Your life partner’s support for your career path is very important. If you are married, your spouse is your partner in life, and this includes your business life. Family can be a very good support system. The right friends and colleagues can also be good cheerleaders. Support could also be gained from business networks, professional societies, or other business owners in the same sector. The social platform LinkedIn also provides many helpful online interest groups.
• Coaching: Especially when starting a law firm as a sole proprietor, it will be helpful to contract a lawyer coach to assist you in this journey and changes. Coaching can assist to develop you on a personal and professional level to be the best leader and manager for your law firm. A coach can help improve your competence, help set goals, build confidence, and be a thinking partner and support.
• Mentorship: If you are a young attorney starting-up a law firm for the first time, it will also be helpful to seek a mentor with more attorney experience, who can guide and support you through challenges. In this regard, apart from the prescribed practice management training, the Mentorship Programme of the Law Society may be helpful. More information is available at www.lssalead.org.za .
• Planning: It is always good to have a plan. It is further crucial to have this in writing, as a business plan can serve as a good road map to keep you on course. If you are a sole proprietor, it may take extra effort to do a written business plan, as you may feel that you have it all organised in your head. If you are married, it is a good idea to share your business plan with your life partner for input. However, regardless of the size of your law firm, or the extent of your future plans, a written business plan forces you to go through a checklist to make sure you thought of everything, and develop your dream and goal to grow.Sometimes the problem is not that we do not plan, but that we omit to refine and define our plans, to make them understandable to others, as well as practical. Forcing yourself to write your business plan, before being too eager to start with your exciting ideas, will force you to evaluate and reflect, and give you something to measure your progress against.

When leaving an established firm to start a new small law firm, there may be many adjustments. One aspect which may be new, but absolutely crucial for your success, is marketing. You must be able to network and market yourself to get clients and work. Due to the ethical rules of our profession, marketing a law firm is different to marketing any other type of commercial business. Aim for excellent client relations, as this will afford you recurring business and referrals from clients.

Starting a new law firm can be very exciting, but you must be sure that you are ready. Not every attorney should start their own law firm. If you are committed to this journey, make sure that you plan ahead and have some support, especially financially.

Emmie de Kock BLC LLB (cum laude) (UP) is a coach and attorney at Emmie de Kock Coaching and Consulting in Centurion.

This article was first published in  De Rebus  in 2017 (Nov)  DR  14.

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Law Firm Marketing Strategy: 22 Tactics for 2022

Are you prepared to market and grow your law firm in 2022? If so, this article is for you.

In this article, I’ll show you the latest law firm marketing strategies and techniques you can incorporate into your 2022 marketing plan.

Read more at In Bound Law Marketing…

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Law Firm Business Plan Sample

Jun.03, 2018

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Table of Content

Do you want to start a law firm business?

Do you plan to start a law firm business? There is no doubt this is an awesome business venture with amazing potential. In recent years, the law firm industry has been experiencing a steady growth of more than 15% per annum. The need for individuals, businesses and companies seeking for lawyer services in order not to get into legal problems has greatly increased. Today, there are many niches you can choose to start your practice on. All you need to have is the right qualification and target the right customers for your law firm business plan .

Executive Summary

2.1 the business.

The law firm will be registered under the names Raymond Associates, and will be situated in Houston, Texas. The law firm will be owned and managed by Alex Raymond who is a lawyer by profession.

2.2 Management Team

Alex Raymond is a lawyer by professional who has worked in the legal industry for more than fifteen years. Before coming up with a law firm business model, Alex worked for many to law firms across the United States and is an accomplished legal business service expert .

2.3 Customer Focus

Raymond Associates plans to offer different top notch legal services to customers in Houston, Texas. The customer focus will cater for different age groups and working class.

Once you have figured out how to start your own law firm, having an idea of the customer you intend to target is important. The customers you plan to target is essential for the growth of the business.

2.4 Business Target

Raymond Associates intends to offer services to a wide range of clientele keen on seeking legal services for their various needs. For a business to grow, it is important to carry out an in-depth research to target the right clientele.

Company Summary

3.1 company owner.

Alex Raymond is a lawyer professional who has worked with famous legal firms in the United States. In the course of his career, he ascended to the position of a seasoned attorney and took the lead role in planning the law firm operations and overseeing all management related aspects.

3.2 Aim of Starting the Business

After having been in the career long enough, Alex noticed there was a lot of potential in the legal industry in his home town Houston. That is the when he decided to move back to home and start a business plan for law firms . With a good business plan for law firms , Raymond Associates will indeed be one of the best law firms in Houston.

3.3 How the Business will be Started

As an expert in legal services, Alex understands what he needs to start the law firm. To set his idea into action, he has worked closely with businesses set-up experts to develop a financial plan for the law firm.

Services for Customers

Raymond Associates is focused on offering professional legal services to different type of clients. According to the starting a law firm business plan, the business is focused on offering the following services:

• Provide property law services to people facing mortgage, foreclosure and other property acquisition.
• Offer legal services to people suffering from personal injury. Employees’ injuries at work are extremely     sensitive and need a qualified lawyer to intervene.
• Provide legal services to couples going through a divorce.
• Offer legal services to people buying and selling businesses – acquisitions and mergers.

Marketing Analysis for Law Firm Business

For Raymond Associates to meet its market obligations, a detailed market analysis was done to help the business establish itself in the industry and adequately serve the needs of client. This law firm business plan explains the strategy the business will follow to attain its goals. Given the rising demand for various legal services, there is a great opportunity for Raymond Associates to meet its objectives.

5.1 Market Segmentation

Given the increasing popularity of law firms industry, Raymond Associates understands the value of coming up with sustainable marketing strategies to acquire a larger market share. Being one of the largest cities in the United States, Houston is a business hub with many individuals and companies looking for legal services. Based on the market findings and law firm business plan template, the law firm intends to target the following potential customers.

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5.1.1 Couples

Marriage is a good thing but a time comes in life where people want to depart for various reasons. Nowadays, there is a high divorce rate in Texas, and for this reason Alex so it necessary to start a law office business plan to provide divorce legal services. When going through a divorce, you want to use a law firm that know how to handle sensitive issues. Raymond Associates highly trained attorneys and family law professionals will be dedicated to help people going through divorce to successfully navigate the family courts. If you have a family law case, it can be frustrating to sort through the maze of paperwork required to finish your case. Raymond Associates is ready to help though all the steps if filing a divorce, spousal support orders or custody issues among other services listed in the law firm business plan sample.

5.1.2 Property Owners

One of the main services offered by Raymond Associates is foreclosure and mortgage legal services. Whether it is mortgage, foreclosure or other property acquisition, Raymond Associates lawyers will help you go through that. The lawyers will offer the best advice and assist you throughout the whole process. The law firm will help file necessary documents and go through disputes that may arise between the transactions.

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5.1.3 employees.

With so many companies and organization in Houston, Raymond Associates sample law firm business plan will target employees. When it comes to legal services involving employee injuries at work, these cases are usually sensitive and need a qualified lawyer to intervene. In most cases, employees feel oppressed in matters in regards to compensation and opt to use a lawyer. This is why Raymond Associates has a well inclusive personal injury law firm business plan to cater for such cases.

5.1.4 Businesses

According to the law firm marketing plan template, Raymond Associates will offer legal services to businesses to buying and selling businesses – acquisitions and mergers. With many individuals buying and selling businesses, it is important to use the services of a lawyer. A good law office will help you minimize taxes and potential liability issues for buyers and sellers figuring out how to structure a deal.

5.2 Business Target

Raymond Associates is getting into a highly competitive environment considering there are a high number of law firms in Houston. However, this small law firm business plan outlines the plan the business intends to use to acquire clients and propel business growth. It is costly to set up a fully functioning law firm, but adequate strategies have been put in place to help the business fully recover its initial capital. After finalizing the starting a law firm business and rolling out operations, the call centerexpects to recoup its initial investment in three years based on a projected 30-40% annual sales growth.

5.3 Product Pricing

While strategizing on how to start a law firm business plan , Alex Raymond together with the assistance of experts has come up with a competitive pricing structure tailored for different services. At the beginning, the call center intends to offer various incentives to attract clients.

When planning to start a law office, you need to come up with a great business development strategy . Alex Raymond has engaged experts to formulate a call center strategy that will be instrumental to steer business growth. He has also invested time to studying law firm proposal examples. The following is Raymond Associates law firm sales strategy.

6.1 Competitive Analysis

Raymond Associates has deployed the latest telemarketing technologies to boost efficiency and seamlessly handle multiple clients without compromising quality. After completing the procedures of how to build a law firm, the business anticipates high competition considering there are numerous similar establishments in Houston.

6.2 Sales Strategy

For Raymond Associates to achieve its intended targets and create a successful law office which is popular with clients, the following sales strategy will be implemented.

• Hire professional marketing agencies to help advertise the law firm and reach out to potential clients.
• Organize an official opening party and welcome top industry stakeholders to create awareness about the business
• Advertise on digital media platforms such as Facebook, Twitter and Instagram
• Use local media channels such as Television and newspapers to advertise the business

6.3 Sales Forecast

Raymond Associates law firm has put in place various sales strategies in order to meet its targets. According to the law firm business plan example, the sales forecast looks promising for the business.

Personnel Plan

Raymond Associates provides diverse services in order to boost the company’s income. When coming up with a business plan for law firms , it is vital to focus on having a good personnel team to handle business operations.

7.1 Personnel Plan

The law firm is owned by Alex Raymond who will be the overall firm manager for the business. The law office intends to hire the following staff to enable the business carry out its operations.

• Administrator
• Operations Manager
• Two Marketing Executives
• Five Lawyers
• Three Advocates

Successful candidates will undergo intensive training to understand procedures and expectations.

7.2 Average Staff Salaries

Raymond Associates law office plans to pay its staff the following salaries in the first three years of operations.

Financial Plan

Alex Raymond law firm has formulated a financial plan that will steer the path to business success. To the business, Alex will use his personal savings and funds from two investors. A loan will be sought to help raise startup capital for the business. Crucial financial information for the business has been indicated in the law firm business plan template free.

8.1 Important Assumptions

Financial forecast for Raymond Associates law firm will be based on the following assumptions.

8.2 Brake-even Analysis

Raymond Associates Brake-even Analysis is indicated in the graph below.

8.3 Projected Profit and Loss

Profit and Loss information for Raymond Associates calculated on a monthly and annual basis is shown below.

8.3.1 Monthly Profit

8.3.2 yearly profit, 8.3.3 monthly gross margin, 8.3.4 yearly gross margin.

Below is the profit and Loss Analysis for Raymond Associates law firm.

8.4 Projected Cash Flow

The diagram below is a summary of subtotal cash spent, subtotal cash from operations, subtotal cash spent on operations, subtotal cash received and pro forma cash flow.

8.5 Projected Balance Sheet

The following is a Projected Balance Sheet for Raymond Associates law firm that shows capital, assets, long term assets, liabilities and current liabilities.

8.6 Business Ratios

Raymond Associates law firm Business Ratios, Ratio Analysis and Business Net Worth are shown below.

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Law Firm Business Plan

Start your own law firm business plan

Wy'East Law Firm

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

Wy’East Law Firm (WLF) is a boutique technology law firm located in Portland, Oregon. The firm will be lead by Richard Bloom, a seasoned attorney previously with (name omitted)’s e-group. WLF will service all needs generated by technology firms, with specialization on mergers and acquisitions and qualified stock option plans; and handles both start-up and established companies.

In addition to WLF’s technology practice, we will offer public interest legal work at subsidized rates. The technology practice will allow the firm to be able to provide public interest organizations legal help at the cost of overhead.

WLF is a limited liability company founded and lead by Richard Bloom.

1.1 Objectives

The objectives for WLF for the first three years of operation include:

• To create a law firm whose primary goal is to exceed customer’s expectations.
• To develop a client list that includes at least 20 companies, each with revenues of over $3 million.
• To increase the ability to serve public interest organizations each year.
• To be able to offer each year some legal services at a subsidized rate.

1.2 Mission

The mission of Wy’East Law Firm is to provide the Portland community with technological and public interest legal guidance. We exist to attract and maintain customers and to support the public interest community. When we adhere to this maxim, everything else will fall into place.

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

WLF is a law firm serving technology companies and public interest organizations, and will subsidize its public interest work with local companies. WLF specializes in mergers and acquisitions as well as stock option plans, but can handle most legal needs for a technology company.

The technology work will subsidize the company’s public interest work which will be billed out at the cost of overhead.

2.1 Company Ownership

WLF is a limited liability company, owned solely by Richard Bloom.

2.2 Start-up Summary

WLF’s start-up costs will include all equipment needed for the home office, website creation, and advertising.

The home office equipment will be the largest chunk of the start-up expenses. This equipment includes 4 computers, a fax machine, copier, cellular phone, office supplies, additional land line, a DSL connection, and office furniture.

Start-up expenses will also include advertising. Two methods will be used: a content-only website and the Yellow Pages. 

WLF will provide provide law services to two different groups of customers.

• Technology law services . WLF will provide legal services to high technology clients, to both start-up companies and established firms. While the firm excels in mergers, acquisitions, and qualified stock option plans, we also have experience in almost any legal field that a tech firm encounters. These clients, billed at market rate, will subsidize the public interest clients.
• Public interest law . WLF will serve regional public interest organizations, with a concentration on environmental and civil rights organizations. For most public interest organizations, good legal help is expensive. By using technology clients to subsidize the cost of legal fees for public interest firms, WLF is able to make significant contributions back to the community.

Market Analysis Summary how to do a market analysis for your business plan.">

WLF’s customers can be divided into two groups, technology firms and public interest organizations.

• Public interest organizations . These clients will be diversified, some are environmental organizations others are civil rights groups. While some public interest organizations receive their legal services for free (pro bono) from some attorneys, there is an extreme shortage of legal help for these organizations. Therefore, it is quite attractive to these organizations to have the possibility of receiving top legal help at a subsidized rate. Attracting these clients will not be the problem, the difficulty will be for Richard to select which organization will receive his help.

4.1 Target Market Segment Strategy

WLF will be targeting high technology companies for two reasons.

• Although the economy has taken a recent plummet, particularly technology firms, technology is still a growing sector of the economy. This is evidenced by the fact that 17 out of the top 25 fastest growing companies are technology firms, according to The Business Journal of Portland.
• Technology is Richard’s area of expertise. Richard practiced law at one of the top three law firms in Portland and was in their e-group, concentrating on technology firms. His experience, coupled with his network of colleagues within the industry, makes technology firms attractive customers.

WLF will be targeting public interest organizations for one simple reason, a desire to give back to the community. Public interest work is inherently altruistic to some degree. Generally, the person performing the work receives a good feeling for his/her contribution, but in today’s capitalistic society, someone who donates his/her time at far below market wages should be considered altruistic.

4.2 Service Business Analysis

The technology law practice is fairly competitive in Portland. Most larger, more prestigious firms have attorneys who specialize in technology. Some smaller firms also have attorneys who do work for technology companies. Lastly, there are boutique firms, like WLF. As a service-based industry, the practice of law is driven by personal relationships and reputation. Potential clients choose attorneys based on reputation and who they are familiar with or are recommended to. Therefore, if the attorney is providing better service to a client, the client is likely to form a long lasting business relationship with the client.

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WLF has the advantage that when Richard left (name omitted) he brought 15 of his clients, which, for now, are almost enough to survive on.

Strategy and Implementation Summary

WLF will be courting new technology clients through networking and advertisements in the Yellow Pages, Business Journal of Portland, and other technology specific regional journals. As stated earlier, WLF has a sufficient amount of business at day one, however, more technology clients means the ability to perform more public interest work.

Richard will be attending the Portland Venture Group meetings as well as other informal gatherings of technology companies to network with the different technology firms in the region. These networking activities along with advertisements in appropriate media forms will allow WLF to steadily grow their list of clients.

5.1 Competitive Edge

WLF’s competitive advantage will be based on two factors, experience and specialization:

• Experience. Richard brings to WLF three years of practicing technology law at a top firm in Portland. Reputation carries a lot of weight and Richard’s time at (name omitted) means a lot in the Portland legal community and is very attractive to prospective clients. Additionally, beyond the reputation of working for a coveted firm, is the fact that the three years spent at (name omitted) provided Richard with big name clients.
• Specialization. As a boutique firm that concentrates on technology companies, WLF is in a desirable situation because it’s knowledge base is considerable, relative to other firms that practice a wide range of law.

5.2 Sales Strategy

WLF’s sales strategy will begin with months two through five with the goal of serving the existing customer base of clients. The absence of bringing in new clients during this time is purposeful, it allows WLF and the existing clients to form a new relationship at WLF, different from their previous relationship at (name omitted).

Month six will signal WLF’s conscious effort to generate new clients. Using the previously mentioned networking techniques, Richard, through personal communications, will convince prospective clients of the value of a boutique technology law firm, specifically the depth of knowledge and the close attention that the client will get when dealing with a small firm.

Regarding the public interest organizations, there will be less of a sale strategy, more of a choosing of the organizations that Richard wants to represent. There are so many needy public interest organizations that Richard will have to pick and choose those that he wishes to help out.

5.2.1 Sales Forecast

The first month will be spent setting up the home office. This will include setting up the office, a conference room, and all of the computer equipment. During the first month, Richard will also be serving some existing technology clients and some public interest clients. We project that if we spend 1/3 of our time on the technology clients, this would sufficiently subsidize the public interest clients so we would only have to cover overhead expenses.

By month six, Richard will begin actively soliciting new clients. Between months one and five he will continue networking, though will not be actively seeking customers. From month seven on and there will be a slight increase in clients taken aboard. There will be only a slight increase so as to create solid relationships with the new and existing clients. Richard will be cognizant of the possibility of growing too fast and not being able to offer the same quality service to his clients.

5.3 Milestones

WLF will have several milestones early on:

• Business plan completion.
• Set up home office.
• First month of total technology subsidy.

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

Wy’East Law Firm is an Oregon Corporation founded and run by Richard Bloom. Richard has a degree in Political Science from the University of Colorado, Boulder, and a J.D. from Lewis and Clark University. While at Lewis and Clark, Richard was the President of the school’s Public Interest Student Organization. It was through this organization that Richard became fond of public interest law. After graduation, Richard went to work for (name omitted) for three years in the e-group which concentrated on technology. While working in the e-group, Richard worked on technology issues with a number of well known start-up organizations and established companies.

One of the perks working at (name omitted) was his ability to do pro bono work which counted toward his required yearly billable hours requirement. Richard has spent a fair amount of time with 1000 Friends of Oregon and other public interest organizations. After three years however, Richard was feeling constrained and desired more autonomy. He decided to leave and start his own firm. Richard was able to bring a fair number of his clients from (name omitted) to his new firm, helping the transition from leaving an established practice to hanging out his own shingle and starting over. 

6.1 Personnel Plan

The staff will consist of Richard working full time. In addition to Richard, a part-time secretary and part-time paralegal will join WLF by month two. Month four will bring WLF a law clerk, and a second law clerk by month eight.

Financial Plan investor-ready personnel plan .">

The following sections will outline important financial information.

7.1 Important Assumptions

The following table details important assumptions.

7.2 Projected Profit and Loss

The following table and charts present the projected profit and loss.

7.3 Break-even Analysis

The Break-even Analysis indicates what WLF will need in hours and revenue a month to reach the break-even point.

7.4 Projected Cash Flow

The following chart and table show anticipated cash flow.

7.5 Projected Balance Sheet

The following table displays the projected balance sheet.

7.6 Business Ratios

Industry profile ratios based on the NAICS code 541110, Offices of Lawyers, are shown in the table below.

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