Copy of law-firm-business-plan-sample

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Business Plan Firm Name: Author: Address: Phone: Email: Website:

1. Executive Summary Your executive summary is a broad overview of some of the most important elements of the business plan. Writing this at the end can be easier, even though the finished product will go at the front of your completed business plan. Core Values These are what define and guide your company now and in the future. Mission Statement This is the firm’s purpose. Primary Goals This is what you want to achieve with the law firm. Value Proposition Your unique selling proposition, and what makes you different form the comeptition.

2. Firm Description Your firm description explains the core aspects of business operations. Services A high-level overview of the primary services the law firm will offer. Structure The legal structure of the business, such as an LLC, partnership, or sole proprietorship. Partners The lawyer or lawyers who will make up the firm at the time of launch. Service Area The location of the firm and the areas it serves. Client Approach The general approach the firm takes when representing clients.

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3. Market Analysis Market research showing that you’ve been realistic about how you’ll earn clients with competition in the local market. Target Demographic Your target client and any important general details about them. Demographic Motivation What motivates your target client when selecting a lawyer. Market Trends Key trends in your practice areas. Service Area The location of the firm and the areas it serves. Competitors Your direct and indirect competitors in your local area and what you’ll do differently. Cost Expectation Average fees or client expectations around payment for legal services.

4. Organization and Management Name the key stakeholders in this new law firm and what they bring to the table Partners The names and educational backgrounds of any founding partners. Staff The names and brief background bios for any other core staff members. Organizational Chart This should be a chart showing who is each employee’s direct superior. Draw this in excalidraw and place in the document

5. Services List out the firm’s practice areas. Expand beyond this and brainstorm how your law firm will attract clients for these services. Primary Services What are the primary legal problems that your clients will hire you to help with? Unoffered Services Are there specific services you will or will not offer in your practice? Is there a niche? Are you narrowing down your legal practice area? Unique Value Proposition What makes your approach to law something that would attract people to your firm? Problems Solved What are the primary legal problems that your clients will hire you to help with? Market Necessity Why does your local area need a law firm focused on these practice areas? Price Structure How will you structure pricing for your services? Hourly rates, flat fees, or a mix?

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6. Marketing Plan Build a marketing strategy that aligns with your practice area and the needs of your ideal clients. Target Client Who is the target client you’re trying to reach? Do they share any demographics? Positioning How do you position yourself to that target client? What are you selling to that audience? Key Performance Indicatiors (KPIs) How will you know when you’ve achieved your goals? SWOT Analysis A SWOT (strengths, weaknesses, opportunities, and threats) analysis. Market Needs Data on your target market’s needs and why you think you’ll be able to sell legal services Goals Marketing and financial goals for your firm. Budget A monthly marketing budget.

7. Financial Plan If you want to grow your law firm and earn a consistent paycheck for yourself, you need a financial plan. Aim to set up a financial plan for at least the first year in business. Revenue Goals These are the firm’s goals of how much money the firm would earn in a year. Financial Plan Financial projections, including what you’ll pay yourself and your actual capacity. Overall Budget and Expenses This is the expected earnings and expenses of the firm. Item Cost Office Space Utilities IT Support Malpractice Insurance Management Software Accounting Software Salaries Cash Flow Statement This is the total amount of revenue of the firm before and after accounting for expenses.

8. Start-up Budget This is the initial budget for your new firm, including sources of capital and budget Allocations Sources of Capital This is an itemized list of where money came from and who will need to be paid back. Source Amount Budget Allocations This is where money is allocated to in the first year of operation. Item Cost Office Space Utilities IT Support Malpractice Insurance Management Software Accounting Software Salaries

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