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Appendix 4 - Developing a Law Firm Business Plan

LAWYERS Appendix 4 - Developing a Law Firm Business

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Practice Supports & Resources 

Coach and Advisor Network (CAN) 
Developing a Law Firm Business Plan
Member Assistance Program
Equity Supports & Resources 
Rules of Professional Conduct
 
Practice Management Guidelines 
The following worksheet leads you through each of the categories of a basic law
Practice Management Topics 
practice business plan. Although the practice of law is a profession… law practice
Practice Management COVID-19
FAQ is a business. Careful planning increases the opportunity for a successful practice

Opening, Operating or Closing a without the unanticipated surprises that cause practices to fail.
Practice
1. EXECUTIVE SUMMARY
The Lawyer-Client Relationship

Managing Files A. Description of the Law Firm

Managing Money
[brief summary paragraph]

Working with Others

Technology Practice Tips
Practice Area Resources 
Business Structures

Practice Management Helpline 

Great Library
About Your Licence 
Enhancing Competence & CPD 

B. Firm Goals and Strategy

[brief statement]

C. Partners and Key Sta

[brief statement]

D. Practice Areas and Specialties

[brief statement]

E. Unique Characteristics of the Firm

[brief statement]

F. Types of Clients to be Served

[brief statement]

G. Firm Economics and Profitability

[brief statement]

H. Financing Requirements
[brief statement]

 
 

2. THE MARKET FOR LEGAL SERVICES

A. The local Economy and the Need for Legal Services
[detailed analysis – may be additional pages]

B. The Firm’s Marketing Plan

[detailed analysis – may be additional pages]

C. The Firm’s Practice Areas

[detailed analysis – may be additional pages]

D. The Firm’s Start-Up and Growth Strategy

[detailed analysis – may be additional pages]

 
 

3. MARKET RESEARCH AND ANALYSIS

A. Current and Potential Clients
[detailed analysis – may be additional pages]

B. Market Size and Trends

[detailed analysis – may be additional pages]

C. Competition – Other law firms

[detailed analysis – may be additional pages]

D. Future Practice Areas

[detailed analysis – may be additional pages]

 
 

4. FIRM ECONOMICS
A. Start-up Expenses
[detailed analysis – insert chart or spreadsheet]
 

Expense Estimated Cash or Source of Cash

Items Cost Credit or Credit

       

       

       

Total Start-  
Up  
Expenses

B. Billing Summaries
[detailed analysis – insert chart or spreadsheet]
 

Projected
Per Month Per Year
Revenue

Hourly Fees $  

Contingency Fees $  

Flat Fees $  

Retainer Fees $  

Other Fees $  

Other Revenue $  

 Total Revenue $  

C. Expense Summaries

Payroll: Monthly Annual

Partners $ $

Associates $ $

Paralegals $ $

Law Clerks $ $

Assistants $ $

Other Sta $ $

Sub-total Payroll $ $
Expenses

Taxes and Benefits: Monthly Annual

Payroll Taxes $ $

Insurance $ $

Parking $ $

Other $ $

Sub-total Taxes & $ $

Benefits

O ice Expenses: Monthly Annual

Advertising $ $

Bank Charges $ $

Books $ $

Other Library $ $
Expenses

Client Development $ $

Equipment Rental $ $

Insurance-Gen. $ $
Liability

Insurance-Excess $ $

Maintenance/Repair $ $

O ice Supplies $ $

Periodicals $ $

Professional $ $
Fees/Dues

Rent $ $

Taxes $ $

Telephone $ $

Travel Expenses $ $

Utilities $ $

Sub-total O ice $ $
Expenses

Total Expenses $ $

D. Revenue/Net Income per Partner

 

Gross Net Income

Partner Partner
Revenue (fees-
Name Compensation
(total fees) expenses)

  $ $ $

  $ $ $

  $ $ $

  $ $ $

5. MARKETING PLAN
A. Overall Marketing Strategy
[detailed analysis – may be additional pages]

B. Billing Rates and Alternative Billing Policies

[detailed analysis – may be additional pages]

C. Client Service Initiatives

[detailed analysis – may be additional pages]

D. Advertising and Solicitation Plan

[detailed analysis – may be additional pages]

6. FIRM PERSONNEL
 

  Name Brief Biography

   
A.
 Partners 
 

     

   
B.
 Associates 
 

     

   
C.  Key
Sta  

     

7. FIRM PERSONNEL
A. Income Statements and Balance Sheets
[detailed analysis – insert chart or spreadsheet]

B. Pro Forma Income Statements

[detailed analysis – insert chart or spreadsheet]

C. Pro Forma Balance Sheet

[detailed analysis – insert chart or spreadsheet]

D. Pro Forma Cash Flow Analysis

[detailed analysis – insert chart or spreadsheet]

Mitchel L. Winick, J.D., Texas Center for Legal Ethics and

Professionalism, Austin, Texas, 1 800-204-2222 ext.
2161, mwinick@airmail.net
 

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