Start-up Funding | |
Start-up Expenses to Fund | $1,250 |
Start-up Assets to Fund | $23,750 |
Total Funding Required | $25,000 |
Assets | |
Non-cash Assets from Start-up | $5,000 |
Cash Requirements from Start-up | $18,750 |
Additional Cash Raised | $0 |
Cash Balance on Starting Date | $18,750 |
Total Assets | $23,750 |
Liabilities and Capital | |
Liabilities | |
Current Borrowing | $0 |
Long-term Liabilities | $0 |
Accounts Payable (Outstanding Bills) | $0 |
Other Current Liabilities (interest-free) | $0 |
Total Liabilities | $0 |
Capital | |
Planned Investment | |
Investor 1 | $25,000 |
Investor 2 | $0 |
Other | $0 |
Additional Investment Requirement | $0 |
Total Planned Investment | $25,000 |
Loss at Start-up (Start-up Expenses) | ($1,250) |
Total Capital | $23,750 |
Total Capital and Liabilities | $23,750 |
Total Funding | $25,000 |
WLF will provide provide law services to two different groups of customers.
WLF’s customers can be divided into two groups, technology firms and public interest organizations.
Market Analysis | |||||||
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||
Potential Customers | Growth | CAGR | |||||
Technology companies | 9% | 345 | 376 | 410 | 447 | 487 | 9.00% |
Public interest organizations | 8% | 278 | 300 | 324 | 350 | 378 | 7.98% |
Other | 0% | 0 | 0 | 0 | 0 | 0 | 0.00% |
Total | 8.55% | 623 | 676 | 734 | 797 | 865 | 8.55% |
WLF will be targeting high technology companies for two reasons.
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.
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.
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.
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.
WLF’s competitive advantage will be based on two factors, experience and specialization:
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.
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.
Sales Forecast | |||
Year 1 | Year 2 | Year 3 | |
Sales | |||
Technology companies | $174,096 | $189,525 | $195,747 |
Public Interest organizations | $16,839 | $22,578 | $24,547 |
Total Sales | $190,935 | $212,103 | $220,294 |
Direct Cost of Sales | Year 1 | Year 2 | Year 3 |
Technology companies | $0 | $0 | $0 |
Public Interest organizations | $0 | $0 | $0 |
Subtotal Direct Cost of Sales | $0 | $0 | $0 |
WLF will have several milestones early on:
Milestones | |||||
Milestone | Start Date | End Date | Budget | Manager | Department |
Business plan completion | 1/1/2001 | 1/1/2001 | $0 | Richard | Marketing |
Set up ofifce | 1/1/2001 | 1/1/2001 | $0 | Richard | Department |
First month of total technology subsidy | 4/1/2001 | 4/1/2001 | $0 | WLF | Department |
Totals | $0 |
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.
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.
Personnel Plan | |||
Year 1 | Year 2 | Year 3 | |
Richard | $66,000 | $66,000 | $66,000 |
Receptionist/ secretary | $11,550 | $12,500 | $13,500 |
Paralegal | $22,000 | $23,000 | $24,000 |
Law clerk | $8,100 | $11,000 | $12,000 |
Law clerk | $4,500 | $11,000 | $12,000 |
Total People | 5 | 5 | 5 |
Total Payroll | $112,150 | $123,500 | $127,500 |
The following sections will outline important financial information.
The following table details important assumptions.
General Assumptions | |||
Year 1 | Year 2 | Year 3 | |
Plan Month | 1 | 2 | 3 |
Current Interest Rate | 10.00% | 10.00% | 10.00% |
Long-term Interest Rate | 10.00% | 10.00% | 10.00% |
Tax Rate | 25.42% | 25.00% | 25.42% |
Other | 0 | 0 | 0 |
The following table and charts present the projected profit and loss.
Pro Forma Profit and Loss | |||
Year 1 | Year 2 | Year 3 | |
Sales | $190,935 | $212,103 | $220,294 |
Direct Cost of Sales | $0 | $0 | $0 |
Other | $0 | $0 | $0 |
Total Cost of Sales | $0 | $0 | $0 |
Gross Margin | $190,935 | $212,103 | $220,294 |
Gross Margin % | 100.00% | 100.00% | 100.00% |
Expenses | |||
Payroll | $112,150 | $123,500 | $127,500 |
Sales and Marketing and Other Expenses | $2,160 | $2,160 | $2,160 |
Depreciation | $1,668 | $1,666 | $1,666 |
Leased Equipment | $0 | $0 | $0 |
Utilities | $1,500 | $1,500 | $1,500 |
Rent | $2,400 | $2,400 | $2,400 |
Payroll Taxes | $16,823 | $18,525 | $19,125 |
Other | $0 | $0 | $0 |
Total Operating Expenses | $136,701 | $149,751 | $154,351 |
Profit Before Interest and Taxes | $54,235 | $62,352 | $65,943 |
EBITDA | $55,903 | $64,018 | $67,609 |
Interest Expense | $0 | $0 | $0 |
Taxes Incurred | $13,210 | $15,588 | $16,761 |
Net Profit | $41,024 | $46,764 | $49,182 |
Net Profit/Sales | 21.49% | 22.05% | 22.33% |
The Break-even Analysis indicates what WLF will need in hours and revenue a month to reach the break-even point.
Break-even Analysis | |
Monthly Revenue Break-even | $11,392 |
Assumptions: | |
Average Percent Variable Cost | 0% |
Estimated Monthly Fixed Cost | $11,392 |
The following chart and table show anticipated cash flow.
Pro Forma Cash Flow | |||
Year 1 | Year 2 | Year 3 | |
Cash Received | |||
Cash from Operations | |||
Cash Sales | $47,734 | $53,026 | $55,074 |
Cash from Receivables | $112,707 | $155,697 | $163,912 |
Subtotal Cash from Operations | $160,441 | $208,722 | $218,986 |
Additional Cash Received | |||
Sales Tax, VAT, HST/GST Received | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 |
New Other Liabilities (interest-free) | $0 | $0 | $0 |
New Long-term Liabilities | $0 | $0 | $0 |
Sales of Other Current Assets | $0 | $0 | $0 |
Sales of Long-term Assets | $0 | $0 | $0 |
New Investment Received | $0 | $0 | $0 |
Subtotal Cash Received | $160,441 | $208,722 | $218,986 |
Expenditures | Year 1 | Year 2 | Year 3 |
Expenditures from Operations | |||
Cash Spending | $112,150 | $123,500 | $127,500 |
Bill Payments | $31,394 | $41,570 | $41,800 |
Subtotal Spent on Operations | $143,544 | $165,070 | $169,300 |
Additional Cash Spent | |||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 |
Principal Repayment of Current Borrowing | $0 | $0 | $0 |
Other Liabilities Principal Repayment | $0 | $0 | $0 |
Long-term Liabilities Principal Repayment | $0 | $0 | $0 |
Purchase Other Current Assets | $0 | $0 | $0 |
Purchase Long-term Assets | $0 | $0 | $0 |
Dividends | $0 | $0 | $0 |
Subtotal Cash Spent | $143,544 | $165,070 | $169,300 |
Net Cash Flow | $16,898 | $43,652 | $49,686 |
Cash Balance | $35,648 | $79,300 | $128,986 |
The following table displays the projected balance sheet.
Pro Forma Balance Sheet | |||
Year 1 | Year 2 | Year 3 | |
Assets | |||
Current Assets | |||
Cash | $35,648 | $79,300 | $128,986 |
Accounts Receivable | $30,494 | $33,874 | $35,183 |
Other Current Assets | $0 | $0 | $0 |
Total Current Assets | $66,141 | $113,174 | $164,168 |
Long-term Assets | |||
Long-term Assets | $5,000 | $5,000 | $5,000 |
Accumulated Depreciation | $1,668 | $3,334 | $5,000 |
Total Long-term Assets | $3,332 | $1,666 | $0 |
Total Assets | $69,473 | $114,840 | $164,168 |
Liabilities and Capital | Year 1 | Year 2 | Year 3 |
Current Liabilities | |||
Accounts Payable | $4,699 | $3,302 | $3,448 |
Current Borrowing | $0 | $0 | $0 |
Other Current Liabilities | $0 | $0 | $0 |
Subtotal Current Liabilities | $4,699 | $3,302 | $3,448 |
Long-term Liabilities | $0 | $0 | $0 |
Total Liabilities | $4,699 | $3,302 | $3,448 |
Paid-in Capital | $25,000 | $25,000 | $25,000 |
Retained Earnings | ($1,250) | $39,774 | $86,538 |
Earnings | $41,024 | $46,764 | $49,182 |
Total Capital | $64,774 | $111,538 | $160,721 |
Total Liabilities and Capital | $69,473 | $114,840 | $164,168 |
Net Worth | $64,774 | $111,538 | $160,721 |
Industry profile ratios based on the NAICS code 541110, Offices of Lawyers, are shown in the table below.
Ratio Analysis | ||||
Year 1 | Year 2 | Year 3 | Industry Profile | |
Sales Growth | 0.00% | 11.09% | 3.86% | 8.50% |
Percent of Total Assets | ||||
Accounts Receivable | 43.89% | 29.50% | 21.43% | 8.60% |
Other Current Assets | 0.00% | 0.00% | 0.00% | 66.90% |
Total Current Assets | 95.20% | 98.55% | 100.00% | 75.50% |
Long-term Assets | 4.80% | 1.45% | 0.00% | 24.50% |
Total Assets | 100.00% | 100.00% | 100.00% | 100.00% |
Current Liabilities | 6.76% | 2.88% | 2.10% | 50.20% |
Long-term Liabilities | 0.00% | 0.00% | 0.00% | 12.90% |
Total Liabilities | 6.76% | 2.88% | 2.10% | 63.10% |
Net Worth | 93.24% | 97.12% | 97.90% | 36.90% |
Percent of Sales | ||||
Sales | 100.00% | 100.00% | 100.00% | 100.00% |
Gross Margin | 100.00% | 100.00% | 100.00% | 0.00% |
Selling, General & Administrative Expenses | 78.70% | 77.95% | 77.55% | 58.20% |
Advertising Expenses | 0.13% | 0.11% | 0.11% | 0.50% |
Profit Before Interest and Taxes | 28.40% | 29.40% | 29.93% | 3.40% |
Main Ratios | ||||
Current | 14.08 | 34.28 | 47.62 | 1.54 |
Quick | 14.08 | 34.28 | 47.62 | 1.09 |
Total Debt to Total Assets | 6.76% | 2.88% | 2.10% | 63.10% |
Pre-tax Return on Net Worth | 83.73% | 55.90% | 41.03% | 12.30% |
Pre-tax Return on Assets | 78.07% | 54.29% | 40.17% | 33.40% |
Additional Ratios | Year 1 | Year 2 | Year 3 | |
Net Profit Margin | 21.49% | 22.05% | 22.33% | n.a |
Return on Equity | 63.33% | 41.93% | 30.60% | n.a |
Activity Ratios | ||||
Accounts Receivable Turnover | 4.70 | 4.70 | 4.70 | n.a |
Collection Days | 57 | 74 | 76 | n.a |
Accounts Payable Turnover | 7.68 | 12.17 | 12.17 | n.a |
Payment Days | 34 | 36 | 29 | n.a |
Total Asset Turnover | 2.75 | 1.85 | 1.34 | n.a |
Debt Ratios | ||||
Debt to Net Worth | 0.07 | 0.03 | 0.02 | n.a |
Current Liab. to Liab. | 1.00 | 1.00 | 1.00 | n.a |
Liquidity Ratios | ||||
Net Working Capital | $61,442 | $109,872 | $160,721 | n.a |
Interest Coverage | 0.00 | 0.00 | 0.00 | n.a |
Additional Ratios | ||||
Assets to Sales | 0.36 | 0.54 | 0.75 | n.a |
Current Debt/Total Assets | 7% | 3% | 2% | n.a |
Acid Test | 7.59 | 24.02 | 37.41 | n.a |
Sales/Net Worth | 2.95 | 1.90 | 1.37 | n.a |
Dividend Payout | 0.00 | 0.00 | 0.00 | n.a |
Sales Forecast | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Sales | |||||||||||||
Technology companies | 0% | $0 | $8,005 | $9,514 | $13,587 | $16,547 | $16,874 | $16,854 | $17,525 | $18,547 | $18,752 | $18,887 | $19,004 |
Public Interest organizations | 0% | $0 | $1,100 | $1,200 | $1,500 | $1,545 | $1,587 | $1,584 | $1,654 | $1,666 | $1,548 | $1,741 | $1,714 |
Total Sales | $0 | $9,105 | $10,714 | $15,087 | $18,092 | $18,461 | $18,438 | $19,179 | $20,213 | $20,300 | $20,628 | $20,718 | |
Direct Cost of Sales | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Technology companies | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Public Interest organizations | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Direct Cost of Sales | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Personnel Plan | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Richard | 0% | $5,500 | $5,500 | $5,500 | $5,500 | $5,500 | $5,500 | $5,500 | $5,500 | $5,500 | $5,500 | $5,500 | $5,500 |
Receptionist/ secretary | 0% | $0 | $1,050 | $1,050 | $1,050 | $1,050 | $1,050 | $1,050 | $1,050 | $1,050 | $1,050 | $1,050 | $1,050 |
Paralegal | 0% | $0 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
Law clerk | 0% | $0 | $0 | $0 | $900 | $900 | $900 | $900 | $900 | $900 | $900 | $900 | $900 |
Law clerk | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $900 | $900 | $900 | $900 | $900 |
Total People | 1 | 3 | 3 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | |
Total Payroll | $5,500 | $8,550 | $8,550 | $9,450 | $9,450 | $9,450 | $9,450 | $10,350 | $10,350 | $10,350 | $10,350 | $10,350 |
General Assumptions | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Plan Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
Current Interest Rate | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | |
Long-term Interest Rate | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | |
Tax Rate | 30.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | |
Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pro Forma Profit and Loss | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Sales | $0 | $9,105 | $10,714 | $15,087 | $18,092 | $18,461 | $18,438 | $19,179 | $20,213 | $20,300 | $20,628 | $20,718 | |
Direct Cost of Sales | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Total Cost of Sales | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Gross Margin | $0 | $9,105 | $10,714 | $15,087 | $18,092 | $18,461 | $18,438 | $19,179 | $20,213 | $20,300 | $20,628 | $20,718 | |
Gross Margin % | 0.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |
Expenses | |||||||||||||
Payroll | $5,500 | $8,550 | $8,550 | $9,450 | $9,450 | $9,450 | $9,450 | $10,350 | $10,350 | $10,350 | $10,350 | $10,350 | |
Sales and Marketing and Other Expenses | $180 | $180 | $180 | $180 | $180 | $180 | $180 | $180 | $180 | $180 | $180 | $180 | |
Depreciation | $139 | $139 | $139 | $139 | $139 | $139 | $139 | $139 | $139 | $139 | $139 | $139 | |
Leased Equipment | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Utilities | $125 | $125 | $125 | $125 | $125 | $125 | $125 | $125 | $125 | $125 | $125 | $125 | |
Rent | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | |
Payroll Taxes | 15% | $825 | $1,283 | $1,283 | $1,418 | $1,418 | $1,418 | $1,418 | $1,553 | $1,553 | $1,553 | $1,553 | $1,553 |
Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Total Operating Expenses | $6,969 | $10,477 | $10,477 | $11,512 | $11,512 | $11,512 | $11,512 | $12,547 | $12,547 | $12,547 | $12,547 | $12,547 | |
Profit Before Interest and Taxes | ($6,969) | ($1,372) | $238 | $3,576 | $6,581 | $6,950 | $6,927 | $6,633 | $7,667 | $7,754 | $8,082 | $8,172 | |
EBITDA | ($6,830) | ($1,233) | $377 | $3,715 | $6,720 | $7,089 | $7,066 | $6,772 | $7,806 | $7,893 | $8,221 | $8,311 | |
Interest Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Taxes Incurred | ($2,091) | ($343) | $59 | $894 | $1,645 | $1,737 | $1,732 | $1,658 | $1,917 | $1,938 | $2,020 | $2,043 | |
Net Profit | ($4,878) | ($1,029) | $178 | $2,682 | $4,935 | $5,212 | $5,195 | $4,974 | $5,750 | $5,815 | $6,061 | $6,129 | |
Net Profit/Sales | 0.00% | -11.30% | 1.66% | 17.77% | 27.28% | 28.23% | 28.17% | 25.94% | 28.45% | 28.65% | 29.38% | 29.58% |
Pro Forma Cash Flow | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Cash Received | |||||||||||||
Cash from Operations | |||||||||||||
Cash Sales | $0 | $2,276 | $2,679 | $3,772 | $4,523 | $4,615 | $4,610 | $4,795 | $5,053 | $5,075 | $5,157 | $5,180 | |
Cash from Receivables | $0 | $0 | $228 | $6,869 | $8,145 | $11,390 | $13,578 | $13,845 | $13,847 | $14,410 | $15,162 | $15,233 | |
Subtotal Cash from Operations | $0 | $2,276 | $2,906 | $10,641 | $12,668 | $16,006 | $18,188 | $18,640 | $18,900 | $19,485 | $20,319 | $20,413 | |
Additional Cash Received | |||||||||||||
Sales Tax, VAT, HST/GST Received | 0.00% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Other Liabilities (interest-free) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Long-term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Sales of Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Sales of Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Investment Received | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Cash Received | $0 | $2,276 | $2,906 | $10,641 | $12,668 | $16,006 | $18,188 | $18,640 | $18,900 | $19,485 | $20,319 | $20,413 | |
Expenditures | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Expenditures from Operations | |||||||||||||
Cash Spending | $5,500 | $8,550 | $8,550 | $9,450 | $9,450 | $9,450 | $9,450 | $10,350 | $10,350 | $10,350 | $10,350 | $10,350 | |
Bill Payments | ($761) | ($687) | $1,458 | $1,879 | $2,841 | $3,571 | $3,660 | $3,656 | $3,724 | $3,975 | $3,999 | $4,079 | |
Subtotal Spent on Operations | $4,739 | $7,863 | $10,008 | $11,329 | $12,291 | $13,021 | $13,110 | $14,006 | $14,074 | $14,325 | $14,349 | $14,429 | |
Additional Cash Spent | |||||||||||||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Principal Repayment of Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Other Liabilities Principal Repayment | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Long-term Liabilities Principal Repayment | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Purchase Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Purchase Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Dividends | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Cash Spent | $4,739 | $7,863 | $10,008 | $11,329 | $12,291 | $13,021 | $13,110 | $14,006 | $14,074 | $14,325 | $14,349 | $14,429 | |
Net Cash Flow | ($4,739) | ($5,587) | ($7,102) | ($688) | $376 | $2,985 | $5,078 | $4,634 | $4,826 | $5,160 | $5,970 | $5,984 | |
Cash Balance | $14,011 | $8,424 | $1,322 | $634 | $1,010 | $3,995 | $9,073 | $13,707 | $18,533 | $23,693 | $29,663 | $35,648 |
Pro Forma Balance Sheet | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Assets | Starting Balances | ||||||||||||
Current Assets | |||||||||||||
Cash | $18,750 | $14,011 | $8,424 | $1,322 | $634 | $1,010 | $3,995 | $9,073 | $13,707 | $18,533 | $23,693 | $29,663 | $35,648 |
Accounts Receivable | $0 | $0 | $6,829 | $14,637 | $19,083 | $24,507 | $26,962 | $27,213 | $27,752 | $29,065 | $29,879 | $30,188 | $30,494 |
Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Total Current Assets | $18,750 | $14,011 | $15,253 | $15,959 | $19,717 | $25,517 | $30,958 | $36,286 | $41,459 | $47,597 | $53,573 | $59,852 | $66,141 |
Long-term Assets | |||||||||||||
Long-term Assets | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 |
Accumulated Depreciation | $0 | $139 | $278 | $417 | $556 | $695 | $834 | $973 | $1,112 | $1,251 | $1,390 | $1,529 | $1,668 |
Total Long-term Assets | $5,000 | $4,861 | $4,722 | $4,583 | $4,444 | $4,305 | $4,166 | $4,027 | $3,888 | $3,749 | $3,610 | $3,471 | $3,332 |
Total Assets | $23,750 | $18,872 | $19,975 | $20,542 | $24,161 | $29,822 | $35,124 | $40,313 | $45,347 | $51,346 | $57,183 | $63,323 | $69,473 |
Liabilities and Capital | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Current Liabilities | |||||||||||||
Accounts Payable | $0 | $0 | $2,132 | $2,521 | $3,458 | $4,184 | $4,273 | $4,268 | $4,327 | $4,577 | $4,598 | $4,677 | $4,699 |
Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Other Current Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Subtotal Current Liabilities | $0 | $0 | $2,132 | $2,521 | $3,458 | $4,184 | $4,273 | $4,268 | $4,327 | $4,577 | $4,598 | $4,677 | $4,699 |
Long-term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Total Liabilities | $0 | $0 | $2,132 | $2,521 | $3,458 | $4,184 | $4,273 | $4,268 | $4,327 | $4,577 | $4,598 | $4,677 | $4,699 |
Paid-in Capital | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 |
Retained Earnings | ($1,250) | ($1,250) | ($1,250) | ($1,250) | ($1,250) | ($1,250) | ($1,250) | ($1,250) | ($1,250) | ($1,250) | ($1,250) | ($1,250) | ($1,250) |
Earnings | $0 | ($4,878) | ($5,907) | ($5,729) | ($3,047) | $1,888 | $7,100 | $12,295 | $17,270 | $23,019 | $28,835 | $34,896 | $41,024 |
Total Capital | $23,750 | $18,872 | $17,843 | $18,021 | $20,703 | $25,638 | $30,850 | $36,045 | $41,020 | $46,769 | $52,585 | $58,646 | $64,774 |
Total Liabilities and Capital | $23,750 | $18,872 | $19,975 | $20,542 | $24,161 | $29,822 | $35,124 | $40,313 | $45,347 | $51,346 | $57,183 | $63,323 | $69,473 |
Net Worth | $23,750 | $18,872 | $17,843 | $18,021 | $20,703 | $25,638 | $30,850 | $36,045 | $41,020 | $46,769 | $52,585 | $58,646 | $64,774 |
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Part of the ‘Lawyerist Healthy Law Firm’
Legal product reviews and business guidance from industry experts.
Chapter 3/6
How to Start a Law Firm
10 min read
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A law firm business plan is the foundation for everything your business does. Without a solid foundation, your firm will lack direction from the very beginning.
A good business plan includes:
We worked with a lawyer who was stressed out about his vision. He spent weeks on the assignment because he couldn’t think of a statement that would make his entire office happy.
During one coaching session , he got that lightbulb moment when we told him that he was making too big of a deal of it. You don’t have to create the most amazing vision that perfectly captures everything you are hoping to build. You do need to start mapping out what you are (and aren’t) trying to create.
Picture these two lawyers:
Neither vision is wrong. But, how each lawyer will make decisions to build a profitable business will look very different. You need to get a sense if you are trying to build something that looks more like Lawyer 1, Lawyer 2, or Lawyers 3-8. Get it?
Jot down thoughts now so you know where you’re headed and can start building the guardrails for future decisions.
Your values are a living embodiment of the firm culture you’re hoping to create and the approach to work your team shares. They are the guardrails of your business.
From hiring to client management to a marketing strategy, every decision you make comes from your values.
Your values are typically 3-6 factual statements that are authentically you.
Here are some tips on crafting great values:
As an example, here are Lawyerist’s values :
Each of these represents the culture of our company (even “ Experiment Like a Lobster ,” which describes our playful and out-of-the-box thinking process). We use these values for all of our decisions, especially hiring. When we evaluate a candidate, we study their fit: Are they open to experimenting? Are they willing to help us build an inclusive community ? Are they eager to lean into candor and compassion ?
Building your vision and values is an essential first step for your business. We can’t tell you how much easier other decisions will flow once you have these documented. You will make better decisions and alleviate some of the anxiety of decision fatigue.
One of the biggest perks of starting your firm is deciding your law firm business plan and model. You get to take everything you learned in school and while working at other organizations and implement the parts you like. Even better, you get to leave out the details that stressed you out.
This is an excellent place to review your vision and values. Take the time to dream about this. This is often the most rewarding part for new law firm owners. With a smart strategy, you can build your dream firm.
Ask yourself:
You get the gist. The questions you can ask yourself here are endless, but use your vision and values to inform your model. For example, if one of your values is “ grow as people ,” you might offer education opportunities for clients in areas related to their cases.
The important part is, it’s all up to you. This is yours. You get to decide.
As part of finalizing your law firm business model, it can be very helpful to complete a competitive analysis. A competitive analysis not only forces you to define who your competitors are, it gives you a chance to determine what may be missing in the market so that you can address it.
Lawyers often assume as long as they practice law, there’s a market for what they want to do. Or they think they’re only competing against other lawyers when clients are often drawn to non-law solutions.
These lawyers are missing a huge opportunity. They aren’t asking clients how they heard about their firm. They’re not trying to figure out what other solutions their clients tried first. They aren’t looking at what clients want and how the market is attempting to respond.
Here are some tips for putting together a competitive analysis:
Once you’ve collected the data, you can begin the analysis. Think about the strengths and weaknesses of each competitor and the solution you’ve collected. Compare pricing, accessibility, marketing messages, and client service. How does it all compare to your firm? What do you do better? What could you improve?
And keep in mind: This isn’t a one-time deal. You’ll want to stay on top of competitive solutions through Google or social media alerts or by subscribing to industry emails and newsletters. At least once a year, do a complete forensic competitive analysis to see where things have changed.
When you’re first starting a law firm business plan, you may just have a goal of “get my firm up and running.” A good goal! But, as you dream on your initial strategy, it’s helpful to set some initial short-term and excellent long-term goals. Yes, these goals may change as you learn and grow. But, setting goals upfront will give you a path to get started.
Look to your initial vision and values for your first goals. If you’re a family law firm that wants to do low-conflict divorces, you might have a client acquisition goal aligned with this.
For example, you could say: In the first six months of my firm opening, I want 50% of my new clients to be low-conflict separations and divorces. You’ll see this goal follows the S.M.A.R.T. formula: Specific, Measurable, Achievable, Relevant, Time-Bound.
Another short-term goal might be systems-oriented: I want a written client onboarding process documented in my first three months. (If not implemented.)
Think through all the different parts of your business and see if you can achieve one short-term goal.
Long-term goals can be a little trickier when you’re first starting. Thinking one, two, or even five years out might seem impossible. But this is where you can begin to dream a little.
A long-term goal might be that in three years, you want a staff of five people, a complete operations manual, 50 new clients a year, and Fridays off each week.
Remember, these goals might—and likely will—change. But give yourself something to work with in the beginning.
As you’re starting a law firm business plan, you’ll need a way to measure your firm’s health. These measurements are called KPIs. They track goals in all parts of your business, from marketing to finances to client acquisition .
Measuring and monitoring your KPIs will allow you to:
For example, at Lawyerist, we track KPIs with a color-coded system.
Green means hitting our goal, yellow means we’re on the cusp, and red means not hitting the number. We track weekly, which means when something goes yellow, we can analyze and plan before it goes red.
And, because we track weekly, a one-week red doesn’t mean an emergency. It means we need to take time to discuss, find a cause, and make a plan.
KPIs can cover all aspects of your business, including your finances, client satisfaction, marketing, and business development. Keep in mind, as you start your firm, KPIs will be new to you and can feel overwhelming. So, keep it simple in the beginning.
Start by picking three business questions you want answered. Find a way to measure that answer that you can track and update without too much work regularly. Then, start measuring. As your firm grows, you’ll develop your KPIs.
Let’s look at some examples.
Want to increase your revenue or improve your law firm’s financial health? You’ll want to track some financial KPIs , including (but not limited to):
Regardless of your goals, we recommend tracking some basic financial data to keep an eye on the health of your firm. For a quick win, narrow down your financial KPIs to the top three financial numbers needed to understand your business.
Your clients are your most valuable assets. Firm success requires that you watch specific metrics involving your clients.
Client satisfaction KPIs connect to several key law firm growth goals. These include increasing referrals, increasing revenue (happy clients are loyal clients), and improving overall client experience.
Examples of KPIs to track include:
Your Net Promoter Score measures whether current or former clients would recommend your legal services to others. A satisfied client is more likely to do so. This metric is most often gathered using a survey at the final delivery of your services.
Other measures, such as closing speed and retention, can give you insights into how happy your clients are with your services. Do you have a lower NPS than you expect? Are you losing clients? If so, your client satisfaction is low, and you could take action to improve it.
Is your current marketing strategy working? Without measuring KPIs, there’s no way of knowing. By tracking marketing metrics for your firm, you can see your marketing strategy’s performance and tweak where needed.
Some of these metrics include:
For example, if you see your website traffic trending down, some fresh content might do the trick. Or, if you see low conversion rates yet high traffic, your website isn’t inspiring potential clients to give you a call. You might need to change your call-to-actions or refresh your website.
Marketing and business development go hand-in-hand—as they’re both critical to achieving long-term growth goals.
Some examples of business development metrics to track include:
Every law firm should have a documented long-term financial strategy and profitability model. Any healthy business has a written plan to forecast revenue, expenses, net profit, and cash reserves. To ensure you follow through with your plan, track your firm’s profitability and financial KPIs.
And where should you track these KPIs? Don’t think too hard on that one. At Lawyerist, we use a Google Sheets spreadsheet with a few simple formulas. Track anywhere that makes sense for your firm .
Next, we’ll outline how to use legal technology successfully.
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You’ve invested so much time into completing and graduating from law school and studying and passing the state bar exam. Maybe you spent years working at law firms, in government, or in corporate law. Now you’re ready to open your own firm, and you want to do it right so all those years of hard work pay off. You need a law firm business plan.
But do you know where to begin? What should your business plan include? What are the challenges you know and, most importantly, what don’t you know?
Start with the basics. What are your values? What do you want to achieve with your law firm? What will make your firm stand out?
Understanding your “why” will prepare you to open your firm and establish its operations—from case and document management to checking your firm’s growth profile. Well-defined goals, plenty of preparation, and the right tools can help you get answers to your business questions and create the best business plan for your law firm.
A business plan is a roadmap that accounts for your milestones, potential setbacks, and the overall growth of your brand. You may want to include strategies for marketing, finance, sales, and partnerships.
Generally speaking, it’s a summary of what goals you want to achieve as a brand. If you’re not sure of where you’d like to start with your business plan, think about:
While considering each of these factors, keep your target clientele in mind. Consider your demographic, their needs, and expectations. This way of thinking can help keep you focused on providing top-notch client care.
Making a business plan is a guiding principle for your goals and success. This way, you’ll be less likely to lose sight of your goal. When managing a firm, you have to worry about yourself, your staff, the brand and business as a whole, your partners, competitors, and of course, your clients. With all this responsibility, losing track of your mission seems almost inevitable. However, it doesn’t have to be. Referring to your firm’s values, your long- and short-term objectives, and your financial projections can help prevent you from falling behind.
Your firm is a business, so you must manage it as such.
Even though you should follow your law firm’s business plan, that doesn’t mean your goals won’t or shouldn’t change. Sometimes, things don’t go as intended, and you must adapt. For example, some marketing strategies may not be as popular with your target audience as intended. In that case, it’s time to go back to the drawing board and see how you can appeal to them.
Getting started is almost always the hardest part of anything. However, if you start small, it’s easy to build.
When creating your law firm business plan, follow these steps:
Having defined goals sets the tone for how you manage and market your business. It may seem obvious to you, but when prospects do a search and land on your website , that might not be the case for them. When you articulate what drives you, these potential clients may be more inclined to look into what you can offer them.
If you’re unsure how to explain your goals for the firm, maybe come back to that later. Figuring out your services, marketing strategies, financial projections, management, and operations may help you come to a more concise conclusion.
Whether you’re asking for funding or want to build the firm from the ground up, you must figure out how to keep the lights on.
You’ll want to have an answer for the following:
Be precise with these numbers. That way, you can better gauge your success or lack thereof.
Creating a comprehensive legal billing policy at the beginning will save your law firm a vast amount of non-billable hours and money .
First, you’ll want to get clear on items like your fees. Some firms charge a flat fee. Others charge by the hour. The fee structure can vary depending on the area of practice . For example, if you’re working in personal injury law , especially, you may go the contingency fee route.
Once you figure out which payment structure to use, you’ll want to create a process for how you’ll get paid. Automating your billing with legal workflows is a simple way to standardize the processes. This workflow should outline items like the invoice creation process, modes of sending the invoice, and how the client will pay.
PracticePanther’s automated legal workflows can be customized to trigger events throughout the billing cycle so you never have to worry about missing a step.
Just like the risk assessment you give your clients, the same should be done when starting a law firm. Identifying potentials risk during the planning process will help inform your business decision. While risks are not always avoidable, being proactive can limit the shock associated with surprise risks.
A few potential risks for law firms:
There’s no set formula for creating a picture-perfect business plan. However, these things may put you on the road to success:
This section gives an overall view of your plan. It includes:
Refrain from making general, overstated platitudes. Every other firm promises how they’ll strive to deliver the results their clients need. Be specific and tell them how you will act.
Who will you represent, and how will you get paid? These questions can help you determine how you’ll carry out a market analysis:
What are budgets and revenue going to look like? Think about how much money you’ll need to start up and keep the firm running every month. How many cases will allow you to break even or make a profit?
Assess how much you project to make this year and every year thereafter.
Now is the time to think about how you’ll operate. Yes, you want to create a healthy work environment, but how will you do that?
If you’re opening this firm, you probably have the educational background and experience to hit the ground running.
However, serving clients and running operations are two different things. Are you the right person to manage the firm as a whole? It’s okay if you’re not sure. Maybe you would benefit from hiring an office manager or other employees to keep things running.
The more clients you take, the more paperwork, documents, and overall assistance you’ll need. You may not need to hire an employee to take care of such matters per se. As such, you may want to consider purchasing law practice management software to keep track of every detail of your business operations. These cloud-based solutions make it easy to work from anywhere while maintaining collaboration with staff or outsourced workers.
Managing your law firm is made easy with an all-in-one solution . PracticePanther comes equipped with all of the resources your need to efficiently manage a profitable law firm. Native features like custom reporting to track expenses or cash flow, legal document management for accessibility and paperless filing, legal billing software to accurately manage your billing and invoicing, case management to streamline your cases, eSignature to quickly send documents for electronic signature , and online payment processing to get paid faster and enhance the client experience.
Other law practice management platforms may require costly monthly subscriptions for essential business features like online payment processing or eSignature. With PracticePanther — they’re free to activate and included with your account.
Your services are the bread and butter of your firm. What problems are your potential clients experiencing, and how will you help them?
Here, you can also differentiate yourself from your competitors and discuss the advantages of hiring you.
When you market your firm, think about how you will present it and entice a prospect to hire you. What services will you provide, and at what cost? Show potential clients that your firm is worth every penny and that you will go above and beyond for them.
Creating a law firm marketing strategy with proven tactics and goals is key. Traditionally, firms have relied on word of mouth. However, to remain profitable — law firms should utilize modern channels such as social media, paid advertising, and search engine optimization or SEO.
Use your executive summary and market analysis as an initial guide for your marketing strategy then continue to measure and adjust your strategy.
Organizing your law firm’s business plan can seem like a big maze. However, if you have a document template that allows you to break everything down step by step, it won’t be as scary.
PracticePanther offers a white-label template for you to write out your goals for your firm. You can even customize it with your logo, ensuring your professionalism and brand recognition. This feature also stores your business plan in one place.
What’s more, if you have several potential business plans, you can easily store them within PracticePanther as a template or file . This way, if you need to adjust your plan (which is highly recommended that you monitor your business plan) you can easily access it.
It’s great to have short-and long-term goals and objectives when you’re forming a law firm business plan. Still, these plans should be flexible and adapt to the market.
Having an understanding of how to scale and market your law firm with modern processes will ensure the overall profitability of your business. With PracticePanther’s five-minute law firm growth quiz , you can find your growth profile along with a strategic growth roadmap for success.
Modern legal technology makes it easier than ever to practice and manage a law firm today. Ready to get started? You can schedule a custom demo with PracticePanther to see how our features support your firm’s success.
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Kamron Sanders
Kamron Sanders is the Senior Content Marketing Specialist at PracticePanther, an all-in-one legal practice management software. She is responsible for creating engaging content across multiple channels including social media, articles, videos, and more. Kamron views marketing through a customer-focused lens and equips legal professionals with the information and tools to automate their practice.
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Published Jun.03, 2018
Updated Apr.23, 2024
By: Noor Muhammad
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Table of Content
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 .
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.
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 .
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.
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.
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.
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.
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.
Legal | $7,000 | |
Consultants | $5,000 | |
Insurance | $20,000 | |
Rent | $25,000 | |
Research and Development | $12,000 | |
Expensed Equipment | $25,000 | |
Signs | $6,000 | |
TOTAL START-UP EXPENSES | $100,000 | |
Start-up Assets | $0 | |
Cash Required | $70,000 | |
Start-up Inventory | $30,000 | |
Other Current Assets | $33,000 | |
Long-term Assets | $10,000 | |
TOTAL ASSETS | $30,000 | |
Total Requirements | $25,000 | |
$0 | ||
START-UP FUNDING | $120,000 | |
Start-up Expenses to Fund | $34,000 | |
Start-up Assets to Fund | $30,000 | |
TOTAL FUNDING REQUIRED | $0 | |
Assets | $25,000 | |
Non-cash Assets from Start-up | $20,000 | |
Cash Requirements from Start-up | $0 | |
Additional Cash Raised | $80,000 | |
Cash Balance on Starting Date | $25,000 | |
TOTAL ASSETS | $0 | |
Liabilities and Capital | $0 | |
Liabilities | $0 | |
Current Borrowing | $0 | |
Long-term Liabilities | $0 | |
Accounts Payable (Outstanding Bills) | $0 | |
Other Current Liabilities (interest-free) | $0 | |
TOTAL LIABILITIES | $0 | |
Capital | $0 | |
Planned Investment | $0 | |
Investor 1 | $30,000 | |
Investor 2 | $25,000 | |
Other | $0 | |
Additional Investment Requirement | $0 | |
TOTAL PLANNED INVESTMENT | $140,000 | |
Loss at Start-up (Start-up Expenses) | $60,000 | |
TOTAL CAPITAL | $70,000 | |
TOTAL CAPITAL AND LIABILITIES | $50,000 | |
Total Funding | $130,000 | |
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:
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.
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.
excellent work, competent advice. Alex is very friendly, great communication. 100% I recommend CGS capital. Thank you so much for your hard work!
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.
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.
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.
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.
Potential Customers | Growth | ||||||
Couples | 25% | 20,000 | 23,000 | 26,000 | 29,000 | ||
Property Owners | 30% | 18,000 | 21,000 | 24,000 | 27,000 | ||
Employees | 25% | 15,000 | 18,000 | 21,000 | 24,000 | ||
Businesses | 20% | 13,000 | 16,000 | 19,000 | 22,000 | ||
Total | 100% | 66,000 | 78000 90000 | 102,000 |
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.
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.
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.
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.
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.
Unit Sales | Year 3 | ||
Legal Services for Mortgage & Foreclosure | 300,000 | 320,000 | 340,000 |
Legal Services for Personal Injury | 250,000 | 270,000 | 290,000 |
Legal Services for Divorce | 200,000 | 220,000 | 240,000 |
Legal Services for Acquisitions &Mergers | 150,000 | 170,000 | 190,000 |
TOTAL UNIT SALES | |||
Unit Prices | Year 1 | Year 2 | Year 3 |
Legal Services for Mortgage & Foreclosure | $250.00 | $200.00 | $150.00 |
Legal Services for Personal Injury | $200.00 | $150.00 | $100.00 |
Legal Services for Divorce | $150.00 | $100.00 | $50.00 |
Legal Services for Acquisitions &Mergers | $100.00 | $50.00 | $30.00 |
Sales | |||
Legal Services for Mortgage & Foreclosure | $240,000 | $260,000 | $280,000 |
Legal Services for Personal Injury | $200,000 | $220,000 | $240,000 |
Legal Services for Divorce | $160,000 | $180,000 | $200,000 |
Legal Services for Acquisitions &Mergers | $120,000 | $140,000 | $160,000 |
TOTAL SALES | |||
Direct Unit Costs | Year 1 | Year 2 | Year 3 |
Legal Services for Mortgage & Foreclosure | $4.00 | $3.00 | $2.00 |
Legal Services for Personal Injury | $3.00 | $2.00 | $1.00 |
Legal Services for Divorce | $2.00 | $1.00 | $0.60 |
Legal Services for Acquisitions &Mergers | $1.00 | $0.70 | $0.30 |
Direct Cost of Sales | |||
Legal Services for Mortgage & Foreclosure | $230,000 | $250,000 | $27,000 |
Legal Services for Personal Injury | $200,000 | $220,000 | $240,000 |
Legal Services for Divorce | $170,000 | $190,000 | $210,000 |
Legal Services for Acquisitions &Mergers | $140,000 | $160,000 | $180,000 |
Subtotal Direct Cost of Sales | $600,000 | $650,000 | $700,000 |
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.
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.
Successful candidates will undergo intensive training to understand procedures and expectations.
Raymond Associates law office plans to pay its staff the following salaries in the first three years of operations.
Manager | $45,000 | $50,000 | $55,000 |
Secretary | $25,000 | $30,000 | $35,000 |
Administrator | $28,000 | $34,000 | $38,000 |
2 Sales and Marketing Executive | $50,000 | $55,000 | $60,000 |
5 Lawyers | $100,000 | $110,000 | $120,000 |
3 Advocates | $60,000 | $65,000 | $70,000 |
Operation Manager | $40,000 | $45,000 | $50,000 |
Total Salaries | $348,000 | $389,000 | $428,000 |
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.
Financial forecast for Raymond Associates law firm will be based on the following assumptions.
Plan Month | 1 | 2 | 3 |
Current Interest Rate | 7.00% | 9.00% | 11.00% |
Long-term Interest Rate | 5.00% | 5.00% | 5.00% |
Tax Rate | 10.00% | 13.00% | 16.00% |
Other | 0 | 0 | 0 |
Raymond Associates Brake-even Analysis is indicated in the graph below.
Monthly Units Break-even | 5000 | |
Monthly Revenue Break-even | $350,000 | |
Assumptions: | ||
Average Per-Unit Revenue | $150.00 | |
Average Per-Unit Variable Cost | $3.00 | |
Estimated Monthly Fixed Cost | $300,000 |
Profit and Loss information for Raymond Associates calculated on a monthly and annual basis is shown below.
Sales | $600,000 | $630,000 | $690,000 |
Direct Cost of Sales | $50,000 | $60,000 | $70,000 |
Other | $0 | $0 | $0 |
TOTAL COST OF SALES | |||
Gross Margin | $520,000 | $540,000 | $580,000 |
Gross Margin % | 85.00% | 90.00% | 95.00% |
Expenses | |||
Payroll | $350,000 | $370,000 | $390,000 |
Sales and Marketing and Other Expenses | $8,000 | $10,000 | $12,000 |
Depreciation | $6,000 | $8,000 | $10,000 |
Leased Equipment | $0 | $0 | $0 |
Utilities | $5,000 | $7,000 | $9,000 |
Insurance | $3,000 | $5,000 | $7,000 |
Rent | $15,000 | $17,000 | $19,000 |
Payroll Taxes | $35,000 | $40,000 | $45,000 |
Other | $0 | $0 | $0 |
Total Operating Expenses | $330,000 | $360,000 | $390,000 |
Profit Before Interest and Taxes | $60,000 | $65,000 | $70,000 |
EBITDA | $20,000 | $23,000 | $26,000 |
Interest Expense | $0 | $0 | $0 |
Taxes Incurred | $20,000 | $23,000 | $26,000 |
Net Profit | $240,000 | $250,000 | $260,000 |
Net Profit/Sales | 30.00% | 35.00% | 40.00% |
Below is the profit and Loss Analysis for Raymond Associates law firm.
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.
Cash Received | |||
Cash from Operations | |||
Cash Sales | $40,000 | $50,000 | $60,000 |
Cash from Receivables | $10,000 | $12,000 | $14,000 |
SUBTOTAL CASH FROM OPERATIONS | |||
Additional Cash Received | |||
Sales Tax, VAT, HST/GST Received | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 |
New Other Liabilities (interest-free) | $0 | $0 | $0 |
New Long-term Liabilities | $0 | $0 | $0 |
Sales of Other Current Assets | $0 | $0 | $0 |
Sales of Long-term Assets | $0 | $0 | $0 |
New Investment Received | $0 | $0 | $0 |
SUBTOTAL CASH RECEIVED | |||
Expenditures | Year 1 | Year 2 | Year 3 |
Expenditures from Operations | |||
Cash Spending | $25,000 | $29,000 | $32,000 |
Bill Payments | $12,000 | $22,000 | $32,000 |
SUBTOTAL SPENT ON OPERATIONS | |||
Additional Cash Spent | |||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 |
Principal Repayment of Current Borrowing | $0 | $0 | $0 |
Other Liabilities Principal Repayment | $0 | $0 | $0 |
Long-term Liabilities Principal Repayment | $0 | $0 | $0 |
Purchase Other Current Assets | $0 | $0 | $0 |
Purchase Long-term Assets | $0 | $0 | $0 |
Dividends | $0 | $0 | $0 |
SUBTOTAL CASH SPENT | |||
Net Cash Flow | $20,000 | $24,000 | $28,000 |
Cash Balance | $25,000 | $29,000 | $33,000 |
The following is a Projected Balance Sheet for Raymond Associates law firm that shows capital, assets, long term assets, liabilities and current liabilities.
Assets | |||
Current Assets | |||
Cash | $300,000 | $320,000 | $340,000 |
Accounts Receivable | $25,000 | $27,000 | $29,000 |
Inventory | $7,000 | $9,000 | $11,000 |
Other Current Assets | $5,000 | $7,000 | $9,000 |
TOTAL CURRENT ASSETS | |||
Long-term Assets | |||
Long-term Assets | $10,000 | $13,000 | $16,000 |
Accumulated Depreciation | $14,000 | $16,000 | $18,000 |
TOTAL LONG-TERM ASSETS | |||
TOTAL ASSETS | |||
Liabilities and Capital | Year 1 | Year 2 | Year 3 |
Current Liabilities | |||
Accounts Payable | $20,000 | $24,000 | $28,000 |
Current Borrowing | $0 | $0 | $0 |
Other Current Liabilities | $0 | $0 | $0 |
SUBTOTAL CURRENT LIABILITIES | |||
Long-term Liabilities | $0 | $0 | $0 |
TOTAL LIABILITIES | |||
Paid-in Capital | $32,000 | $32,000 | $32,000 |
Retained Earnings | $40,000 | $45,000 | $50,000 |
Earnings | $140,000 | $150,000 | $160,000 |
TOTAL CAPITAL | |||
TOTAL LIABILITIES AND CAPITAL | |||
Net Worth | $250,000 | $300,000 | $350,000 |
Raymond Associates law firm Business Ratios, Ratio Analysis and Business Net Worth are shown below.
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Sales Growth | 15.00% | 25.00% | 64.00% | 8.00% |
Percent of Total Assets | ||||
Accounts Receivable | 10.00% | 12.00% | 5.10% | 12.00% |
Inventory | 7.00% | 5.00% | 3.40% | 15.00% |
Other Current Assets | 8.00% | 3.00% | 2.80% | 30.00% |
Total Current Assets | 90.00% | 100.00% | 120.00% | 65.00% |
Long-term Assets | -7.00% | -14.00% | -21.00% | 40.00% |
TOTAL ASSETS | ||||
Current Liabilities | 8.00% | 4.00% | 3.40% | 35.00% |
Long-term Liabilities | 0.00% | 0.00% | 0.00% | 30.00% |
Total Liabilities | 6.00% | 4.00% | 5.00% | 43.00% |
NET WORTH | ||||
Percent of Sales | ||||
Sales | 100.00% | 100.00% | 100.00% | 100.00% |
Gross Margin | 60.00% | 70.00% | 80.00% | 3.00% |
Selling, General & Administrative Expenses | 55.00% | 65.00% | 60.00% | 57.00% |
Advertising Expenses | 6.00% | 4.00% | 3.50% | 7.00% |
Profit Before Interest and Taxes | 30.00% | 35.00% | 40.00% | 2.00% |
Main Ratios | ||||
Current | 20 | 24 | 28 | 3.5 |
Quick | 28 | 34 | 38 | 1.4 |
Total Debt to Total Assets | 8.00% | 5.00% | 3.00% | 45.00% |
Pre-tax Return on Net Worth | 80.00% | 85.00% | 90.00% | 3.20% |
Pre-tax Return on Assets | 50.00% | 55.00% | 60.00% | 13.00% |
Additional Ratios | Year 1 | Year 2 | Year 3 | |
Net Profit Margin | 15.00% | 20.00% | 25.00% | N.A. |
Return on Equity | 55.00% | 60.00% | 65.00% | N.A. |
Activity Ratios | ||||
Accounts Receivable Turnover | 10 | 14 | 18 | N.A. |
Collection Days | 90 | 100 | 110 | N.A. |
Inventory Turnover | 23 | 29 | 35 | N.A. |
Accounts Payable Turnover | 20 | 25 | 30 | N.A. |
Payment Days | 27 | 27 | 27 | N.A. |
Total Asset Turnover | 5.1 | 3.5 | 2.5 | N.A. |
Debt Ratios | ||||
Debt to Net Worth | 0 | -0.18 | -0.26 | N.A. |
Current Liab. to Liab. | 0 | 0 | 0 | N.A. |
Liquidity Ratios | ||||
Net Working Capital | $200,000 | $240,000 | $280,000 | N.A. |
Interest Coverage | 0 | 0 | 0 | N.A. |
Additional Ratios | ||||
Assets to Sales | 3.45 | 2.45 | 1.25 | N.A. |
Current Debt/Total Assets | 10% | 7% | 5% | N.A. |
Acid Test | 35 | 40 | 45 | N.A. |
Sales/Net Worth | 4.5 | 3.5 | 2.2 | N.A. |
Dividend Payout | 0 | 0 | 0 | N.A. |
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Home Committees, Members & Career Services Small Law Firm Center Overview Small Firm Resources Writing a Business Plan for Law Firm – Law Firm Business Plan Sample
Business plans for lawyers.
New York City Bar Association Small Law Firm Committee
Writing a Business Plans for Lawyers – The Non-Financial Side
1 Why write a law firm business plan?
First and foremost, it’s a Management Tool, It f orces you to think through important issues you may not otherwise consider The recipe to grow your law practice
If you are going to buy a book, look for one that offers general advice and suggestions applicable to all businesses. And, if you choose a software package, eliminate the “techy” things like their numbering system; that is a dead giveaway that you’re using a software program. Also, eliminate sections that are irrelevant!
Suggestion: Don’t just buy one from an online bookstore. Take the time go through a table of contents and thumb through.
Examples available from Barnes & Noble:
No set formula for a successful practice
Before developing a plan for a lawyer, answer the following:
2 The Executive Summary
For some businesses this is the most important part of the business plan because it summarizes what the company does, where it is going and how to get there. Therefore, it must describe the company, the “product” and the market opportunities concisely.
It is written after the plan is complete but is the first and, sometimes, most important part read by investors.
How important this is for a legal business plan depends on your long and short term goals, e.g., whether they are to grow a partnership, join a firm, build up a practice that is enticing for acquisition by a larger firm, etc.
In order to provide that summary, go through a number of exercises:
3 Analysis of Your Market: The Legal “Business” that Affects You
Purpose: an accurate understanding of trends affecting law practice in general and your specializations, client demographics, client universe.
Keep track of impact factors, obstacles, opportunities and threats to better forecast and build the strategies.
4 Describing and Analyzing Your Own Firm
Strengths & Weaknesses are vis à vis your competitors, rather than your own history Focus on current competition and potential competition
5 Competitive Analysis and Target Market
Generate similar info for potential clients to help identify the target that will be most interested in you
A marketing plan must have a detailed description of the target market for your services, an analysis of the trends and conditions of that marketplace and how the trends affect that marketplace
6 Marketing & Strategy
Once you analyze your client needs you can build a comprehensive marketing strategy,
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As a law firm leader, you possess exceptional legal expertise and a deep commitment to serving your clients. However, managing others—whether a team of associates, paralegals, or support staff—requires unique skills that may not be innate to every legal professional. Many law firm leaders find themselves thrust into management roles without formal training, leading to challenges in effectively guiding and motivating their teams.
In this comprehensive guide, we'll explore practical strategies and actionable tips to help law firm leaders cultivate effective management skills and create a thriving work environment for their teams.
Recognize that effective management is a skill that can be developed and refined over time. Invest in your professional development by seeking out law firm consultants, management training courses, attending workshops, and reading books on leadership and team management. Online platforms like LinkedIn Learning, Coursera, and Udemy offer a wealth of resources tailored to developing management skills.
Clear communication is the cornerstone of effective management. Foster an environment of open dialogue where team members feel comfortable sharing their ideas, concerns, and feedback. To ensure everyone is aligned and informed, develop a regular communication schedule, such as weekly team meetings or monthly one-on-one check-ins. Use these opportunities to be transparent about firm goals, expectations, performance metrics, and new developments in the firm. Utilize tools like internal newsletters or intranet forums to share successes, updates, and important information, ensuring everyone feels connected and well-informed.
As a leader, your actions speak louder than words. Model the behavior and work ethic you expect from your team members. Demonstrate integrity, professionalism, and a commitment to excellence in interactions with clients, colleagues, and stakeholders. When facing obstacles, demonstrate resilience and a proactive problem-solving approach, setting a standard for others to follow. Publicly celebrate victories and acknowledge the team's efforts. Openly acknowledge your own missteps to show that continuous learning is part of the journey for everyone, including leadership. Setting a positive example will inspire others to emulate your dedication and drive.
Invest in the professional growth and development of your team members. Provide training, mentorship, and skill-building opportunities that align with their career aspirations and the firm's strategic objectives. Encourage each team member to create a plan outlining their goals and objectives from day one. Regularly review these plans to monitor progress and make necessary adjustments. Additionally, establish a mentorship program within the firm, pairing less experienced staff with seasoned professionals. Recognize and reward outstanding performance, and offer constructive feedback and guidance to support continuous improvement.
Encourage collaboration and teamwork among your staff members. Invest in tools and platforms that facilitate seamless collaboration, especially in diverse work settings or when your firm operates across multiple locations. Create opportunities for cross-functional projects, knowledge sharing, and brainstorming sessions that leverage your team’s diverse expertise and perspectives. By fostering a culture of collaboration, you'll enhance your firm’s creativity, innovation, and problem-solving capabilities.
Effective delegation is essential for maximizing productivity and empowering your team members to take ownership of their work. Clearly define tasks, responsibilities, and deadlines, and provide the necessary resources and support to ensure success. Trust your team members to deliver results, and resist the urge to micromanage every detail.
Recognize that your team members are human beings with lives outside of work. Promote work-life balance by offering flexible work arrangements, wellness programs, and support resources to help employees manage stress and maintain overall well-being. Prioritizing employee health and happiness fosters loyalty, engagement, and long-term retention.
Effective leadership is rooted in empathy and compassion for others. Take the time to understand your team members' needs, challenges, and aspirations, and offer support and encouragement when needed. Develop a mentorship program that pairs less experienced attorneys with seasoned professionals, fostering a sense of belonging and support. These relationships can provide younger attorneys with guidance, reducing stress and increasing job satisfaction.
Show genuine appreciation for their contributions and celebrate their big and small successes. Promote the celebration of the whole person, not just their professional achievements. Acknowledge significant life events such as weddings, births, or personal milestones, and create opportunities for the team to celebrate together. This approach not only fosters a supportive community but also demonstrates that the firm values its attorneys as individuals.
While conflict is inevitable in any workplace, its management is crucial to maintaining a cohesive team. Establish clear protocols for reporting and resolving conflicts within the firm. Ensuring there are straightforward, confidential ways to address issues can prevent conflicts from worsening. When conflicts arise, address them promptly and constructively, and strive to find mutually beneficial solutions that preserve relationships and promote harmony within the team. Encourage open dialogue and active listening, and mediate disputes fairly and impartially. After resolving a conflict, follow up with a meeting or feedback to ensure that the resolution has been effective and that no tension remains. This can provide the opportunity to adjust the resolution strategy if the conflict persists.
Finally, recognize that effective management is an ongoing process of learning and adaptation. Solicit feedback through regular anonymous surveys and feedback sessions to gather input from your team members on your leadership style, communication effectiveness, and areas for improvement. Be open to constructive criticism and willing to adjust your approach accordingly. Demonstrate that feedback is valued by acting on it. Make changes where necessary and communicate these adaptations back to the team. You'll become a more effective and influential leader by continuously seeking feedback and striving for self-improvement.
In conclusion, effective management is a critical skill for law firm leaders to master. By prioritizing communication, employee development, collaboration, and empathy, you can create a positive and productive work environment that fosters success for your firm and its team members. Embrace continuous learning and growth, and lead with integrity, empathy, and purpose.
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"Revenue-focused marketing and business development organizations of the future will need to be agile and adaptable to changing market conditions, firm requirements, and client needs," writes Carl Grant III of Oxford Strategic Legal Advisors.
August 23, 2024 at 10:00 AM
5 minute read
Law Firm Marketing and Business Development
Thank you for sharing.
Having spent 20 years as Cooley’s head of global business development, I have some well-informed ideas about how to optimize law firm marketing and business development. During my tenure at Cooley, I led a 17-person, market-facing team that contributed significantly to their $1.7 billion increase in annual revenue. For most of my time at the firm, I reported to the chief marketing officer (CMO), with whom I got along great. However, my experiences there and in subsequent law firm consulting assignments since leaving two years ago, have convinced me that law firm marketing and business development should be organized under a chief revenue officer (CRO). Firms that do this well will outperform their peers.
A CRO would report to the CEO or other top executive and be responsible for overseeing all revenue-generating functions within the firm. Their primary goal would be to maximize revenue growth and profitability. The CRO would be responsible for leading and coordinating all revenue-related activities across the firm, with a focus on developing and executing strategies to drive sustainable revenue growth. The marketing and business development leaders would report to the CRO. This new organizational structure would enable law firms to adapt to evolving market dynamics and client expectations.
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Summer experiences: ally swartzberg, ’25, summer associate, proskauer rose llp.
Ally Swartzberg, ’26, followed her interest in sports law to New York City this summer where she worked as a summer associate for Proskauer Rose LLP , a law firm that focuses on legal work in the sports industry. During her summer experience, Ally got to tackle projects for professional sports organizations and expand her network in the industry she plans to work in after she graduates.
During my 1L Property Law course, Professor Strahilevitz cold called me. He asked me who owns a home run baseball. After that cold call, Professor Strahilevitz realized I was interested in sports and asked if I wanted to pursue a legal career in the sports industry. I said yes, and he connected me with one of his former law school classmates who is a sports industry “heavy hitter” and a partner at Proskauer.
Proskauer is one of the most highly regarded law firms specifically for legal work in the sports industry. This summer, I was able to work on projects for professional sports leagues like Major League Soccer and the National Football League and to attend events like the NBA Draft. Proskauer alumni are also in general counsels’ offices across professional sports teams and leagues, and I was able to do things like attend a Yankees game with two of the Yankees’ attorneys. By working at Proskauer, I have gained a really strong network in my preferred industry as well as directly relevant work experience.
I would usually get to work between 8:30 and 9:30 am depending on what I had on my calendar. Some mornings, I would have breakfast or coffee with an attorney before spending a few hours working on my assignments. Some days I would be reading and comparing contract provisions, other days I was helping with a closing checklist or doing specific research for a client. I would usually have lunch around noon and some days I would have a small group meeting or a check-in with one of my mentors. I typically finished work around 5:30 pm and oftentimes we would have an event beginning at 6 pm.
I had the opportunity to participate in a pro bono project alongside three other summer associates and a handful of Proskauer corporate attorneys. Each summer associate was paired with an associate and assigned a city and a team of eighth graders to mentor through a mock NBA expansion proposal. Each team then had to present why their city should be the site of the next NBA expansion team and answer questions from a panel of judges. This experience of mentoring young people with the same dreams I once had made me realize how close I am to finally becoming a lawyer, and that was really impactful. Also, my team won, so that was fun.
Only working for ten weeks, especially if you have to move, can throw off your routine like crazy. If you are the kind of person who likes to exercise regularly or enjoys cooking, make the effort to prioritize finding a gym and a good grocery store that are close to your apartment. You will feel so much more grounded. Also, we don’t know anything yet about how to actually be a lawyer, but we are smart, capable people. It’s humbling to be “new” at something, but trust in yourself and your ability to learn and do well.
Be open to mentorship and new experiences while also being vocal about your goals and interests. Not every assignment you get will be the most exciting, but every assignment is an opportunity to meet more attorneys, establish a positive reputation for yourself, and learn more about how to be a good associate. I really think having the attitude of “I’m happy to do whatever needs doing” is important. At the same time, don’t be shy to vocalize your interests or to reach out to lawyers who do the work you hope to do.
I cofounded and codirected a youth football program called the Big North Takeover, so I have spent a lot of time this summer planning, executing, and doing follow-ups with our coaches and participants. We had seven NFL players, two NFL scouts, and five D1 players coach roughly eighty high school athletes, so it was a big lift. Otherwise, I plan to travel (I’m currently in Florida), take some much-needed rest, and spend some time in the Jersey Shore with my family.
I’m really looking forward to the fall in Chicago and seeing so many of my friends I haven’t seen since leaving for New York this summer. At the law school, I am looking forward to being a student director of the Corporate Lab Clinic and to seeing what cool topics our new staffers come up with for the Business Law Review. Really, though, I’m counting down to graduation.
Intellectual property (IP) is a critical component of a startup's value proposition, comprising four primary categories – patents, trademarks, copyrights, and trade secrets – that require careful classification, valuation, and protection to maintain a competitive edge in the marketplace. Startups must navigate the complexities of patent law, trademark protection, and copyright law to safeguard their innovative ideas and creative works. Effective trade secret management and infringement mitigation strategies are also vital. By understanding the legal aspects of IP, startups can develop a robust protection plan to secure their valuable assets and achieve long-term success. Further exploration of these concepts can provide key insights for startups seeking to thrive in today's competitive landscape.
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Intellectual property, a vital component of a startup's intangible assets, comprises four primary categories: patents, trademarks, copyrights, and trade secrets . These categories form the foundation of IP Classification, which is imperative for startups to identify, protect, and leverage their intellectual property. IP Classification involves categorizing IP into these four categories, each with its unique characteristics, legal requirements, and protection mechanisms.
Accurate IP Classification is vital for startups to determine the value of their intellectual property, which is key for IP Valuation. IP Valuation involves assigning a monetary value to intellectual property, which is fundamental for startups to attract investors, secure funding, and negotiate licensing agreements. A thorough understanding of the different types of intellectual property and their classification is necessary for startups to develop an effective IP strategy, protect their innovations, and maintain a competitive edge in the market. By recognizing the significance of IP Classification and IP Valuation, startups can tap the full potential of their intellectual property and drive business growth.
When startups navigate the complex landscape of patent law, they must carefully consider the patent application process, which involves filing a detailed specification of the invention, claiming the novel features, and awaiting examination by the relevant patent office. Concurrently, startups must also be vigilant about potential infringement risks, as failure to clear existing patents can lead to costly litigation . By understanding the intricacies of patent law, startups can effectively protect their innovative ideas and maintain a competitive edge in the marketplace.
The patent application process, a complex and often intimidating endeavor for startups, is governed by the Patent Cooperation Treaty (PCT) and the laws of individual nations, requiring a thorough understanding of these regulations to navigate successfully.
The process typically begins with a patentability search, conducted by a Patent Attorney , to determine the novelty and non-obviousness of the invention. A provisional patent application may then be filed, which serves as a placeholder for a year, allowing the startup to further develop and refine their invention. After the provisional application, a non-provisional patent application is filed, which will be examined by a Patent Examiner.
Stage | Description | Key Players |
---|---|---|
Patentability Search | Determine novelty and non-obviousness | Patent Attorney |
Provisional Patent Application | Placeholder for 1 year | Inventor/Startup |
Non-Provisional Patent Application | Formal application with claims and specifications | Patent Attorney |
Patent Examination | Review of application by Patent Office | Patent Examiner |
Patent Grant | Issuance of patent | Patent Office |
A thorough understanding of the patent application process is essential for startups to successfully navigate the complex legal landscape and secure valuable intellectual property rights.
Startups face a heightened risk of patent infringement, as they often lack the financial and legal resources to detect and defend against infringement claims, making proactive protection strategies vital to safeguarding their innovative assets. To mitigate this risk, startups must conduct thorough due diligence on their intellectual property portfolio, including patent landscape analysis and freedom-to-operate assessments. This involves identifying potential infringement risks and taking proactive measures to address them, such as designing around existing patents or negotiating licensing agreements.
A meticulous risk assessment is critical to identifying potential infringement risks and prioritizing protection strategies. This involves evaluating the startup's patent portfolio, industry trends, and competitor activity to identify areas of potential infringement. By conducting regular risk assessments, startups can stay ahead of potential infringement claims and protect their innovative assets adequately. Proactive protection strategies, such as patent portfolio management and defensive publishing, can also help startups to deter potential infringers and reduce the risk of costly litigation. By prioritizing infringement risk management, startups can safeguard their intellectual property and maintain a competitive edge in their industry.
How can entrepreneurs safeguard their brand identities in an increasingly crowded marketplace, where trademark infringement can have devastating consequences for business reputation and bottom line? A well-crafted trademark protection strategy is essential to mitigating these risks. One key approach is to prioritize trademark filing, ensuring that brand identities are formally registered and protected. This not only deters potential infringers but also provides legal recourse in the event of infringement.
Provisional Application | Allows for early filing and establishes priority date | Delayed protection, potential loss of rights |
National Filing | Provides protection within a specific country | Limited geographic scope, potential infringement |
International Filing | Offers protection across multiple countries | Higher costs, complex filing process |
Copyright law plays a vital role in protecting original creative works in startups, spanning a broad range of literary, dramatic, musical, and artistic works. To effectively leverage copyright protection, it is imperative to understand the types of creative works that qualify for protection, the principles governing ownership and transfers, and the legal frameworks for addressing infringement and redress. By grasping these fundamental concepts, startup founders can safeguard their intellectual property and mitigate potential legal risks.
Original expression, a cornerstone of creative endeavors, spans a diverse range of works that are eligible for copyright protection. These works are not only a reflection of an individual's creativity but also hold significant cultural and artistic value.
Literary Works | Novels, poems, plays, and essays |
Musical Compositions | Songs, symphonies, and jingles |
Artistic Expressions | Paintings, sculptures, photographs, and architectural designs |
Dramatic Works | Movies, television shows, and theatrical performances |
Sound Recordings | Music albums, podcasts, and audiobooks |
These creative works are protected by copyright law, which safeguards the exclusive rights of creators to reproduce, distribute, and display their work. Understanding the types of creative works eligible for copyright protection is essential for startups to navigate the complex landscape of intellectual property rights. By recognizing the cultural significance and artistic value of these works, startups can ensure they are respecting the intellectual property rights of creators while also protecting their own innovative expressions.
In the context of copyright law, ownership of a creative work is vested in the creator, who possesses exclusive rights to reproduce, distribute, and display the work, unless explicitly transferred or assigned to another party. This fundamental principle has significant implications for startups, where intellectual property is often a key asset.
When founders create intellectual property, they typically retain ownership unless they explicitly agree to transfer or assign their rights. In startup scenarios, founders may choose to assign their rights to the company in exchange for equity stakes. This assignment can be vital for the company's future, as it enables the company to fully exploit the creative work for commercial purposes.
Deliberate or unauthorized use of a creative work without permission from the copyright owner can lead to infringement, triggering a range of legal actions and penalties. Infringement can be direct, indirect, or contributory, and can result in significant financial losses for the copyright owner. To mitigate these losses, copyright owners can seek various legal solutions, including injunctions, damages, and attorney's fees.
Injunctions | Court order to stop infringing activity | Prevent further infringement |
Infringement Damages | Monetary compensation for losses | Compensate for financial losses |
Attorney's Fees | Reimbursement for legal costs | Deter frivolous litigation |
When developing litigation strategies, copyright owners should consider the strength of their case, the potential damages, and the defendant's ability to pay. A well-planned approach can help copyright owners secure fair compensation for infringement damages and protect their intellectual property rights. By understanding the legal aspects of infringement and legal options, startups can better navigate the complex landscape of copyright law and protect their creative works from unauthorized use.
Effective trade secret management is essential for startups to protect their valuable confidential information and maintain a competitive edge in the market. Trade secrets, such as business methods, recipes, or software code, are critical assets that require diligent protection to prevent unauthorized disclosure or misappropriation.
To ensure the confidentiality of trade secrets, startups should implement the following measures:
Startups must be prepared to detect and respond to intellectual property infringement, which can occur through various means, including unauthorized use of trademarks, patents, copyrights, or trade secrets, and can result in costly legal battles and reputational damage.
When faced with IP infringement, startups may need to weigh litigation, which can be a lengthy and costly process. It is vital to understand the potential costs and outcomes associated with litigation.
Patent Infringement Lawsuit | $1 million – $5 million | Jury bias may favor patent holders, increasing the likelihood of an unfavorable verdict |
Trademark Infringement Lawsuit | $50,000 – $500,000 | Jury bias may favor well-known brands, impacting the outcome of the case |
Copyright Infringement Lawsuit | $20,000 – $200,000 | Jury bias may favor creators of original work, influencing the verdict |
Trade Secret Misappropriation Lawsuit | $50,000 – $500,000 | Jury bias may favor companies with strong trade secret protection measures |
Appeals Process | $50,000 – $500,000 | Jury bias may be less influential in appeals, with judges focusing on legal precedent |
Understanding the potential litigation costs and jury bias considerations can help startups make informed decisions about how to proceed in cases of IP infringement.
Developing a thorough intellectual property protection plan is crucial for safeguarding a startup's valuable assets and minimizing the risk of IP infringement, misappropriation, and theft. A well-crafted plan enables startups to identify, protect, and leverage their IP assets to gain a competitive edge in the market. To build an effective IP protection plan, startups should conduct regular IP audits to identify and catalog their IP assets, including patents, trademarks, copyrights, and trade secrets.
Can a startup use open-source software without ip issues?.
A startup can leverage open-source software, but must navigate licensing risks and guarantee community compliance to avoid intellectual property issues, as non-compliance can lead to legal repercussions and reputational damage.
Hiring an IP lawyer for a startup can cost anywhere from $200 to $500 per hour, depending on the law firm and location. With budget constraints, startups may opt for flat-fee services or consult with legal clinics for affordable IP guidance.
Through Global Filing, startups can pursue International Protection for their IP in multiple countries simultaneously, leveraging treaties like the Patent Cooperation Treaty (PCT) and Madrid System to streamline the process and secure broad protection.
In a startup acquisition, IP ownership is typically addressed in the acquisition terms, which may lead to IP dilution if not properly negotiated, potentially resulting in loss of control or fragmented ownership of valuable intellectual property assets.
Employees may own IP created during their startup tenure if not explicitly assigned to the company through Employment Contracts or IP Agreements, which typically include clauses allocating IP rights to the employer.
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While your law firm business plan should be tailored to your unique situation, the following list will walk you step-by-step through all key sections you need to have a comprehensive business plan: 1. Executive summary. An executive summary is a one-page, high-level overview of all the key information in your business plan. ...
Parts of a Business Plan for Law Firm Formation: Structure. A law firm business plan is a written document that lays out your law firm goals and strategies. For many businesses, a business plan helps secure investors. But the ethical rules prohibit law firms from seeking funding from outside investors or non-lawyer shareholders.
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 ...
Researching similar law firms can help you ensure your projections are reasonable. Download your free law firm sample business plan. Download our law firm sample business plan for free right now and use it for reference as you write your own plan. You can even copy and paste sections from the sample plan and customize them for your business.
The lawyer or lawyers who will make up the firm at the time of launch. The location of the firm and the areas it serves. The general approach the firm takes when representing clients. 3. Market Analysis. A competitive analysis is one of the most compelling components of well-written business plans.
Starting a law firm can be a rewarding and lucrative venture, but it requires careful planning and strategy. A well-crafted business plan is a crucial tool for any law firm looking to establish itself, secure funding, or grow its practice. The business plan will serve as a roadmap, outlining the law firm's objectives, strategies, and unique selling proposition
A law firm business plan is a plan to start and/or grow your law firm business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections. You can easily complete your Law Firm business plan using our Law Firm Business Plan Template here.
1. Don't worry about finding an exact match. We have over 550 sample business plan templates. So, make sure the plan is a close match, but don't get hung up on the details. Your business is unique and will differ from any example or template you come across. So, use this example as a starting point and customize it to your needs.
Call 1-888-858-2546 or email [email protected]. Our sales team is available Monday to Friday from 8 a.m. to 8 p.m. EST. Download our free law firm business plan template. Start your law firm on the right foot with a clear plan that explains where you're going, and how you're getting there.
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.
Every new law practice needs a business plan. This is a guide to creating one. Here is what should go in your business plan once you've decided about your law firm business model. Section One: Executive Summary. This section provides a succinct overview of your full plan. It should also include the following: Mission statement.
8. Milestones and timeline. Finally, a business plan for lawyers should include a section that details the timing involved in getting your law firm up and running. Again, there are probably too many details to give an effective sample here, but at the very least, your plan should include the following components:
Cash flow statement: Attach a cash flow statement to the financial plan section of your law firm business plan. Update your revenue, expenses, and budget accordingly throughout the year. 8. Startup Budget. The startup budget section underlines everything you need to turn your law firm business plan into reality.
Start your own law firm business plan. Wy'East Law Firm Executive Summary. 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 ...
Writing a business plan practically forces you to thoroughly research the business environment you plan to enter. It's your opportunity to uncover new facts, better conceptualize the economic landscape you're in, and plan your law firm more effectively. · Strategic clarification. This is also a chance to clarify the strategy of your law firm.
Learn why and how to create a business plan for your law firm, covering key areas such as overview, market analysis, clients, finances, operations and marketing. A business plan can help you think through your goals, strategies and challenges for your legal practice.
A good business plan includes: Vision. Create a picture of what you're building. Values. Identify the rules to guide your team's important work. Law Firm Business Model. What you offer, who you offer it to, and how you'll deliver your services. Targets and Priorities. Clarify metrics that indicate success.
Sample Law Firm Business Plan. Organizing your law firm's business plan can seem like a big maze. However, if you have a document template that allows you to break everything down step by step, it won't be as scary. PracticePanther offers a white-label template for you to write out your goals for your firm. You can even customize it with ...
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. Start-up Expenses. Legal. $7,000. Consultants. $5,000. Insurance. $20,000.
Business Plans for Lawyers. New York City Bar Association Small Law Firm Committee . Writing a Business Plans for Lawyers - The Non-Financial Side. 1 Why write a law firm business plan? First and foremost, it's a Management Tool, It forces you to think through important issues you may not otherwise consider The recipe to grow your law practice
BUSINESS PLAN Introduction and Summary ... For my efforts as a volunteer since 2011, and as Co-Chair since 2013, the 47 member law firms of the Lawyers Committee voted me and my co-chair the 2016 Lawyers Committee "Individual of the Year." As special prosecutor, I prosecute domestic violence and other municipal code cases when the City has ...
Law Firm Business Plan. 05. Organization and. Management. This section provides a clear picture of your firm's internal structure. and leadership. Highlight key stakeholders in your law firm and what. they bring to the table. You can also include an organizational chart. that visually represents your law firm's structure.
A Perfect Business Plan: Key Steps for Law Firm Success. Leverage Financial Software for Real-Time Budget Management. Financial software is one of the most powerful tools available to firms of all sizes, that can significantly enhance real-time budget management. By integrating advanced financial tools into your firm's operations, you can ...
As a law firm leader, you possess exceptional legal expertise and a deep commitment to serving your clients. However, managing others—whether a team of associates, paralegals, or support staff ...
Having spent 20 years as Cooley's head of global business development, I have some well-informed ideas about how to optimize law firm marketing and business development. During my tenure at ...
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
Challenges and Misconceptions of Law Firm Demand Generation. Many law firms, particularly smaller ones, often hesitate to implement demand generation marketing due to perceived challenges. One of the most common misconceptions is that it requires a large budget and is only feasible for bigger firms.
Key components of a business continuity plan include: Crisis Protocols: Establishing clear protocols for crisis management, including communication strategies and decision-making processes. Risk Assessment: Identifying potential risks and vulnerabilities that could impact business operations during litigation.
Ally Swartzberg, '26, followed her interest in sports law to New York City this summer where she worked as a summer associate for Proskauer Rose LLP, a law firm that focuses on legal work in the sports industry. During her summer experience, Ally got to tackle projects for professional sports organizations and expand her network in the industry she plans to work in after she graduates.
Building an IP Protection Plan. Developing a thorough intellectual property protection plan is crucial for safeguarding a startup's valuable assets and minimizing the risk of IP infringement, misappropriation, and theft. A well-crafted plan enables startups to identify, protect, and leverage their IP assets to gain a competitive edge in the market.