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The Power of the Business Plan
A powerful business plan can change your life, especially if you are in a moment of transition with your practice. Any lawyer who wants to have his or her own clients ' or more of their own clients ' should outline their plan to obtain that goal. Arguably, the most critical juncture is when you are looking at other firms in hopes of making a lateral move, but there are no bad times to put together an action plan for expanding your practice, even if you never plan to change firms during your career.
Why a Business Plan Is Important
1. A good business plan leads to good job offers. If you are exploring a lateral move, a business plan helps firms see that you are mindful of the business of law. It also allows them to see who your contacts are and compare them with their platform. Perhaps one of the reasons that you are exploring a move is that you are currently conflicted from doing work for a strong contact. If you lay that out early in a business plan, you may find it helpful to determine if the other firm is a better platform for that work. Often firms are interested in candidates who have additional touch points to the same clients as well as new contacts that might grow the client base. Further, the way you describe your practice and expertise allows a firm to determine if they can sell what you are offering to their existing clients. This is a very persuasive document even for an attorney who has a strong client following and a portable book of business.
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