Writing a Business Plan for a Law Practice
Lawyers provide an essential service to the general public as well as the business public as it relates to providing competent legal advice when an individual or business has a specific issue that needs to be addressed. As more and more people are becoming lawyers these days, it is imperative that an attorney find ways to differentiate their practice from that of others in the market. Over the past 14 years, Deutsch and Thomas has worked with a number of attorneys among a number of different legal disciplines including general legal practice, securities law, intellectual property law, family law, as well as specialized litigation firms. We are familiar with all the different revenue streams that can be generated through law practice including standard per hour fees, fees billed by employed paralegals, as well as contingency fees that are required when a successful lawsuit is one. Additionally, we are familiar with the issues as it relates
to maintaining separate accounts for billing purposes. We can put together a very comprehensive business plan for you that showcases exactly what legal services you provide to the market while developing an economically viable legal practice.
For each business plan that we complete, Deutsch and Thomas always provides a five-year financial model that has a profit and loss statement, common size income statement, cash flow analysis, balance sheet, breakeven analysis, and all applicable business metrics. A majority of our clients are attorneys are typically seeking a working capital line credit for developing or expanding their legal practice. In these instances, we focus on the highly predictable streams of revenue will be generated on a per hour basis or through successfully one lawsuits.
Additionally, we always develop a full-scale marketing and advertising plan that clearly showcases how the attorney will market themselves and their practice to the general public in order to secure engagement clients. This discussion includes developing ongoing referral relationships with other professionals within the market, retaining an online presence, and engaging in traditional marketing strategies. Also, we always provide a full competitive analysis, industry analysis specific to the legal industry, as well as an overview of the economy as a whole.
Regardless of how the economy is doing, people are always going to need competent legal advice. If you're seeking have a professionally written business plan for your law practice, please feel free to reach us anytime at 646-216-9844 or through the contact us form on this website. We look forward to working with you!