Unless you are already succeeding beyond your wildest dreams, your law firm should have a business plan. Complacency – or inertia – leads to “We want to make more money by doing more of what we’ve always done – somehow with the same people or reduced staff.” The attitude carries through to the use of technology too – at which point I take offense at the lost efficiency or revenue opportunities for my clients. You need a business plan. Go get one. Contact me – I’ll point you at the right advisors…
If ever there was a time to get serious about business plans, now is the time. What do I mean by ‘get serious’?
Well, let’s consider it in very simple terms: ambitions, threats and resources. Or, put even more simply: where are we going, how are we going to get there, and what’s going to hinder us (or help us) along the way?
What is your ambition, as a firm? For many firms, it’s comes down to the ambitions of the individual partners, which usually boil down to “staying in business” and “earning more money”. Most firms find it difficult to articulate a key purpose or distinctive offering – what makes them different from other firms – often because they don’t believe they have one.
…. The ‘how’ is often poorly articulated. Do your resources meet the needs of clients, or do you simply structure your service and product offering according to what you already have and what you think you can recruit, assuming that you’ll be able to sell the additional resource as you do your existing resource?