Law Firm Business Plan Precedent
If you want to be successful, you should consider how your law firm will operate well before you open your doors. A business plan is your roadmap to the future – you can show it to banks, suppliers or others whom you deal with when starting your practice. A business plan tells them that you have done the necessary homework to launch your practice.
What is a law practice business plan and what does it consist of?
It is a concise and organized summary of how you intend to start and remain in business. It is composed of four main areas: a general description of your business, your financial plan, your management plan, and your marketing plan. Be precise, especially in the finances or budget part of the plan. Budgeting and managing your cash flows will be a big part of remaining in business.
This precedent is a supplement to the Managing the Finances of Your Practice booklet, which provides practical advice on how you can take a more active role and better manage the finances of your practice. Our Law Firm Budget Precedent will help you to better understand your revenue and expenses.