This section can easily span several pages and should include a market analysis across all your different specialties.
Don’t expect firms to give you the benefit of the doubt. Most Am Law firms seek to expand their presence or influence around the globe by bringing on profitable partners.
In fact, expect them to take a haircut off your numbers and poke holes in your strategy. It is probably the main priority of a firm chair in his or her strategic plan.
Since firms are not privy to every detail of your dealings, they might be unaware that your clients expect their demand to drop significantly—and in turn, diminish your book.
If you fail to temper their expectations of future potential drops in earning potential, a disappointing year-end bonus could be the least of your problems.
This is not the time for ambiguity; if your strategy calls for additional associates to service extra work, include this in your strategy. Your strategy should detail current market trends and forecast future ones to synthesize a strategy that accounts for potential growth or decay in your practice.
Track Record: Your track record is simply a breakdown of clients by year and fee origination.The summary is your hook so be judicious about the material you include.Strategy: Your strategy section should outline your vision for your practice at the firm.You should also list specific corporations and your plan for targeting them to gain their business. It is easy to meander through two pages of epiphanies before you realize you have incoherent drivel. Firms are looking for partners for different reasons.Outline this section before you write to save yourself an hour of revisions. While some firms buy books for accretive growth, others have succession planning concerns in mind.Revenue Projection: This section is perhaps the most difficult and of the most interest to law firms.Completing this section requires straddling a fine line between over and under-projecting.Did you win a high value or newsworthy case in the last year or two?These are eye-catching details that belong in the summary. note: This is the latest installment in a series of posts Lateral Link’s team of expert contributors.A business plan is one of the most important tools to explain your practice, relationships, and strategy to another law firm.