First and foremost, there is something to the act of sitting down and taking an honest and realistic look at the intentions and goals you have for your firm. The process brings about ideas and strategies you may not have thought of, and forces you to think through issues you may not yet have considered. A proper business plan will help to identify and prepare the action steps that you need to attain the goals you have set. The idea is to take guesswork out of the equation and narrow your focus in the most direct and efficient manner. Your plan will also be there to guide you through any challenging times that you will most likely face in the life-course of your law firm practice. Remember, it is easier to make mistakes on paper through visualizing your needs and costs, and through advanced anticipation of situations that will, or could occur.
Your Guide to Law Firm Business Development
The Law Firm Strategic Plan – How to improve growth & profits per partner | Bridgesphere
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Law Firm Strategy
Start your marketing plan. Wy'East will be courting new technology clients through networking and advertisements in both the telephone directory and Internet Yellow Pages, Business Journal of Boston, and other technology specific regional journals such as the Software Association of Massachusetts's SAM newsletter. As stated earlier, Wy'East has a sufficient amount of business as of day one, however, more technology clients means the ability to perform more public interest work.
Law firms participate in a maturing market. Growth is becoming more difficult to achieve. Corporate clients keep more legal matters in house. The migration of talent from law firms that fail to provide a high quality culture and incentive-based compensation is a reality facing many firms. We are experiencing the early innings of change.