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With any B-Plan Purchase
425 Page Capital Directory
Through Apr. 30


Custom Business Plan
$425 Flat Rate
No Templates Used
7 Day Turnaround

All Purchased Plans
Are Updated for 2017

Law Practice SWOT Analysis

 

Strengths

 

For large scale commercial transactions or for any other legal issue that a person can face in life - they are going to need an attorney. As such, despite a negative change in the economy, the demand for legal services does not wane. People will require law practices at all times. One of the most prominent strengths of these businesses is that only a licensed attorney can provide these services to the general public. The incomes generated by law practices are substantial with most attorneys generating net incomes of $100,000 to $200,000 per year. The net income generated by these businesses is not expected to decline despite the fact that there are more attorneys practicing law than ever before. The costs associated with starting a new law practice are very low.

 

Weaknesses

 

There are about 1.2 million attorneys within the United States. In any city or town, there are always competing attorneys that a law practice will need to deal with on an ongoing basis. Additionally, more and more universities are establishing ABA accredited law schools. This will continue to lead to an influx of new attorneys practicing law.

 

Opportunities

 

For most attorneys, the way that they expand their practices is by hiring an associate and/or paralegal to drive up additional billings. Usually this happens once a lawyer has established a strong brand name for themselves within their target market. In order to make hiring an associate profitable, this new attorney needs to bill at least $75,000 to $200,000 per year depending on the location of the law practice.

 

One of the other ways that a law practice can continue to grow is to acquire the operations of an existing law practice. However, this can be an expensive and timely process. The ABA has only recently allowed attorneys to acquire the practices of other lawyers.

 

Threats

 

The continued ongoing threat for most law practices is ongoing competitive issues coupled with the influx of new lawyers practicing. There are currently no pieces of legislation or regulation that would impact the way that an attorney conducts business within the United States.


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