Law Practice Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Law Practice Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Law Practice business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
Your Business Planning Package will be available for download after your purchase.
Product Specifications (please see images below):
- Bank/Investor Ready!
- Complete Industry Research
- 3 Year Excel Financial Model
- Business Plan (26 to 30 pages)
- Loan Amortization and ROI Tools
- Three SWOT Analysis Templates
- Easy to Use Instructions
- All Documents Delivered in Word, Excel, and PDF Format
- Meets SBA Requirements
Over the past 30 years, there have been an influx in the number of attorneys practicing with the United States. However, despite the increased number of licensed attorneys demand for quality legal services has also increased substantially. People conduct far more transactions these days and then they did 30 years ago, and as such issues arise from these transactions on a regular basis. Additionally, there has been an uptick in the number of trials relating to criminal prosecutions within the United States. As such, many people will continue to require competent legal services only be rendered by an attorney. The startup costs associated with the new law practice are somewhat low. A simple law practice can be established for as little as $10,000 or as much as $50,000. This primarily depends on location and the type a law practice. For instance, a personal injury attorney may require a higher amount of startup capital on hand given that in many instances these cases are taken on a contingency basis. Barriers to entry are considered somewhat high given that an individual must be licensed as an attorney for the can own and operate a law practice. Most states do not allow non-lawyers to own law practices.
The law practice business plan does not need to be an overly comprehensive document unless you are looking to raise capital from bank or from a lender. As with all business plans, the plan specific for an attorney should have a three-year financial statement that includes a profit and loss statement, cash analysis, breakeven analysis, balance sheet, and business ratios page. One of the things that should be focused on substantially in the law practice business plan are the issues relating to receiving payment from clients. It should also be noted within this document that the practicing attorney will maintain a client trust account so that when incoming payments are made on a retainer basis, the practice can properly draw into the operating account as billable hours are obtained.
A SWOT analysis is usually done by most attorneys are thinking of starting their own practice. As it relates the strengths, there barriers to entry are very high, the gross margins are substantial, start up costs are low. For weaknesses, in any town or city there are a number of other attorneys that are practicing are competing for the same business. As such, most attorneys he to find an appropriate way for them to differentiate their practice from that of other attorneys. As it relates to opportunities, many legal professionals will hire a paralegal or an associate attorney to work with them in order to increase billable hours. This is one of the ways that a law firm can rapidly expand especially the associate attorney has a number of clients they will be bringing with them to the practice. For threats, there is nothing that is really changing about the legal profession impact the way that an attorney conducts business.
Finally, an attorney must develop a very comprehensive marketing plan nor to reach potential clients. Depending on the type of law practice, this may include a marketing plan aggressively target the general public or it could be as simple as developing ongoing relationships with a handful of businesses that have specialized legal needs. As such, marketing plans for a lawyer can vary drastically depending on the type of law being practiced. Should be noted that most attorneys allocate anywhere from 3% to 7% of their total gross revenues in regards to their marketing campaigns.
Attorneys are always going be needed in any economic climate. As such, these law practices are generally able to remain profitable and cash flow positive at all times. His trend is not expected to change anytime the near future.