Page 31 - Strategic Planning for Law Firms

Strategic Planning for Law Firms
Firm Costs and Expenses
What are your firm’s costs and expenses? Is you firm spending too much in any area? What and why? Are there any cost cutting measures the firm could/should undertake? Does your firm create a budget every year, and does your firm management review it regularly and compare year to year and month to month? Are you disciplined about adhering to a budget?
Firm’s Challenges
What challenges does the firm face? What challenges does the firm face from its competition, from the legal market, from clients, from the economy, and from within, etc?
Is Your Firm Vibrant?
Do you consider your firm to be vibrant? Does it have a strong, unique brand? Is
it well known? Does it have an oversized footprint? Are your employees proud and happy? Do they speak well of the firm?
Is Your Firm Dying?
Is your firm dying? Have you lost one or more significant clients? One or more significant rainmakers? Several rising stars? Are you unable to hire young lawyers? Would anyone want to merge with your firm? Are you able to attract laterals?
Is Your Firm Sliding?
Has your firm lost a step (or more)? Is it regressing? Is it losing income? Attorneys? Clients? Lawyers? Reputation?
Is Your Firm Ter minal?
Is it simply too late? Would any efforts to conduct strategic planning be worthwhile?
©2021 Federation of Defense & Corporate Counsel
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SECTION 04 WHERE DOES YOUR FIRM STAND