Page 64 - Strategic Planning for Law Firms

Strategic Planning for Law Firms
Defining the Firm’s Practice Areas
Define the firm’s practice areas, in terms of importance, size, fees and profitability, and just as important, define what the firm does not do and what work it will not pursue. This discussion should include staffing needs for lawyers now and into the future by practice group.
Defining Who the Firm’s Clients Should Be
List the firm’s clients, in order of size, importance, fees generated, longevity with firm, etc., determine what efforts should be made to secure more work from those clients and define what additional clients the firm wants to pursue and how. You may also want to decide that there are clients that you do not want any longer or practice areas that are not profitable or sustainable.
Defining the Firm’s Business Model
Define what the firm’s business model is, has been and what it is moving towards. Firms, like all businesses, evolve. Your insurance defense firm may be morphing into a commercial litigation firm. Your defense firm may be sprouting a white collar practice that once was fledging but is quickly growing and becoming a bigger part of the firm, its operations and its business model. Understand your firm and what it is and how it operates.
Defining the Firm’s Culture
Firm culture is crucial for growth, retention and profitability. Attorneys won’t stay at firms that tolerate and look the other way at attorneys and staff who are jerks and who do not obey firm rules.Lawyerswillleaveifnooneisheldaccountable. Afirmwhichispurelytransactionalhas the potential of fracturing, splitting and falling apart. Understanding and directing the firm’s culture in a proper direction is necessary for the firm’s viability.
SECTION 09 THE PLANNING PROCESS
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