Page 8 - Strategic Planning for Law Firms

SECTION 8
What Should Your Strategic Plan Encompass? ...................................................................... 44
Think Big Picture ....................................................................................................................................................45 Think Meta Strategy..............................................................................................................................................45 Don’t Bite Off Too Much........................................................................................................................................45 What Topics are Appropriate for a Strategic Plan?....................................................................................46 What Topics are Not Appropriate for a Strategic Plan? ...........................................................................46 The Firm’s Mission ................................................................................................................................................. 47 The Firm’s Vision .................................................................................................................................................... 47 The Firm’s Values ................................................................................................................................................... 47 Business Development.........................................................................................................................................48 What Business Does Your Firm Want? ...........................................................................................................48 How Do You Plan to Pursue this Business? ...................................................................................................48 The Firm’s Culture..................................................................................................................................................49 Profitability ..............................................................................................................................................................49 From Where Does the Firm Get Its Money? .................................................................................................49 Where is the Firm Leaking Money? .................................................................................................................49 How Urgent is the Need for a Strategic Planning?.................................................................................... 50 Does the Firm Need Tweaking? ....................................................................................................................... 50 Does the Firm Need Saving? ............................................................................................................................. 50 Does the Firm Need a Reality Check?...............................................................................................................51 The Practice and Business of Law ....................................................................................................................51
The Planning Process ............................................................................................................... 52
Analyze the Firm’s Data........................................................................................................................................53 Analyze the Firm’s Questionnaire Responses...............................................................................................53 Perform a SWOT Analysis ...................................................................................................................................53 Review Firm’s Key Documents...........................................................................................................................53 Review Partnership Agreement .......................................................................................................................54 Review Compensation Model ...........................................................................................................................54 Review Succession Plan ......................................................................................................................................54 Review Lease...........................................................................................................................................................54 Review Other Key Documents ..........................................................................................................................55 Review Financials...................................................................................................................................................55 Drafting the Firm’s Mission Statement ...........................................................................................................55 Drafting the Firm’s Vision Statement ..............................................................................................................55 Drafting the Firm’s Values ..................................................................................................................................55 Defining the Firm’s Practice Areas...................................................................................................................56 Defining Who the Firm’s Clients Should Be....................................................................................................56 Defining the Firm’s Business Model .................................................................................................................56 Defining the Firm’s Culture .................................................................................................................................56 Defining the Firm’s Brand.................................................................................................................................... 57 Defining the Firm’s Marketing Plan.................................................................................................................. 57
The Plan ..................................................................................................................................... 58
One Size Does Not Fit All .....................................................................................................................................59 Defining the Firm’s Goals.....................................................................................................................................59 Developing a Plan to Achieve the Firm’s Goal ...............................................................................................59 A Plan for - Business Development ................................................................................................................. 60 Improved Client Services................................................................................................................................... 60 Firm Growth ........................................................................................................................................................... 60 Firm Brand .............................................................................................................................................................. 60 Marketing ................................................................................................................................................................ 60 Firm Culture............................................................................................................................................................ 60 Attorney Compensation ..................................................................................................................................... 60 Attorney Recruitment.......................................................................................................................................... 60 Attorney Retention ............................................................................................................................................... 60 Succession Planning............................................................................................................................................ 60 Firm Technology.................................................................................................................................................... 60 Reducing Overhead.............................................................................................................................................. 60 Associate Training ................................................................................................................................................ 60
SECTION 9
Chapter 10