Page 47 - Law Society of Hong Kong MPMC Manual v8 - With checklists (1 March 2018)

Practice Management Course | Unit 5
Business Planning

• Increasing the practice's market share by satisfying the needs of existing
clients and anticipating their needs in the future.
• Adhering to the highest standards of excellence and integrity.
• Performing legal work in a timely manner.
• Charging fees that are appropriate for the clients being served and that
represent value for money.

21. The Mission Statement should be the guiding statement for the preparation of the
Business Plan and needs to be communicated throughout the practice. Strategies
for such communication depend on the size and culture of the practice but could
include:

• Involvement of practice members in the development of the Mission Statement.
• Formal memoranda to all practice members.
• Incorporation of the Mission in practice documentation.
• Framed copy in the reception area.
• Inclusion of Mission Statement in the induction program.

22. There are just a few simple things to remember in order to develop a broad Mission
Statement that will work for you. The key characteristics are:

• Clarity - The Mission Statement should be understood by everyone - not
just a catchy feel-good set of phrases. Ideally, it will describe an outcome
that can be measured.
• Ownership - All employees must own the Mission.
• Distinctiveness - What will differentiate the practice in the marketplace?
What markers of success will distinguish it from other practices?
Distinctiveness can be achieved through a unique slogan or motto, an apt
practice description, or a set of values that mark it out from others.

23. Examples of Mission Statements for legal practices can be found online at:
www.missionstatements.com/legal_mission_statements.html

Value systems
24. The practice should have a good idea of the practice's values before it settles on its
Vision and Mission Statements. Values represent the congruence between the
practice's culture and guiding principles on the one hand, and clients’ needs and
perceptions on the other. Some practices appear to value short-term profitability
and billings over all else. If this is the case in your practice, a Vision and Mission
that are directed towards growth and changes in direction may be more difficult to
agree on and implement.

25. Different practices have different value systems, which may include:

• Quality of service.
• Profitability.
• Growth.
• Fast turnaround of work.
• Professional competence.
• Market leadership.
• Teamwork or personal autonomy.

© The Law Society of Hong Kong (2018) Page 43