Do you need an attorney business plan? The sort of business plan that a small law firm or solo practitioner with a JD needs differs from the type that a traditional start-up needs for presentation to a loan officer or private investor. A plan for an existing law firm should show historical financial data (past performance) for at least the past three years of operations, whether profitable or not. This is an important component for any existing firm, though it may not apply if, for example, members of one law office are leaving to start their own firm, even if they get to take cases with them. In any scenario where the firm itself is being treated as a start-up, conventional business plan outlines will apply, but the subject matter dictates some specific criteria that should be covered in the business plan itself:
What type of cases will comprise the specialty of the attorney or firm?
What fee agreements will be used, and if they're all contingency, what benchmarks can be established for the likely average payout of a judgment or settlement?
What market data can you bring to bear to make it clear to an outside capital source that the opportunity is a sound one?
When will break-even occur and what will the financial picture look like if your revenues fall 10%, 15%, or 20% below projections?
These are just a few of the questions specific to attorney business plans that you will want to consider while drafting your plan. If you are an attorney, you know the value of time. It can be extremely wise to bring in professional help when it comes to preparing your business plan for investor review. MasterPlans is one of the industry's foremost business planning companies and one of the oldest professional business plan writing firms in the nation. We have been helping entrepreneurs and business and legal professionals get funding-ready documents since 2002. If you need support or have questions regarding your business plan presentations, please contact us at 877-453-2011 or visit www.masterplans.com.
