The business plan for class action law firm spells out your experience with class action law, the sort of cases you have brought in the past, and the market scope of your new firm (national, international, or catering only to local clients who are the genesis of a class action?). This is an exciting and potentially very lucrative section of the law but there tends to be less frequent casework in it. As such, a business plan needs to articulate how you will drum up claims to pursue and what sort of fee arrangements you'll put in place in order to ensure that the firm survives any dry spells. This business plan should address:
• The scope, size, and nature of your planned class action work
• The contingency vs. other payment approaches
• Your expertise in this area
• The jurisdictions you'll operate in
• Your personnel plan for other lawyers (if employees, and not owners) and support staff
The business plan for a class action law firm also needs extensive market research and an intelligent section discussing this legal niche as an industry. Current figures and projected trends data from a market research source would be prudent. The plan also requires a financial plan (showing 3-5 years of revenues and expenses weighed against each other), a marketing strategy (demonstrating common advertising and client acquisition methods), and a management team and gaps section (talking about you, your background, and any assistance you will need). The business plan can be tough going but the experts at MasterPlans in Portland Oregon have been writing plans since 2002. Call us today to learn how we can help you: 877-453-2011
