To schedule a visit, and for the latest on how the City Bar is responding to the coronavirus, click here. How many of us, as solo and small firm practitioners, have counseled clients on the importance of securing the future of their loved ones in case of a disability or a death? How many of those who represent small business owners emphasize the importance of having a succession plan, of securing their ongoing business and their customers? Over the years we have, perhaps, drafted hundreds of "buy-out" and "disability" clauses, represented dozens of estates, prepared wills and counseled our clients when they faced disputes with their deceased partners' families who tried to continue to run the business without having any idea of what it involved. Yet, despite lending our learned advice to our clients and their families, many of us remain hopelessly lax in planning our own professional exit, whether it is voluntary such as retirement, or sudden, such as in cases of disability or death. Indeed, a death or a prolonged disability of a solo practitioner often presents enormous problems for that person's family, clients and those who try to help them, and may expose his or her estate and family to liability.
Transform Your Practice with a Business Plan
Write a Law Firm Business Plan in 8 Steps [With Free Templates]
Save this blog article as a PDF Loading Instantly download this blog article as a PDF You'll also receive useful weekly updates by email. For a more specific, meaningful, and ultimately rewarding business plan, consider these three points:. In theory, owning your own law firm gives you more control over your income than a salaried associate job. Answering these questions can be more difficult than you think, but without clear goals for why you want to run a law firm, investing in this dream would feel misguided at best. Be generous when estimating the costs of your goals, and write down a number that scares you. If you are only doing two or three cases per month, the number you came up with above might look outrageous.
A Successful Business Plan for Solo Law Firm
However, your practice is also your business! Why a business plan? Have you ever gone on a road trip for vacation?
Username or Email Address. Remember Me. Forgot your password? Reset it here. If you work in a large firm, one question you never have to ask yourself is what business entity makes the most sense for your law practice.