Building Your Law Business 2021

Overview

People and businesses need legal advice and services as much as ever. Most, unfortunately, are
left out, or served in ways that do not suit their needs. They consistently say that the ‘legal
system’, the approach by which the legal needs of people and businesses are met, is too
complex, too slow and unaffordable for most of them.

You are in a lawyer licensing program. You will soon have the right to deliver legal services to
others, whether through your own law firm, as part of a law partnership, as an employee in a
law firm, as an employee in a corporate setting or in government. You might deliver (legal)
services in a variety of settings that do not fit the traditional mold. Wherever you end up, the
underlying principles are similar, as is the goal:

Goal: Identify who your consumers are. Find out what they need, and deliver it in the way they
need it, when they need it, at a price they are prepared to pay. Deliver value to your
consumers.

Approach: We are going to help you achieve the goal in the context of a law firm that you will
set up. We will use a series of talks, interactive strategy sessions, advice, discussions, and
provide some online material.

Deliverable: Every “law firm” will be responsible for Developing and Presenting a Business Plan
for a modern, client-centered law firm. The premise is that you will be setting up your law firm
the day after you are called to the Bar. You have little money, no clients, and no benefactor.
Therefore success, or even survival, cannot be purchased. You will be going to the Bank for a
loan-which they will be very reluctant to give. The Business Plan will be the heart of your pitch.

The Business Plan will consist of 5 parts:

Part 1: You and the Firm

1. You: Why do you want to practice law? What would you like to achieve? What
strengths do you have? What have you accomplished in your law and/or non-law life
that prepares you for serving clients. What can be considered a strength or advantage?
2. The Firm: Why are you setting up your firm? What are your firm goals? Strengths?
What makes you distinct? What does each of you bring to the firm? Why will people
come to you, as opposed to any of the other lawyers out there? Why should they hire
you?
3. Challenges/Weaknesses. What challenges do you face as an individual? A firm? What
areas do you need to work on, either individually or collectively? What is the plan to do
that work?
Part 2: The Consumer/Client

1. Who are your consumers/clients? What do you know about them? Why did you choose
to focus on them? Do you have a focus?

2. What do they want/need? Why do you know that is what they want/need? Do you
know? How do you know? Do you need to know more about your target
consumer/client? What do you need to know?

Part 3: Marketing and Networking Building on Parts 1 and 2, what will you highlight in your
approach? How will potential clients find out about you? Where will you find them?
Remember, you do not have much/any money for splashy advertising. What is your approach to
networking, as opposed to marketing? How will you build your identity, and network, in a way
that will build your practice?

Part 4: A Modern Approach

Your practice is a modern one. It is almost completely online, and uses modern business
approaches. As you build your business plan, here are 2 (of many) questions to consider:

1. What modern business approaches/technology will you use/highlight in building your

law business, delivering services and maximizing value to your consumers?
2. What tech will you use, and how will you use it, to comply with the rules and best
practices, and (among other things):
a. Interview and onboard clients
b. Move their work along through the process
c. Maintain the appropriate file and financial/business etc records
d. Maintain a calendar
e. Manage HR issues

Part 5: Value. Money.

Value: What value are you bringing to your clients? How do you measure value?

Pricing: How are you developing an approach to pricing that makes business sense, allows you
to make money, and lets you have a life outside the law?

Financial Statements: First Year Business Statements with: Income Statement, Balance Sheet,
and Cash Flow Statement.
DELIVERABLES - Who Does What and Due Dates:

The Business Plan is submitted as a Firm. It will be submitted by your second half firm. It is a
Business Plan that each Firm will present. Every member of the Firm will be part of the
presentation. Every member can be called on to discuss any part of the presentation, even if
you did not present or prepare all of it.

Note: Each of parts 1, 2, 3 and 4 of the Plan is no more than 3 pages long, standard type. It is
quality, not quantity. The final part can take the space it needs, as statements often spread out.

Draft Parts 1 and 2: November 1 at noon

(Deliverable: 82_Draft Business Plan Parts 1 and 2_Firm_XX)

Draft Parts 3 and 4: November 15 at noon

(Deliverable: 83_Draft Business Plan Parts 3 and 4_Firm_XX)

Final Full Plan including Part 5: December 3 at noon (amended Nov 25)
(Deliverable: 84_Final Business Plan With Part 5_Firm_XX)

Presentation: Near the end of Training, on a date in December to be announced.

(Deliverable: 85_Business Plan Presentation_December (No Submission Required)

You can change any and all of the first four draft parts before submitting the Final Full Plan.

The financial statements and calculations will naturally occupy more space, given their look and
construction.

The Final Plan and Pitch: They will each be evaluated, as will your presentation.

LPP