The business plan should be tailored to each specific business you are considering, and you will learn important information during the interview process that you will use to create your case, why you and your firm are a good fit for the new business. A big mistake is to present a general business plan. I remember attending a seminar on lateral partner business plans a few years ago, and the speakers (who hire partners in law firms) were basically saying, “We don`t like generic business plans and think they`re kind of useless. If we really want a business plan, it should be specifically focused on our business. Here are some simple steps you can take to create your own personal business plan: In addition to WLF`s technology practice, we offer public interest legal work at subsidized prices. The technological practice will allow the company to provide legal assistance to public interest organizations at the expense of overhead. The business plan is not a one-size-fits-all approach, but the above provides more clarity on the key issues these documents include and how best to approach this part of the lateral hiring process. In the context of a business plan, financial performance means three different things – all of which are important, although different companies weight them differently. These include: Summary: The summary highlights your practice and experience in a neat package of 100 to 200 words and gives the firm an overview of your past performance and your expectations for your practice over the next few years. It`s time to brag, are you Chambers rank? Have you won an important or worthwhile case in the last two years? These are striking details that belong in the summary.

The summary is your hook, so be careful with the material you add. Editor`s Note: This is the latest in a series of articles published by Lateral Link`s team of experts. Michael Allen is a Managing Director at Lateral Link, focusing exclusively on Am Law 200 client meetings and corporate law internships. Do not submit a business plan before the interview (the exception is if you are from the government). Partners ask themselves three main questions about effective business plans: The legal market has become increasingly competitive in recent years, with law firms under intense pressure to serve their clients more effectively while increasing partners` revenues. As a result, today`s companies are less willing to take a risk for a potential partner and insist that they prove themselves. This is all the more acute as the economy has contracted and is expected to remain so for the foreseeable future. 2. Identify why. Companies are looking for partners for a variety of reasons. While some companies buy books to drive value-added growth, others worry about succession planning. Some have a platform expansion in mind or the appetite to build a practice that connects well with an existing clientele.

Whatever the reason, companies prioritize certain hires for a variety of reasons. Determine the value you bring to the business and vice versa. Connect the dots and communicate a strategy. For example, as retirement age approaches, the company may question your ability to pass on your business to the next generation of partners. If so, your business plan should focus on the long-term sustainability of your practice and include a seamless succession plan to help the firm retain clients after you retire. An experienced recruiter can also put your chances of success through a health check and advise you on how to refine your sales pitch. Also, they likely have in-depth knowledge of the company you`re applying to, which means they can give you important information about the company and its culture that you might not otherwise have access to, giving you a potential advantage over your competitors. In addition, they might even provide details on other possibilities that you should consider based on your experience. Now that you understand why a business plan is necessary, what information should you include? Here are our thoughts on creating a business plan for law firm partners. For example, if you have potential stores in Mexico City and your current business doesn`t have an office in Mexico City, but the potential business has a strong Latin American practice, run it as you plan to sell an international platform to your current customer base to serve additional business that you leave on the table.

A business plan combines your past performance with your future potential and shows how you want to further develop your practice in the face of new synergies. If there are specific initiatives that you think the company should pursue, such as training in key areas, you should also include it. It would be a good idea to also explain why this is important and, if possible, identify potential suppliers to work with. In terms of finances, you should describe your billing hours over the past three years. This includes hours you`ve billed to your own customer, your current company`s customer, or another partner, as well as any non-billable productive hours. If there are numbers that you think need to be explained, such as abnormally low or high billing, consider adding a footnote underneath. Like any business, the law firm wants you to describe how much you expect your businesses to cost. Whenever you identify something the company needs to provide, whether it`s additional team members, a sponsorship opportunity, or additional training, you need to make sure you fully understand how much it will cost.

Now that you understand the basics of creating a business plan for law firm partners, you need to be confident that you can achieve your dream job. Once you`ve completed your plan, you may feel like you need an extra pair of eyes to advise you on areas that might need to be optimized. While this may come from another lawyer, it may be more beneficial for you to turn to a specialized legal recruiter. Lateral Link is one of the top-rated international law firms. With more than 14 offices worldwide, Lateral Link specializes in providing lawyers to the world`s most prestigious law firms and corporations. Lateral Link is run by former practicing lawyers from top law schools and has a tradition of hiring lawyers to execute the lateral jumps of practicing lawyers. Click ::here:: to learn more about us. Your summary should ideally be a one-page cover page that summarizes all the key points in your plan.

It should be concise and capture the essence of your business plan, especially your financial projections. Once that`s done, you`re ready to move on to the rest of your proposal. Here are the things we think you should include: The next important area to consider when creating a business plan for law firm partners is business development. There are four main sections that are important to mention, namely: The first main section you should include when creating a business plan for law firm partners is an analysis of the key goals you want to set for yourself. You should then describe how you plan to achieve these goals and what your strategies will be. There are a variety of guidelines to follow when creating a business plan, but here are the six main principles to keep in mind: If it`s not clear if you have enough business to stay busy, a business plan is important to explain your vision and plan for your practice. It`s a piece of the puzzle that helps the new firm answer, “How likely is it that this partner will succeed in our firm?” Writing a business plan is tedious, especially after a long day at the office. Between adjusting the message and establishing the structure, the whole thing can drag on much longer than expected. My colleagues at Lateral Link and I have a lot of experience guiding you through the process, shaping your motivations, and structuring your plan effectively. Do not hesitate to contact me at mallen@laterallink.com for more information.