Consider the areas of your business that need the most attention right now and in the near future. You can always come back and focus on other areas of your plan later if need be. The Prinz Law Firm's blog posts about Strategic Planning. In this blog post, we’ll go over why strategic planning is essential to any law firm, how to create a law firm strategic plan, and the steps you can take to help you successfully execute your plan. Think about how you will divide responsibilities. During the past 15 years, we’ve surveyed law firm managing partners from time to time on the topic of strategic planning. Then, identify your weaknesses—be honest when doing so. We also recommend looking into using legal analytics tools like. But when you’re navigating a complex legal marketplace, creating a map isn’t a waste of time: it’s an essential first step. We’ll discuss performing a SWOT analysis below, but other models and tools include: : This strategic planning tool is essential for evaluating your law firm’s competitive position in the industry. You can find a. to help you navigate the wonderful world of strategic planning. Our sales team is available Monday to Friday from 8 a.m. to 8 p.m. EST. Set department mission/vision and develop strategic priorities that serve the needs of your department and the overall business. If your law firm is experiencing any of the following warning signs, poor strategic planning could be the cause: 1. Stephen Covey’s, talks about the importance of having a wide-lens camera—so you see things through the, By spending the time to get a bird’s eye view on how your law firm has been doing, what the short term will bring for your firm, and what the future looks like, you’ll be better equipped to steer your law firm in the right direction—for the rest of the year and beyond. Regardless of how old your law firm is, think of law firm strategic planning as a form of a recession contingency plan. Strategic planning looks at the future, while most law firms have a very short-term view of the world. 1. We can assist whether planning temporary or permanently: ... Powered by Khatri Law Firm… What are the milestones involved and when do you want to achieve them? In addition to being measurable, your goals need to have a timeline. Securing Your Practice’s Future: Why Law Firm Strategic Planning Matters for Small Law Firms. You need to have a framework for testing your ideas before investing in them. We can assist whether planning temporary or permanently: ... Powered by Khatri Law Firm… Hear how the legal industry is adapting to the COVID-19 crisis. of the law firm business model, how law firm leaders respond to business challenges, and the current state of law firm strategic planning and how that landscape is perceived to be changing. This may mean some law firms will be shor- staffed in the next few months. The firm will be lead by Richard Bloom, a seasoned attorney previously with (name omitted)’s e-group. Consistent performance is not an accident. Or perhaps you have been wanting to. Don’t forget to consider deadlines and budget for implementing your strategic plan. When we survey law firm managing partners, about 40 percent will tell us that their firm has a strategic plan. Keeping your arms around a growing law firm is difficult. When there are cases to win and clients to care for, strategic planning can seem a little abstract. Having a system to measure results will ensure you will know how your law firm is doing, which can keep staff and lawyers accountable and inform future business decisions. And most important – we LISTEN and analyze objectively before jumping in with solutions. Set your firm up for success in 2021 by learning how to manage your small law firm more effectively. At Affinity, we offer a practical, collaborative approach to law firm strategic planning, ensuring that you are ready for whatever the future brings. No matter if you run a small, medium or large law firm, this time of year is a great time to reset, reassess and make real changes in your law firm strategic planning. How much your clients like working with you, Your marketing and business development strategies. ... We know best practices in running everything from a sole proprietorship to a huge law firm with many partners, divisions, and specialties. A strategic plan sets out the direction of travel for a law firm. The top two squares will represent your law firm’s strengths and weaknesses, while the bottom two squares will represent your law firm’s opportunities and threats. Steering Law Firm Strategy. Strategic business planning includes: Management Consulting. From managing your cases and, (and the many things in between), it’s tempting to want to focus equally on. What gets measured, gets managed. How do you determine what your law firm’s goals should be? This is the reason why you need to appoint individuals who are responsible in ensuring that the entire legal strategic plan is both comprehensive and detailed. Strategic Planning | PerformLaw's best practices blog includes articles on important issues to law firms, including partner compensation, client profitability, marketing and business development, strategic planning, succession and transition planning. , “Even if you don’t have all the information right away, communicate that change is coming as soon as it’s approved and an implementation plan is being put into motion.” By communicating changes early, you can get valuable input from key staff members as well. When you’re running a solo or small law firm, there are many moving parts to your business to consider. The idea is to work backward and envision what needs to be done to achieve a desired goal or action. Successful law firms have a strategic plan that is unique to their business. From managing your cases and legal documents, to billing and accounting (and the many things in between), it’s tempting to want to focus equally on everything while you’re working on your law firm’s strategic plan. As its name suggests, a SWOT analysis will help you identify your law firm’s strengths, weaknesses, opportunities, and threats. Stay focused on key areas of your business, When you’re running a solo or small law firm, there are many moving parts to your business to consider. The solution? Copyright © 2020 Uptime Systems, LLC. As its name suggests, a SWOT analysis will help you identify your law firm’s strengths, weaknesses, opportunities, and threats. Our Beliefs But when you’re navigating a complex legal marketplace, creating a map isn’t a waste of time: it’s an essential first step. All Rights Reserved. So much of the other components of marketing plan, like SEO, PPC and email marketing (which will cover shortly), tie back to your website. Develop a strategic plan that addresses industry dynamics, your local market, and your individual business. In a solo law firm, this would be easier. To create a good strategic plan: We hope this blog post has given you a good idea of how to create a law firm strategic plan that is goal-oriented and flexible, yet pushes you to achieve your goals. Altman Weil's approach to strategic planning • We understand that the planning process must be customized to each firm, its culture and stage of development. This may mean blocking out everyone’s calendar for regular law firm strategic planning meetings, and being clear about what you want to accomplish during each meeting. . Even if your law firm marketing plan is modest and most or all of your new business comes from referrals, you need a polished, modern website. With the rapidly shifting client expectations and economical climate, it is wise to leave room for changes and improvements to your plan. Before investing in a new idea, test it by modeling it out to see if it’s worth investing in at all. By making sure all the key stakeholders at your firm feel a sense of urgency and accountability towards creating a law firm strategic plan, you are more likely to arrive at a well-thought out plan within your desired timeframe. He works with law firms nationwide and can identify the next steps your law firm needs to take. Hit or Miss Successes. Discuss law firm strategic planning with lawyer coach Roy Ginsburg. 1. It feels like 2018 just started, but we’re already well into the second quarter of the year! Once you’re done with law firm strategic planning, you should feel a great sense of achievement. As a solo attorney or small firm lawyer, you may not have the time to dedicate yourself to creating a well-thought-out plan. That was a lot of work! The data were collected via email invitations to a Web-based survey conducted … After all, every aspect of your business is important. Strategic Pre-Planning for Individuals and Corporations. And most important – we LISTEN and analyze objectively before jumping in with solutions. Legal department or not, strategic planning can’t just appear and conducted out of thin air. When there are cases to win and clients to care for, strategic planning can seem a little abstract. Ensure Your Law Firm’s Long-Term Success.