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Presentation on theme: "BUDGETING AND PLANNING FOR SUCCESS (336) 510-2150"— Presentation transcript:


2 Strategic Planning: What Well Cover Purpose Elements of the Plan The Budget Action Items

3 Purpose: Success You are a Business Owner Your Business is Law Fail to plan and you plan to fail Implementation should not await a finished plan- Avoid Analysis Paralysis SWOT- Strengths, Weaknesses, Opportunities,Threats A plan without accountability is nothing

4 Elements of the Plan Vision & Mission What are you Building and Why Objectives What will you measure Strategy What will make you successful Action Plan What needs to be done

5 The Business Plan Vision & Mission Joe Schmoe PLLC will be the premier provider of traffic and misdemeanor criminal representation in Greensboro and the first thought in a defendants mind when they encounter the police. We strive to provide zealous representation to bring fairness to the legal process for everyday citizens. Objectives We will generate fees to total $100,000 to achieve a $30,000 profit in the first year. We will handle 40 misdemeanor cases at $2,000 each and 100 traffic ticket cases at $200 each to achieve our goal. My salary will be $50,000. The budget will be $100,000. Our profit will double in two years. Strategy Increase revenues and profit by building referral network and implementing marketing plan. Increase revenues by growing misdemeanor clients. Hire staff to leverage low cost providers of services. Reduce appointed work to 1/3 of fees earned by increasing private clientele. Action Plan Identify referral sources- 1 mo. Personally contact referral sources and ask for business- 3 mos. Start direct mail campaign- 1 mo. Hire staff- 6 mos. Take misdemeanor CLE classes- 4 mos. Draft marketing plan 2 mos.

6 The Budget Income Setting Fees, Getting Fees Expenses Fixed, Variable Tracking What will make you successful

7 Budget Tracking Monthly Financials o B alance Sheet, P&L, Cash Flows What you Earn By case, by referral source, by realization rate What you Owe Your Expenses v. Budget Who Owes You Accounts Receivable Billing effectively, client selection, time capture


9 Income: How to Set Fees Rule of Professional Conduct 1.5 ASK SOMEBODY! Research: the phone book, the Internet, legal forms Estimate based on time and costs Negotiate with the potential client

10 Income: How to Get Fees Attorney-Client Engagement Agreement Ask other attorneys State Bar Lawyers Handbook NCBA Alternate Billing Commission Forms Be prepared- set your price framework Make it easy to pay Get enough money up front

11 Expenses: Fixed & Variable Fixed Costs What they are Negotiate Prioritize Variable Costs Forecasting Strategies to Manage

12 Success Factors: Spend Time On the Business Set a Direction with a Plan Set Goals and Measure Results Dedicate Time to Your Business Develop Non-Legal Business Relationships (BNI, Chamber of Commerce, Kiwanis) Say what you are going to do….do what you said you would… honest with yourself

13 Success Factors: Remember to Market Yourself Every person you meet is a potential client or referral source Marketing does not have to cost a lot of money but does require a huge investment Make sure people know who you are and what you do Take other lawyers to lunch and ask them for referrals Be visible

14 Success Factors: Get Involved Professional Organizations Find the fit for your interests and practice Improve your skills Develop important relationships Referral Networks are key Take leadership roles Greensboro Bar/ Law Practice Management Section offer great resources

15 Success Factors: Use Your Fellow Lawyers Leverage their experience Generous and willing to help you succeed Work on co-counsel opportunities 22,000 of them in the state so you are not alone

16 Success Factors: Listservs Are Essential Assists with preparing legal documents Assists with finding experts and go to people Easily viewed format Use specialty bar listservs (defense, litigation, family law) Expands the network of referral opportunities

17 Action Items Draft a Business Plan Draft a Marketing Plan Read Rule of Professional Conduct 1.5 Read 2008 FEO 10 Price Your Services Get a one call away mentor

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