It must also protect your personal assets from those of the business.
In addition, your business plan must shield the business against threats and other potential problems, including: A properly designed and implemented business plan can also enable you to receive the greatest possible return on your initial investment when you sell or otherwise transition out of your business.
The answer is simply, the LPQ is your one-sheet resume, with just enough details to diligence a conversation on a lateral partner. There isn’t one set way to compose a business plan, but generally the best business plans we see follow this structure: Summary: The summary highlights your practice and experience in a neat 100-200 word package, giving the firm an overview of your past achievements, and your expectations for your practice over the next few years.
The business plan on the other hand, is your opportunity to market your practice and walk the firm through your strategic process to achieving your goals. This is the time to brag about yourself, are you Chambers ranked?
note: This is the latest installment in a series of posts Lateral Link’s team of expert contributors.
A business plan is one of the most important tools to explain your practice, relationships, and strategy to another law firm.WLF is a limited liability company, owned solely by Richard Bloom.WLF's start-up costs will include all equipment needed for the home office, website creation, and advertising.The technology practice will allow the firm to be able to provide public interest organizations legal help at the cost of overhead.WLF is a limited liability company founded and lead by Richard Bloom.This is not the time for ambiguity; if your strategy calls for additional associates to service extra work, include this in your strategy. Your strategy should detail current market trends and forecast future ones to synthesize a strategy that accounts for potential growth or decay in your practice.Track Record: Your track record is simply a breakdown of clients by year and fee origination.You should put together a business plan before even pursuing opportunities to preemptively answer questions that you anticipate encountering throughout the lateral placement process.Why are business plans necessary in conjunction with their shorter brethren, LPQ’s (Lateral Partner Questionnaires), which deals almost exclusively with historical and projected business generations, conflicts, and key relationships?When we adhere to this maxim, everything else will fall into place.WLF is a law firm serving technology companies and public interest organizations, and will subsidize its public interest work with local companies.