In today’s difficult legal environment, it’s imperative that all lawyers ranging from senior associates to senior partners prepare yearly business plans. Even before the recent recession, firms, in an increasingly competitive marketplace, were both increasing their expectations for lawyer business development and shortening the time frame to produce results. While many firms now require lawyers to develop business plans on a yearly basis, many of those that we see tend to either be a rehash of a partner’s previous billings and collections, or a back-of-the-envelope summary of things that the partner will attempt to do this year.
In recent projects working with attorneys putting together a short-term business plan, we have found that success is based on commitment to specific activities and execution of those activities, rather than on making vague references to speaking and writing and general networking.
Equally as important is to put the attorney’s plan into the proper context. Every plan needs to tie a particular lawyer’s expertise into issues of importance to the client base, focusing particularly on new developments in the business environment. It’s critical that a plan be client focused, rather than practice of law focused.
Since the beginning of this year, The McCormick Group has assisted, without a placement fee, attorneys in receiving offers of permanent employment. For more information on TMG’s transition counseling services, contact Steve Nelson at (703) 841-1700, or at snelson@tmg-dc.com.
TMG’s Take is a regular e-mail advisory produced by The McCormick Group. The company’s Law & Government Affairs and Law Firm Services groups combine the expertise of more than 15 Consultants to help law firms fulfill all of their lawyer and administrative recruiting needs. TMG’s Take covers topics across the spectrum of law firm management, including associate and partner compensation, growth strategies, marketing and business development, operations and facilities management, finance and accounting, professional development, and technology. Please direct all inquiries to Steve Nelson, Managing Principal at (703) 841-1700 or snelson@tmg-dc.com.
