The Business Plan Revisited

new firm

I often speak with partners who wish to make a lateral move to a new firm. Their reasons for seeking new platforms vary; however, their reactions to drafting a Business Plan are fairly uniform. In short, they do not want to do it because – much like drafting a resume – the Business Plan requires the candidate to really focus on his practice and clients; and this task can seem overwhelming. The good news is that the creation of a Business Plan does not need to be such an onerous task; and drafting it can be an incredibly useful exercise to prepare you for the meetings that will surely follow the receipt of a well written Business Plan.

 

Five Essential Components of Every Business Plan

 
A well written Business Plan can have as few as five sections: Introduction; Clients; Historical Billing Information; Reasons for Seeking a New Platform; and Conclusion.

See Also: The Crucial Role of Business Plans in Law Firm Partner Success
 

Introduction

 
The Introduction allows you to introduce yourself and your practice. No one knows you and your practice better than you and here is your opportunity to briefly describe what you have been doing for the last 10, 20, or even 30 (or more) years. Often (so as not to get bogged down in your various moves over the years in this section), you can reference that you have included your resume as an exhibit to the Business Plan. By including the resume as an exhibit, the introduction can stay focused on what you actually do rather than devolving into a long and dull narrative of your various moves between firms.
 

Clients

 
The next section – Clients – is probably the most important section. It is not necessary to name your clients. Some candidates like to name their clients; others do not for fear that the reader may attempt to poach their clients. What is critical is that you describe each of your clients who will definitely be coming with you, and indicate the type of work that you do for them. For example, you may want to mention that while you presently handle a particular client’s patent work, you could be eligible to do this client’s tax work too if only you had the right platform.
 
On occasion, a candidate will have clients who may come with him. For example, the candidate did not bring these clients to his current firm; however, he has handled all these clients’ tax matters for the last 10 years, and it is highly likely that these clients will come with him to the new firm. You should absolutely include these clients in your Business Plan with the caveat that these clients are not “yours”, but in all likelihood will come with you because you have become their go-to person for your practice area.
 
If you are feeling ambitious, you may want to begin to think about the yearly fees that you generate from each of your clients, and what you expect you will generate from these clients in the coming year. You will need this information eventually, so you may as well do it now because you will be that much more prepared for your meetings.
 

Historical Billing Information

 
Firms usually want to see your historical billing information for the last 3 years. On occasion, firms want to see 5 years, but 3 years is usually sufficient. At this stage, it is not necessary to get into your realization rate, collections, etc. It is enough at this point to simply state your overall billing for each of the last three years.
 
It is a good idea to include the number of hours you worked and your hourly rate for the last three years too. It is also important to indicate whether your hourly rate is flexible. Often, if a candidate is trying to lateral to a larger firm, his rate may be too low for his target firms. I have had candidates state quite simply that their current hourly rate is a must for their present clients (who may leave if their rates increase), but that they are amenable to the target firms’ rates for all new business. Other times candidates will indicate that they are open to increasing their hourly rate if necessary.
 
By mentioning the number of hours you worked each year in conjunction with your hourly rate for those same years, you are allowing the target firms to determine how profitable you will be for them should they increase your hourly rate.
 

Reasons for Seeking a New Platform

 
It is imperative to clearly state why you are trying to move from your current firm. It is equally important NOT to criticize your current firm when giving your reasons for seeking a new platform. As stated in the first paragraph of this article, partners move to new firms for a variety of reasons. Are you being conflicted out of work? Does your current firm lack support for your clients’ matters that you are too busy to handle personally? Would you be able to do more work for your clients if you were at a firm that could service their needs in other practice areas? Are you trying to break into a more sophisticated client base and your current firm lacks the name recognition and cache to capture those clients? Whatever your reason for seeking a new platform, you should clearly state it in your Business Plan. This question will arise in your meetings, and you want to have had time to really think through your reasons and present them in a clear and concise manner.

 

Conclusion

 
The conclusion can be very short. In the conclusion, you can simply thank the reader for his time, and indicate that you would like very much to arrange a meeting to discuss your practice, clients, and career goals.
 
Please remember that the purpose of the Business Plan is twofold. First, most firms want to review a Business Plan before they schedule their partners to meet with you. Hence, you usually need a Business Plan to even get through the door! The second most important reason for drafting a Business Plan is to help you prepare – in a very concrete way – for your meetings. The Business Plan forces you to clearly and succinctly describe your practice, your clients, your portable numbers, and your reasons for seeking a new platform. Once you have performed this exercise – the exercise of really taking a long and hard look at your professional self – you will be able to perform so much better during your meetings when you are fielding difficult questions from strangers who may soon be your new partners!
 

---

See the following articles for more information about business plans:

• The Crucial Role of Business Plans in Law Firm Partner Success
• Partner Business Plans: Key Elements
• Maximize Portables in Your Business Plan in Order to Maximize Interest in You
• The Importance of a Great Business Plan
• How Should I Estimate My Portable Business?

About Harrison Barnes

No legal recruiter in the United States has placed more attorneys at top law firms across every practice area than Harrison Barnes. His unmatched expertise, industry connections, and proven placement strategies have made him the most influential legal career advisor for attorneys seeking success in Big Law, elite boutiques, mid-sized firms, small firms, firms in the largest and smallest markets, and in over 350 separate practice areas.

A Reach Unlike Any Other Legal Recruiter

Most legal recruiters focus only on placing attorneys in large markets or specific practice areas, but Harrison places attorneys at all levels, in all practice areas, and in all locations-from the most prestigious firms in New York, Los Angeles, and Washington, D.C., to small and mid-sized firms in rural markets. Every week, he successfully places attorneys not only in high-demand practice areas like corporate and litigation but also in niche and less commonly recruited areas such as:

• Immigration Law
• Workers Compensation
• Insurance
• Family Law
• Trust and Estate
• Municipal law
• And many more...

This breadth of placements is unheard of in the legal recruiting industry and is a testament to his extraordinary ability to connect attorneys with the right firms, regardless of market size or practice area.

Proven Success at All Levels

With over 25 years of experience, Harrison has successfully placed attorneys at over 1,000 law firms, including:

• Top Am Law 100 firms such including Sullivan and Cromwell, and almost every AmLaw 100 and AmLaw 200 law firm.
• Elite boutique firms with specialized practices
• Mid-sized firms looking to expand their practice areas
• Growing firms in small and rural markets

He has also placed hundreds of law firm partners and has worked on firm and practice area mergers, helping law firms strategically grow their teams.

Unmatched Commitment to Attorney Success - The Story of BCG Attorney Search

Harrison Barnes is not just the most effective legal recruiter in the country, he is also the founder of BCG Attorney Search, a recruiting powerhouse that has helped thousands of attorneys transform their careers. His vision for BCG goes beyond just job placement; it is built on a mission to provide attorneys with opportunities they would never have access to otherwise. Unlike traditional recruiting firms, BCG Attorney Search operates as a career partner, not just a placement service. The firm's unparalleled resources, including a team of over 150 employees, enable it to offer customized job searches, direct outreach to firms, and market intelligence that no other legal recruiting service provides. Attorneys working with Harrison and BCG gain access to hidden opportunities, real-time insights on firm hiring trends, and guidance from a team that truly understands the legal market. You can read more about how BCG Attorney Search revolutionizes legal recruiting here: The Story of BCG Attorney Search and What We Do for You.

The Most Trusted Career Advisor for Attorneys

Harrison's legal career insights are the most widely followed in the profession.

• His articles on BCG Search alone are read by over 150,000 attorneys per month, making his guidance the most sought-after in the legal field. Read his latest insights here.
• He has conducted hundreds of hours of career development webinars, available here: Harrison Barnes Webinar Replays.
• His placement success is unmatched-see examples here: Harrison Barnes' Attorney Placements.
• He has created numerous comprehensive career development courses, including BigLaw Breakthrough, designed to help attorneys land positions at elite law firms.

Submit Your Resume to Work with Harrison Barnes

If you are serious about advancing your legal career and want access to the most sought-after law firm opportunities, Harrison Barnes is the most powerful recruiter to have on your side.

Submit your resume today to start working with him: Submit Resume Here

With an unmatched track record of success, a vast team of over 150 dedicated employees, and a reach into every market and practice area, Harrison Barnes is the recruiter who makes career transformations happen and has the talent and resources behind him to make this happen.

A Relentless Commitment to Attorney Success

Unlike most recruiters who work with only a narrow subset of attorneys, Harrison Barnes works with lawyers at all stages of their careers, from junior associates to senior partners, in every practice area imaginable. His placements are not limited to only those with "elite" credentials-he has helped thousands of attorneys, including those who thought it was impossible to move firms, find their next great opportunity.

Harrison's work is backed by a team of over 150 professionals who work around the clock to uncover hidden job opportunities at law firms across the country. His team:

• Finds and creates job openings that aren't publicly listed, giving attorneys access to exclusive opportunities.
• Works closely with candidates to ensure their resumes and applications stand out.
• Provides ongoing guidance and career coaching to help attorneys navigate interviews, negotiations, and transitions successfully.

This level of dedicated support is unmatched in the legal recruiting industry.

A Legal Recruiter Who Changes Lives

Harrison believes that every attorney-no matter their background, law school, or previous experience-has the potential to find success in the right law firm environment. Many attorneys come to him feeling stuck in their careers, underpaid, or unsure of their next steps. Through his unique ability to identify the right opportunities, he helps attorneys transform their careers in ways they never thought possible.

He has worked with:

• Attorneys making below-market salaries who went on to double or triple their earnings at new firms.
• Senior attorneys who believed they were "too experienced" to make a move and found better roles with firms eager for their expertise.
• Attorneys in small or remote markets who assumed they had no options-only to be placed at strong firms they never knew existed.
• Partners looking for a better platform or more autonomy who successfully transitioned to firms where they could grow their practice.

For attorneys who think their options are limited, Harrison Barnes has proven time and time again that opportunities exist-often in places they never expected.

Submit Your Resume Today - Start Your Career Transformation

If you want to explore new career opportunities, Harrison Barnes and BCG Attorney Search are your best resources. Whether you are looking for a BigLaw position, a boutique firm, or a move to a better work environment, Harrison's expertise will help you take control of your future.

Submit Your Resume Here to get started with Harrison Barnes today.

Harrison's reach, experience, and proven results make him the best legal recruiter in the industry. Don't settle for an average recruiter-work with the one who has changed the careers of thousands of attorneys and can do the same for you.

About BCG Attorney Search

BCG Attorney Search matches attorneys and law firms with unparalleled expertise and drive, while achieving results. Known globally for its success in locating and placing attorneys in law firms of all sizes, BCG Attorney Search has placed thousands of attorneys in law firms in thousands of different law firms around the country. Unlike other legal placement firms, BCG Attorney Search brings massive resources of over 150 employees to its placement efforts locating positions and opportunities its competitors simply cannot. Every legal recruiter at BCG Attorney Search is a former successful attorney who attended a top law school, worked in top law firms and brought massive drive and commitment to their work. BCG Attorney Search legal recruiters take your legal career seriously and understand attorneys. For more information, please visit www.BCGSearch.com.