The Importance of Business Plans for Law Firm Partners: A Guide to Success for Lateral Moves | BCGSearch.com

The Importance of Business Plans for Law Firm Partners: A Guide to Success for Lateral Moves

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A well-crafted business plan is a cornerstone of a successful lateral partner move. For law firms, lateral hires are significant investments, and they rely on business plans to evaluate the value, potential, and long-term contributions of a candidate. These plans outline a partner’s goals, client relationships, financial metrics, and strategies to build business—serving as both a road map and a pitch to prospective firms.
The Importance of Business Plans for Law Firm Partners

 

For lateral candidates, preparing a strong business plan is a crucial step in demonstrating value and ensuring alignment with the new firm’s strategic goals. This article discusses the components of a partner business plan, their importance, and best practices to create one. We’ll also draw on insights from real-world examples to highlight what law firms prioritize when evaluating lateral candidates.

 


Why Business Plans Matter for Partners Moving Between Firms


When partners transition to a new law firm, they are evaluated not just as lawyers but as business leaders. Law firms want to see a clear return on their investment. A business plan accomplishes several things:

1. Demonstrates Value: The plan outlines a partner’s existing client base, revenue generation history, and strategies to expand the book of business.
2. Shows Vision and Strategy: Firms want partners with a plan to build their practice, acquire new clients, and contribute to the firm’s growth.
3. Facilitates Internal Alignment: A business plan allows the hiring firm to assess how the partner’s practice aligns with its existing strengths, client base, and strategic initiatives.
4. Reduces Risk: The firm can evaluate potential gaps, conflicts, or weaknesses early on.
5. Provides a Roadmap for Success: Beyond the hiring process, the business plan serves as a tool for the partner to hit milestones and achieve measurable goals.

A carefully developed business plan isn’t just about making a lateral move—it’s about setting the stage for long-term success in a new environment.
 

Key Components of a Strong Partner Business Plan


A comprehensive partner business plan typically includes the following sections:
 

1. Business Development Goals


Firms look for clear, actionable goals that show the partner’s ability to develop business. These goals may include:
  • Number of new clients to be acquired annually.
  • Expanding business from existing clients.
  • Building referral relationships.

Example Goals (from real plans):
  • Write three articles annually to enhance visibility.
  • Speak at two industry events to connect with prospective clients.
  • Contact four “loose tie” referral sources monthly to deepen professional networks.

Why It Matters: Specific, measurable goals demonstrate initiative and accountability—qualities firms value in a business generator.

 

2. Financial Metrics and Projections

Firms want to see hard data that indicates a partner’s past success and future potential. Partners should include:
  • Billable Hours: A history of billable hours and targets moving forward.
  • Revenue Generation: Annual collections, categorized by client.
  • Profitability: Contributions to firm profits beyond individual revenue.
  • Projections: Expected financial contributions over the next three years.

Example Data:
  • 2010 Billable Hours: 2,100 | 2011 Target: 1,800
  • Annual Client Revenue Goals: Secure two new clients contributing $200,000 annually.

Why It Matters: Firms want candidates who are financially strong and capable of sustaining or growing their business contributions.
 
 

3. Client Relationships


The most important asset a lateral partner brings is often their “book of business.” A business plan should provide:
  • A list of key clients, including annual revenue generated.
  • Areas of potential growth within existing clients.
  • Strategies for cross-selling additional services.
  • Prospective clients and industries targeted for future growth.

Example:
  • Existing Client A: Annual revenue: $500,000. Opportunities: Employment and IP matters.
  • Target Client B: Identified contact; strategy includes attending industry-specific events and direct outreach.

Why It Matters: Law firms want to see a portable and loyal client base, as well as plans to expand business.

 

4. Profile Building and Visibility

An effective partner doesn’t just serve clients—they build their professional profile. Firms look for candidates who actively contribute to their personal brand and the firm’s reputation. Key areas include:
  • Writing and publishing articles.
  • Speaking engagements at industry or bar association events.
  • Developing a strong online presence via LinkedIn, Twitter, or industry blogs.

Example Initiatives:
  • Write articles on employment law topics like “Preserving Electronic Evidence.”
  • Increase LinkedIn connections to over 500 within six months.
  • Attend bar association events and leverage speaking opportunities.

Why It Matters: A strong professional profile attracts clients and elevates the firm’s standing in the legal community.

 

5. Relationship Development

The business plan should emphasize strategies to build and nurture relationships:
  • Existing Clients: Expanding services offered and strengthening personal connections.
  • Referral Sources: Identifying new referral opportunities and solidifying existing relationships.
  • Potential Clients: Strategies for outreach, such as targeted networking events, personalized mailings, or online engagement.

Example Strategies:
  • Organize a client appreciation event to foster deeper relationships.
  • Build referral networks by attending civic or trade association meetings.
  • Develop a tickler system to ensure regular contact with key clients.

Why It Matters: Business development often hinges on relationships. Firms want to see a partner’s ability to grow and sustain connections that drive revenue.
 

6. Continuing Education and Improvement


Partners who invest in professional growth and industry knowledge are more effective in delivering value. The plan should include:
  • CLE (Continuing Legal Education) goals.
  • Leadership or management training.
  • Strategies to stay current with industry trends or client-specific developments.

Example Initiatives:
  • Attend an ADA seminar and use the material for client primers.
  • Study top clients’ businesses using resources like Google Alerts.
  • Invest in management training courses such as “Seven Habits of Highly Effective People.”

Why It Matters: Firms value partners who stay ahead of trends and continuously improve their skills.

 

Best Practices for Creating a Successful Business Plan


1. Be Specific and Actionable: Include concrete goals, metrics, and timelines. Vague aspirations won’t inspire confidence.n2. Demonstrate Self-Awareness: Address your strengths, areas of opportunity, and strategies for overcoming challenges.
2. Align with the Firm’s Strategy: Research the hiring firm’s practice areas, industries served, and growth plans. Tailor your business plan to show how you’ll contribute to these goals.
3. Show Tangible Value: Use financial data and client examples to quantify your past successes and future potential.
4. Focus on Relationships: Highlight your ability to deepen relationships with existing clients and build new ones.

 

What Law Firms Look for in Lateral Partner Candidates


From reviewing real-world business plans and understanding lateral hiring practices, the following factors stand out as critical to law firms:
  1. Portability of Business: Will clients follow you to the new firm? Firms prioritize partners with a proven and portable book of business.
  2. Revenue Potential: Firms assess your existing financial contributions and realistic future growth projections.
  3. Strategic Alignment: Does your practice complement the firm’s existing offerings and goals?
  4. Profile and Reputation: Firms value partners who elevate the firm’s brand through writing, speaking, and community involvement.
  5. Commitment to Development: Strong partners don’t rest on their achievements. Firms want candidates who continually grow their skills, networks, and contributions.

 

Conclusion


A partner business plan is a powerful tool for lateral candidates moving between law firms. It serves as both a pitch to prospective firms and a personal roadmap for success. By showcasing financial contributions, client relationships, and business development strategies, candidates can demonstrate their value and align with the hiring firm’s goals.nnFor law firms, these plans reduce uncertainty, highlight potential, and ensure that lateral hires will drive growth and profitability. Whether you’re preparing for a lateral move or planning your long-term strategy, a thoughtful and well-crafted business plan is essential to positioning yourself as a leader and business generator.nn---nnIf you'd like further assistance crafting your business plan or fine-tuning your lateral strategy, let me know!"


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