Business Plan Development for Partners

Seniority in a law firm brings with it a need to create a business plan, especially if you are going for that promotion or trying to attract a new law firm. It is crucial that you map out a plan clearly, including details on your clients, the type of work that will be undertaken and how much in fees you expect to generate, to help encourage an investment into a new partnership.

If you are looking to develop a business plan to help facilitate a partnership or a mid-career move to a new firm, Interlink Recruitment’s consultants have unrivalled experience in the legal sector and will work with you to understand your goals and ambitions before making them a reality.

To find out more about how we can help with your business plan development, get in touch with our team of specialists today for a confidential discussion.  

Developing a business plan

Creating a business plan is not an abstract exercise as its purpose is to take your career to the next level, so getting it right is vital for your career ambitions. We have helped many partners and other senior solicitors develop business plans that have allowed them to reach their goals.

Essentially, there are nine sections included in a business plan. It is important that you do your due diligence before putting it together and presenting it to a future employer.

  • Personal profile - including an overview of your career to date, particular achievements, financials and your current hourly rate
  • Executive summary - set out your key aims for the first year and how you expect your practice to grow in years two, three and beyond
  • Market observations - including key players/competitors, trends, challenges and any genuine opportunities
  • Proposition - set out exactly what you are proposing and how you are going to achieve it
  • Target market - identify the market you are going after, including clients and/or referrers 
  • Business development - including any work-in-progress cases that might come with you and work referral sources with details on frequency and value of work
  • Cross-referral opportunities - outline any cross-referral opportunities you have recognised that could be exploited when you are hired
  • Infrastructure and resources - detail anything you will need to execute your plan successfully, for instance, your intention to bring team members with you
  • Cost - set out the forecasted revenue for the first three years and include details on any approximate costs that the firm will need to incur

How Interlink Can Help

We follow a well-defined process to make sure that your business plans contain everything you need to achieve your goals. We will begin by inviting you to a consultation to conduct a detailed analysis of your practice, asking key questions such as:

  • Can you summarise your business proposition in a few sentences?
  • What is your client market? Is it diverse? Are you relying on one or two key clients?
  • What new clients have you established a profitable relationship with?
  • What do you charge clients? Is this palatable to a new firm?
  • Have your clients generated fees for other departments?
  • Would you want to bring key partners and associates with you?
  • What issues could arise if you were to move firms?

The analysis of your current business - in particular, how portable will elements be - will form the core of your business plan and will likely come under the most scrutiny, so it is important to express certainty.

Thanks to our close connections with decision makers among leading law firms across the country, we can also help you ensure that your business plan will complement the target law firm’s strategy.

Why Interlink Recruitment?

As the legal recruitment agency of choice for many senior lawyers and partners across the country, you can rest assured that we have your best interests at heart. Here are just some of the reasons why legal professionals at the highest level choose to work with us:

Well connected

We have good connections to law firm decision makers, meaning we know of law firm growth strategies before others on the market, helping you to stay one step ahead of the competition.

Complete confidentiality

We understand, after doing some due diligence, that the right option might not be there for you, meaning a move may not materialise. However, we will act with the utmost discretion throughout the process to protect your current position.

Attentiveness

We truly take the time to understand your motivations, ambitions and personal preferences, so we can match you with the most suitable firm and working culture. You tell us what you’re looking for, and we’ll make sure you’re in the best possible position.

Unrivalled drive and ambition

While working with incredible drive and ambition, we are also sincere. Nothing is more important to us than finding the right partner role by helping you to craft a business plan that encourages investment in you.

Contact us today

To speak to us about business plan development, get in touch with the Interlink team today.

 

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