Sally Schmidt is President of Schmidt Marketing, Inc., which offers marketing services to law firms.
She was a founder and the first President of the Legal Marketing Association.
She is a Fellow of the College of Law Practice Management and was one of the first inductees to LMA’s Hall of Fame.
note: This is the latest installment in a series of posts Lateral Link’s team of expert contributors.
In this section you want to identify trends in the market to anticipate legal demand.
You should also list specific corporations and your plan for targeting them to gain their business. It is easy to meander through two pages of epiphanies before you realize you have incoherent drivel. Firms are looking for partners for different reasons.
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?
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.
For example, Outbound Lit, IP Lit and Inbound Lit, could be three sections under your category heading. If you anticipate an increase or decrease in your historic revenue, be sure to list why, as firms will examine this section carefully.
The next column should list the percent of work serviced specifically by you.