Your ABA: = Rainmaking starts with a sound business plan

From: Subject: Your ABA: Rainmaking starts with a sound business plan Date: Mon, 8 Jun 2009 23:33:35 -0400 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_002B_01C9E891.8ABFD720" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.5579 This is a multi-part message in MIME format. ------=_NextPart_000_002B_01C9E891.8ABFD720 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://www.abanet.org/media/youraba/200905/article06.html Your ABA: = Rainmaking starts with a sound business plan =

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Rainmaking starts with a sound business plan

Attracting new clients during = this=20 economic downturn is a challenge. But developing a = strategic=20 business plan with both long- and short-term goals can = help,=20 according to a recent CLE session, =93How to Draft = Business=20 Plans for Lawyers,=94 during the Section of = International Law=20 spring meeting last month.

Creating a business plan provides opportunity for = lawyers=20 to clarify their goals and develop strategies to = attain them.=20 Lawyers should first ask themselves: What and who are = you=20 today? And who and what do you want to represent in = the=20 future? These first questions will help lawyers = identify the=20 type of services they plan to offer and the goals = they=92d like=20 to reach.

Next, lawyers should research the market for their = services=20 by identifying the types of clients they=92d like to = reach and=20 by looking into the demand for their services.

Marketing strategies are an important part of a = business=20 plan. Once lawyers have identified their target = audiences,=20 they can begin to think about how to reach them. = Panelists=20 suggested lawyers informally track how and where they = have met=20 clients in the past, which can provide ideas on the = best=20 places to network and meet potential clients.

Marketing also involves building credibility. = Lawyers can=20 publish articles on the topics of their expertise, = create=20 blogs, present material at association meetings and = join=20 committees of professional organizations to build = authority in=20 a certain area of the law. These activities will also = expand=20 lawyers=92 network of contacts, broadening the reach = of=20 marketing efforts.

Ensuring the resources to execute a business plan = is a=20 critical part of the process. Panelists suggested = lawyers=20 create a financial forecast that complements their = goals. This=20 forecast will help determine which goals are reachable = and=20 will likely result in a good return on investment. = First,=20 lawyers should evaluate their current income and = determine=20 which clients bring in the most money and those who = least=20 affect their bottom line. Next, they should consider = the=20 people they=92d like to reach and the demand for their = services.=20 An analysis should include consideration of the = resources=20 needed to retain old clients and win new ones.

Depending on their long-term goals, lawyers may = need to=20 change or update their professional skill set. Lawyers = should=20 factor in the new resources, training or investments = they will=20 need to meet the future goals in their financial = forecast.

If lawyers are making a big change to their brand = or the=20 services they offer, their business plan should also = include=20 an evaluation of what could go wrong and strategies to = address=20 those potential problems.

Panelists urged lawyers to consult their business = plan on a=20 regular basis as an internal guide to run their firm, = reach=20 goals and track progress.

A good business plan helps lawyers cope with the = economic=20 climate of today and ensures their future long-term=20 success.

Panelists for this session included Janet Moore,=20 International Lawyers Coach Inc. of Houston; Ellen = Yost,=20 Fragomen Del Rey, Bernsen & Loewy LLP; and Brad D. = Cherniak, Sapient Capital Partners. The program was = moderated=20 by program chair Cyndee Todgham Cherniak of Lang = Michener=20 LLP.

Back to home

=A9 = 2009 American=20 Bar Association

=20 =

American Bar Association | 321 N. Clark St. | = Chicago, IL=20 60654-7598 | 800.285.2221
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