Should lawyers have a business plan?

Today, I was interviewed by Helen Gunnarsson who writes for the Illinois Bar Journal. She asked a very good question–do lawyers need a business plan?

I asked my law practice management class at St. Louis University Law School to end the class with a presentation of a business plan for their future practice. I think business plans give a lawyer a base on which to practice; we are not in isolation anymore. There is tremendous competition for the same legal dollars from everywhere, within the city, state, multi-jurisdictional firms, large volume document processors and traditional law firms.

This competition demands that we deliver legal services for a lower price; even large corporate clients have become value conscious, which means that the little gal or guy better measure up and perform. So what does this signify for us, the little guys and gals? To measure up and deliver value measured legal services, we need to identify our target client and ethically market to that client.

Lawyers are not just business-people, they also have to practice and deliver within the bounds of the rules of ethics. Just because we find that our best client is usually at the emergency room in a hospital or in an ambulance, does not imply we can accost the prospect there to convert them into clients!

Having a strategic plan also requires that we must use social media and have a website, but market ourselves within the limits of our state licenses. I use my strategic plan to identify my market, define where the prospect is located and target my best marketing skills and media to that client. Hence my strategic plan must have a plan for using social media and my current clients. You need both because the law is not yet a commodity, although some parts of it are heading in that direction. I deliver quality services to my current clients who refer other clients to me.

I have a plan on how I use my Linkedin, Facebook and blog accounts. The audience and message on these media are highly focused and the fact that your marketing plan needs to match your audience.

See you in my next blog.

Nalini S Mahadevan, JD, MBA

Attorney at Law

Copyright 2011. All rights reserved.

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