Litigation practice business plans can be as complex as the legal filings themselves. A litigation practice business plan should have a description of the full range of legal services that the company will offer, an assessment of the regional market opportunity for the litigation, an assessment of the number of litigations that occur in the greater area each year or demographic census data focused on the target consumer profile. The following are questions that you can answer to start the process:
- What size staff and management will you occupy?
- How much capital do you intend to raise?
- What are the competing firms or freelance litigators in your area?
- What will be the areas of legal expertise?
- How much will the firm charge for legal services?
The business plan should also discuss client acquisition and retention and explore marketing strategies to promote business and generate customers. The business plan should be accompanied by a 3 to 5 year financial plan with monthly break-down in Year 1 and at least quarterly detail in Year 2-3 (or 5). Capital West Advisors has experience developing business plans for law firm and legal advocacy businesses. Contact us at (888) 300-3090 for a free consultation.