A strategic business plan is a must for every law firm, according to Kentucky attorney Robert Young.
“Whether you have two lawyers or 50 or 500, you still need a plan for where you want to take the firm,” Young said. “It keeps you from making major decisions by the seat of your pants.”
It’s no secret that lawyers tend to be individualistic (and thus reluctant to give up personal control or direction), reactive (believing they must be flexible to accommodate variables that can’t be anticipated) and short-term (focusing on the contract, case or negotiation they have today). These traits undermine a successful planning process. However, planning must be done if a firm wants to thrive. Those firms without a plan merely hop from one paycheck to another. If they’re successful, it is quite by accident.
When he found his law firm revisiting the same questions year after year – Are we going to hire a new associate? Do we need additional office space? Which practice areas are growing? Which are shrinking? – Robert A. Young decided to embark on creating a strategic plan for his firm.
The stagnant economy turned out to be a good excuse to plan for the next three years.