A strategic plan is a written statement describing where a law firm wants to go and how it intends to get there. It should include the firm’s guiding principles and beliefs. Typically, the preparation of a strategic plan begins with a comprehensive response to three questions: (1) Where is our firm in relation to competitive firms in our market? (2) What would the members of our firm like the firm to be over the next three to five years? and (3)What additional resources are required for our firm to become what the partners would like it to be?
Reasons Firms Should Have a Strategic Plan
Competition for more profitable clients is but one type of competition in today’s highly competitive environment. An equally compelling kind of competition is ability of a firm to retain attorneys who control profitable client business or those who practice in substantive practice areas that are in high demand.
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