3.3
Creating a Business Plan

Many lawyers hear the words “financial plan”, “business plan” or “marketing plan” and become overwhelmed, thinking they need to create a lengthy, detailed document. But a business plan doesn’t need to be complex and cover everything in excruciating detail. Instead, keep it short and simple. Your initial business plan doesn’t have to be 30 pages with multiple subsections; at this point, it can be as simple as a single piece of paper. Taking the time to write down your vision – what you plan to do and where you want to be in six months, one year and five years – will help you focus your ideas. Knowing where you want to end up helps make reaching your destination easier.

Most business plans include the following: 

  • executive summary;
  • firm description;
  • scope of services; 
  • ownership structure;
  • office location and space;
  • equipment and technology needs;
  • market analysis and marketing plan;
  • financial planning and projections; 
  • operating/management plan; 
  • regulatory requirements; and
  • office policies and procedures.

By addressing these elements, you will create a robust foundation for your business, ensuring you have considered key aspects of running a successful law firm.

One recommendation is to break the different segments of your business plan into a number of mini-plans (e.g., your marketing plan will be a mini-plan that can stand on its own). Fortunately, you do not have to recreate the wheel to draft a business plan—there are numerous resources online and in print that can make this process easier. See, for example, the sample law firm business plan from practicePro.

Taking the time to develop a solid business plan will help you make other important decisions when starting up. Having an idea of your practice area, the nature of work that will entail, and who your target clients are will help you complete other sections of your plan. Identifying your ideal client will also help you develop a marketing strategy to attract that business and form the basis of your financial plan. 

Last modified: Friday, 6 February 2026, 3:00 PM