Now that you know you need a business plan, it’s time to understand how to put one into place for your law firm. We are joined by Erika Ferenczi. Director of Programs at How To MANAGE a Small Law firm who simplifies the process of developing your business plan.

Erika removes the barriers to building your business plan with a simple and strategic process that removes what many law firm owners feel is a complicated and time-consuming document. The fact is your business plan should explain in plain English how the business will make a profit and provide the money the owner needs to live the life they want to live.

To create a business plan, Erika suggests these steps:

In this segment, Erika discusses one of RJon’s core philosophies from “Profit First for Lawyers,” of replacing magical thinking with systematic business practices. Erika expands upon this, noting the issue extends beyond law to other professions, where expertise alone will not guarantee success. Instead she recommends law firm owners take action on the teachings within the book to build a thriving and profitable business.