Personal Injury Law Practice – Why You Need a Business Plan Before Setting It Up

1. To serve as guide – A business plan is your
blueprint in confronting the realities related with starting your
personal injury law office. It also gives you a clear idea of your
goals and objectives, potentials, strengths, weaknesses and
opportunities. It will guide you with the tools to analyze and
implement changes that will make your personal injury law practice
profitable.

2. As documentation for financing -
Capital is very essential in starting up a personal injury law office,
through business plan details you will able to forecast how much you
will invest to further the practice’ goals and increase it’s profits.

The
book “Flying Solo” by K. William Gibson and Redi F. Trautz says that
“every firm – large and small – should think strategically about its
goals and objectives.” If you plan to go solo in your personal injury
practice, “going through the process of developing a business plan
requires a great deal of strategic thinking on your part.” Your
business plan should be based on your particular needs and the needs of
your practice. An apprenticeship in a personal law firm will give you
an overview of the issues, payroll, marketing, case management and
billing required in your practice.

An effective business plan is
an organic document. You should always have it ready in your computer
and change it whenever necessary. As you progress in your practice, you
will find that your business plan becomes more refined. If in case you
notice that you cannot keep up with your business plan, ask yourself:
is the plan unrealistic or you are just not interested in doing what
needs to be done?

K. William Gibson specifies the following elements comprising a good business plan:

1. A description of the kinds of services you intend to offer

2. A statement of the location (s) where you plan to offer your services

3. A description of your target market

4. A projection of anticipated revenue and operating expenses

5. A statement of personal resources that you intend to commit financing the personal injury law practice.

6. Statements detailing your personal worth – assets and liabilities.

In addition, you need to seek guidance before drafting your business plan from the following:

1.
Certified Public Accountant – You might consider loaning a capital to
start your law practiceFind Article, the involvement of an accountant gives your
business plan immediate credibility with potential lenders. Your CPA
will make sure that your business plan is in proper form and makes
sense. He or she will also tell you exactly what you need to do to
comply with the rules and regulations of the Internal Revenue Service
and other government entities.

2. Bar
Association Practice Management Advisors – Practice advisors are
usually former practicing lawyers or law office administrators that had
experienced everything you are about to step into.

3.
Established Personal Injury Lawyers – Mentoring from experienced
personal injury lawyers will be essential in forecasting the potential
out-of-pocket costs involved in personal injury cases. An experienced
lawyer might even share with you the names of vendors and experts with
whom you can work in the future.