Strategic Planning“However beautiful the strategy, you should occasionally look at the results.” - Winston Churchill
Planning is essential for any successful business. For law firms in today’s competitive environment, having an established business plan aligned with the firm’s core values, goals and realities could mean the difference between success and failure.
What is a Stratgeic Plan?
A strategic plan is a tool that can move firms from reactive to proactive, but ONLY if firms make the choice to implement the plans and goals established in the process.
Implementation is where LSC distinguishes itself from other legal consulting firms.
We are committed to helping your firm create the best, customized strategic plan for your firm, but we are also committed to helping you make those goals a reality.
Our ongoing support and implementation program acts as the catalyst for real and sustainable change.
We used Tea’s services this year and, as of November, we were 70% more profitable than last year; at 97% of our budget and have nearly twice as much cash on hand now than we did at the start of the year. In addition, we devised new “cost accounting” reports to measure/track work-in-process, billable hours recorded, written down and billed as well as client development time. The most important change I noted was the one page financial results summary that I prepare after the financials are closed. I think it captures all the information that a managing partner wants/needs without a lot of extra detail.
Not all of this success is due to Tea’s insights, but she got us to focus on attorney time management performance and collections. Her ideas were not necessarily new, but we needed her push to do the things we knew we should have been doing all along in a more consistent way.
One of the key strategic planning issues for me was to understand which statistics I should be highlighting from month to month and what they meant. Tea really helped us focus this analysis so that I know what I’m looking for.
I went from feeling like I didn’t know how to control my practice to feeling like “I can do this!” And we are.Ilene Ferenczy
In addition to helping firms with existing plans, we also work with firms who already have a strategic plan, but are struggling with implementation.
Call us today and find out how we can help your firm move your plan from paper to reality.
Not ready for a full blown strategic plan?
Let’s start with the “90 Day Strategy.” Let LSC show your firm how to face your most pressing issues head on and get results in as fast as 90 days! Call us now and we will show you how.