Transform your practice with a business plan
For about a dozen years after Kerry Lavelle founded his namesake law firm a quarter-century ago, he was based in the loop and took what cases he could find, enjoying steady success that enabled him to grow the firm to five lawyers, which he took pride in at the time.
About 13 years ago, he moved the firm to northwest suburban Palatine and undertook a change in direction aside from geography. "I took a very different approach: I built a business plan, and with the right discipline, we really grew the firm, and we now have 24 attorneys," says Lavelle, who will speak in Moline March 31 at the ISBA Solo and Small Firm Practice Institute on "Build It and the Profit Will Come: Simple Steps to Building Your Business Plan."
Lavelle didn't just throw himself into this exercise blindly. "I read a lot of business books, and I realized there's more to a business plan than just the pro forma financials," he says. "A business plan is a model to really touch on all the necessary elements of the business going forward. And if you stick to those goals and those truisms, you will be successful."
A business plan can help lawyers flesh out their ideas, and in some ways the journey is more enlightening than the destination, says Debbie Foster, partner at Affinity Consulting Group, who helps law firm clients put business plans together.
"The business plan is a template for them to take all the great ideas they have and all the things they want to execute and put them into a format where they can set goals and have something to follow," she says. "It's a road map, and it's a bit fluid. As their business changes, so should their business plan." Find out more in the March Illinois Bar Journal.