Are you about writing a law firm business plan? If YES, here is a sample SWOT analysis for a law firm to help you form a competitive strategy.
Law Firm Business Plan – Economic Analysis
Starting a law firm is not as easy as it seems, it is indeed a serious business hence critical economic analysis must be conducted to ensure that the risks and other threats associated with starting a business from the scratch or investing in a business idea are avoided.
If you are considering starting a law firm in the United States for example, your major concern should not be restricted to just acquiring an office facility and equipping the facility or hiring the best hands in the industry, you should also be concerned on how to attract clients and secure mouth-watering legal contracts and agents.
On the average, setting up a law firm in the united states can be cost effective simply though you don’t have to maintain a big workforce, but you have the best hands who can help in executing tasks efficiently and effectively. With key good company’s profile, highly trained, highly qualified and highly experienced staff members in your team, you won’t have to struggle much to win suits, and even secure agents who can vouch for your credibility.
A Sample Law Firm Business Plan SWOT Analysis
Jefferson and MacArthur Law Firm, LLP hired the services of a core professional in the area of business consulting and structuring to assist the firm in building a solid law firm that can favorably compete in the highly competitive law industry.
Part of what the business consultant did was to work with the management of the firm in conducting a SWOT analysis and preparing a law firm marketing plan for Jefferson and MacArthur Law Firm, LLP. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Jefferson and MacArthur Law Firm, LLP;
Our core strength lies in the power of our team; our workforce. We have a team that can go all the way to give our clients value for their money. We are well positioned and we know we will attract loads of clients from the first day we open our doors for business.
As a new law firm, it might take some time for our firm to break into the market; that is perhaps our major weakness.
The opportunities in the law industry is massive and we are ready to take advantage of any opportunity that comes our way.
Some of the threats that we are likely going to face as a law firm operating in the United States are unfavorable government policies, and global economic downturn. There are hardly anything we could do as regards these threats other than to be optimistic that things will continue to work for our good.