Small and midsize law firms often reject the idea of crafting a multiyear strategic plan, even though legal industry consultants say the plans can boost profits. "Of those that plan, nearly 90 percent can attribute enhanced profits to their planning process," says consultant John Remsen Jr. For most firms, the plans map out how and to what extent the firms will expand, which practice areas will be core strengths, what profits goals will be and how compensation for individual attorneys will be determined.
June 05, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Small and midsize law firms often reject the idea of crafting a multiyear strategic plan, even though legal industry consultants say the plans can boost firm profits.
“Of those that plan, nearly 90 percent can attribute enhanced profits to their planning process,” said John Remsen Jr., a consultant based in Atlanta who doesn’t provide such planning services, but has surveyed firms with between 75 and 100 lawyers on the topic.
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