There’s nothing like the adrenaline rush of starting a new firm. The roller coaster ride can be stressful: determining which clients make the transition from the old firm to the new one, calculating expected billings and wondering whether profits will materialize. Dealing with banks and firm co-owners regarding paying for everything compounds the pressure. But lawyers can ease the stress of starting their own firms by creating a basic business plan.
Writing a business plan for a new firm is not that difficult. Start with an outline. Include broad categories, such as practice areas, culture, operational details and financial goals.
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