The Mission Statement
One can argue that a written business plan for lawyers is
unnecessary. Don't we know what we are about and what we plan to do? The answer
is a surprising no. When first I started my own practice one of my first cases
was a simple bankruptcy. Although my background was entirely in the IRS tax
procedure area nonetheless I spent countless hours dealing with a single client
and bankruptcy issues beyond my grasp. A simple mission statement would have
caused me to analyze what it is I plan to do and who do I plan to do it for. In
fact, it wasn't for many years, until I realized the potential I had with all my prior IRS experience.
The purpose of the mission statement is to explain
succinctly, what is the purpose of this business. What type of clients will you
seek? How do you plan to operate this business? This statement can be as short
as a paragraph or two. For example:
“The purpose of this practice will be to represent
individual taxpayers and small businesses before all branches of the Internal
Revenue Service, including representation in the United States Tax Court. The
practice will be conducted as a sole proprietorship in Bergen County New
Jersey.”
With this as my mission statement I would never have taken
the bankruptcy case. Instead, I would have referred that matter to a bankruptcy
attorney and perhaps given myself the opportunity to explain to him the limited
nature of my tax dispute practice. In the long run, this would have better served
to build my practice as he could have become a referrer of business in my
chosen field.
Once the mission statement has been written, it should
define many of the other aspects of the business plan. Needless to say with
changing times, a mission statement may have to be rewritten. Without the
simple mission statement a lawyer thrown into the private practice of law has
no idea whether he or she is fish or fowl. Even the general practitioner must
know and put some limits as to the type of client problems he will attempt to
resolve, if for no reason other than to try to keep their own sanity.
As a suggestion ,it may be useful to include in this mission
statement, what credentials or experience you believe you have which will
likely bring success to the business. For example, adding this to my mission
statement:
“As a former IRS agent and IRS District Council attorney in New
York, New York and having
numerous current IRS contacts, the purpose of this practice will be…..”
The mission statement is not only drafted for your own use.
It may be useful for future
employees and clients to know exactly what your business of
lawyering is about. Perhaps one day it
will appear as part of your marketing strategy brochure about your firm or in a
private website.
Business Objective:
The business objective is the plan to obtain the mission.
How will the mission be accomplished? These objectives are more specific than
the mission statement. For example:
To create a law practice initially as a sole proprietorship
with potential for future associates to be hired. To retain and train
associates with a view toward eventually growing into a law firm, which will
have at least two partners. The firm will take an active role in the County and
State Bar Association and will obtain a reputation as the state's premier firm
in its field. The practice will be able to support retiring partners by the
addition of new associates and partners while maintaining a continuous high level
practice standard.
While the mission statement is involved with branding, the
business objective makes clear how the brand will be obtained.
Naturally the business objectives should change as
circumstances in the legal world change. For example: a downturn in the real
estate market and resulting claims for real estate appeals may suggest moving
into that field. No one should hold onto an objective that doesn't work, nor
change the one that does.
Perhaps objectives should be broken down into:
Immediate Objective: This can be something as simple as
paying the bills and earning a living
Higher Objective: growth, reputation, even fame.
Highest Objective: a contributor to the legal field, mentor,
teacher.
Many lawyers attempt only to meet their immediate needs, but
the long-term satisfaction in the practice comes from objectives that may be
greater than oneself.
No businessperson expects obtaining the objectives without
some difficulty. Lawyers should anticipate being bored and stressed at times,
but that is not reason enough to toss out the business objectives.
The personal and professional growth embodied in the
business objective should be set out early in the business plan.
