You should put together a business plan before even pursuing opportunities to preemptively answer questions that you anticipate encountering throughout the lateral placement process.Why are business plans necessary in conjunction with their shorter brethren, LPQ’s (Lateral Partner Questionnaires), which deals almost exclusively with historical and projected business generations, conflicts, and key relationships?
The next column should list the percent of work serviced specifically by you.
Your last column should be the amount you personally bill.
Some have platform expansion on their minds or an appetite to build a practice that cross sells nicely with an existing client base.
Whatever the reason, firms prioritize certain hires for various reasons.
Since firms are not privy to every detail of your dealings, they might be unaware that your clients expect their demand to drop significantly—and in turn, diminish your book.
If you fail to temper their expectations of future potential drops in earning potential, a disappointing year-end bonus could be the least of your problems.
The answer is simply, the LPQ is your one-sheet resume, with just enough details to diligence a conversation on a lateral partner. There isn’t one set way to compose a business plan, but generally the best business plans we see follow this structure: Summary: The summary highlights your practice and experience in a neat 100-200 word package, giving the firm an overview of your past achievements, and your expectations for your practice over the next few years.
The business plan on the other hand, is your opportunity to market your practice and walk the firm through your strategic process to achieving your goals. This is the time to brag about yourself, are you Chambers ranked?
Similarly, if your inflated estimations are the tipping point of your acceptance, you may find yourself being pushed back onto the market soon after if your business generation is comparatively disappointing to your estimations. While the preceding section may sound unduly ominous, you do not want to underestimate your business potential out of fear of overshooting your true potential.
You don’t want to start a job with a target on your back. Like any job interview, your goal is to communicate your potential, which means remaining cautiously optimistic while tastefully bombastic, i.e., credible to the decision maker who decides your compensation and role with the firm.