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Every firm needs to develop business if it is to survive and thrive. Yet lawyers often disagree about which is the best method of business development for their area of law, locality, market or firm. The reason is simple—there are many ways to tackle business development in a law firm. Unless you are blessed with a couple of brilliant rainmakers who magically conjure up a steady stream of highly profitable work you will need to have a business development strategy and plans and actively manage the process. You will also need the appropriate resources, policies and systems in place.
It will be difficult to prepare a suitable business development strategy and plans if there is no overall agreement within your firm about what you hope to achieve—many firms will simply have a business plan that indicates the number of lawyers they intend to employ and the overall fees and profits they wish to generate as a result.
This Practice Note explains what business development is, why there are so many different approaches (and the strengths and weaknesses of each one) and how you can take a structured and planned approach to business development in your firm. It also puts the other Practice Notes on business development into context.
Business development is a series of activities that enable you to generate more work for your
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ContractWhere a contract is made by two or more parties it may contain a promise or obligation made by two or more of those parties. Any such promise may be:•joint•several, or•joint and severalWhether an undertaking is joint, several, or joint and several in contract is a question of construction
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This Practice Note is an archive of news from the Loan Market Association (LMA) on LMA documentation and related topics. It covers LMA updates from early 2013 to January 2016. For the latest LMA developments since January 2016, see Practice Note: Loan Market Association (LMA)—latest news on
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