The following Practice Compliance guidance note Produced in partnership with DG Legal provides comprehensive and up to date legal information covering:
This Practice Note provides information about preparing and implementing a successful business plan. The Solicitors Regulation Authority (SRA) has made it clear it expects strong business management from firms but there is very little in the way of detailed regulation.
A business plan is a document that explains how a firm will achieve its objectives.
Precedents that can be used as a starting point to prepare the firm’s business plan are available. See Precedent: Business plan—consumer for consumer law firms or Precedent: Business plan—commercial for commercial law firms.
The SRA Handbook includes ten mandatory SRA principles. SRA Principle 8 is the most relevant to business planning which requires you to run your business or carry out your role in the business effectively and in accordance with proper governance and sound financial and risk management principles.
For information about regulatory requirements relevant to business planning, see Practice Note: Business planning—regulatory requirements.
Business planning confers several benefits to the firm, eg:
increasing the likelihood of achieving the firm’s objectives
demonstrating to others, eg banks, that the firm is moving forward
keeping management and staff focused
increasing the likelihood of recruiting and retaining talented staff
Business planning is a key consideration when starting a new business. However, all firms should
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