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.
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.
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 think of business planning as an evolving process which should be reviewed regularly in order to measure progress and encourage others to invest time and effort in the business.
Traditionally and most commonly, the management and owners of the firm are the authors of the business plan. The firm’s COFA will usually have a central role in the preparation of the plan. Consideration must be given to involving all staff in discussing and agreeing the main parts of the business plan, particularly in
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.