Formulating a strategic plan—law firms
Produced in partnership with Kim Archer of Archer Associates Ltd.
Formulating a strategic plan—law firms

The following Practice Management guidance note Produced in partnership with Kim Archer of Archer Associates Ltd. provides comprehensive and up to date legal information covering:

  • Formulating a strategic plan—law firms
  • What are strategic aims
  • Strategic aims process

What are strategic aims

A strategic aims document is also sometimes known as a strategic plan. It sets out the firms strategic aims for a defined period, usually anywhere between one and five years. See Precedents: Draft strategic aims and Sample strategic aims.

This subtopic will help you to produce a a single short document setting out high level strategic aims, covering things like:

  1. what should you invest in, how much and from what source

  2. which markets should you compete in

  3. what kind of services should you offer

  4. what should the firm & management structure look like

  5. what people and infrastructure do you need

Your strategic aims need to be flexible, ie not fixed in stone, so you can be responsive to the changing needs of clients and the changing market.

The strategic aims document is not the same as your business plan. The business plan is much more detailed and is one of the main ways of implementing your strategic aims/plan. Your business plan is informed by your strategic aims/plan.

Strategic aims process

Most firms will have an annual partners' away day for the purpose of identifying and agreeing next year's strategic aims. This is good business practice.

Taking partners away from the office will help to focus their minds on strategic issues, without the day to day distractions of being