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How to Start a Law Firm Business | Free Book PDF Download

Starting a Law Firm Business

 

How to Start a Law Firm Business - Free Book


Are you considering starting a Law Firm Business? if yes, you'll find this free book to be extremely helpful.

This is a practical guide that will walk you step by step through all the essentials of starting your business. The book is packed with guides, worksheets and checklists. These strategies are absolutely crucial to your business' success yet are simple and easy to apply.

The Single Most Important Ingredient for Business Success

The first and most important thing you need to acquire in order to succeed in a small business is... knowledge.

Sounds exaggerated? Listen to this...

According to research conducted by Dun & Bradstreet, 90% of all small business failures can be traced to poor management resulting from lack of knowledge.

This is backed up by my own personal observations. In my 31 years as a business coach and consultant to small businesses, I've seen practically dozens of small business owners go under and lose their businesses -- not because they weren't talented or smart enough -- but because they were trying to re-invent the wheel rather than rely on proven, tested methods that work.

Conclusion: if you are really serious about succeeding in a business... If you want to avoid the common traps and mistakes... it is absolutely imperative that you acquire the right knowledge.

"Why Invent Mediocrity, When You Can Copy Genius?"

That's an excellent quote I picked up from a fellow business owner a few years back. What this means is that you should see what is working and try to duplicate Printing Business. Why go through all the trouble of inventing something new, that you don't even know will ever work, when you can easily learn from and duplicate something that has been a proven success?

[ Note: One of the BIGGEST mistakes almost all new businesses make is that they WASTE tons of valuable time, energy and money on trying to create something "new", that has never been tested or proven... only to find out later that it was a total loss. Don't make the same mistake! ]

Hi! My name is Meir. I'm the founder and president of BizMove.com, a successful internet based information business. I'm also the author of numerous books, mostly in the area of small business management.

I've been involved in small business for the past 31 years of my life, as a business coach, manager of a consulting firm, a seminar leader and as the owner of five successful businesses.

During my career as a business coach and consultant I've helped dozens of business owners start their businesses, market, expand, get out of troubles, sell their businesses and do practically every other small business activity you can think of.
You see, I have been there .... done it ... and bought the Small Business t-shirt! -- This free book contains techniques and strategies I've learned during my 31 year small business career.

Here's what you'll discover in the 'How to Start a Printing Business' book:

How to determine the feasibility of your business idea - a complete fill in the blanks template system that will help you predict problems before they happen and keep you from losing your shirt on dog business ideas.

A detailed manual that will walk you step by step through all the essential phases of starting your business

A complete business plan template. This fill-in-the-blanks template includes every section of your business plan, including Executive Summary, Objectives, SWOT Analysis, Marketing Analysis and Strategy, Operations Plan, Financial Projections and more (a similar template is sold elsewhere for $69.95).

All this and much much more.

Success Tip: Setting Goals

Good management is the key to success and good management starts with setting goals. Set goals for yourself for the accomplishment of the many tasks necessary in starting and managing your business successfully. Be specific. Write down the goals in measurable terms of performance. Break major goals down into sub-goals, showing what you expect to achieve in the next two to three months, the next six months, the next year, and the next five years. Beside each goal and sub-goal place a specific date showing when it is to be achieved.

Plan the action you must take to attain the goals. While the effort required to reach each sub-goal should be great enough to challenge you, it should not be so great or unreasonable as to discourage you. Do not plan to reach too many goals all at one time.

Establish priorities. Plan in advance how to measure results so you can know exactly how well you are doing. This is what is meant by "measurable" goals. If you can’t keep score as you go along you are likely to lose motivation. Re-work your plan of action to allow for obstacles which may stand in your way. Try to foresee obstacles and plan ways to avert or minimize them.

Click here! to download your book for free (PDF version)

Here're other free books in the "how to start a business" series that may interest you:

Agriculture Assisted living Auto repair Bakery Bar Beauty salon Bed and breakfast Bookkeeping Boutique Bowling alley Carpet cleaning Car wash Catering Cattle farming Charity Cleaning Coffee shop Computer repair Construction Consulting Convenience-store Cupcake Daycare Dental Dog daycare Ecommerce Electrical Embroidery Engineering Farm Fashion Film Financial advisor Fitness center Flower-shop Food Food truck Franchise Frozen yogurt Furniture store Gas station Goat farming Grocery store Gym Hairdressing Hair salon Ice cream Insurance agency Interior design Internet Internet cafe IT Jewelry Landscaping Laundromat Laundry Law firm Magazine Manufacturing Microbrewery Motel-hotel Music Nightclub Nonprofit Nursery Online-retail Photography Pizza Plumbing Poultry farming Preschool Printing Private investigator Pub Real-estate Resort Restaurant Retail School Security company Service Software Spa Sports-bar Startup Supermarket Travel agency Trucking Vegetable-farming Website

Here's a Sample 'Executive Summary' for a Law Firm Business plan:

COMPANY NAME is a law firm specializing in creditor’s rights/debt collections, real estate, restaurant/hospitality, and outsourced general counsel services.  The firm will be primarily specializing in creditor’s rights and debt collections.  The potential in the creditor’s rights area especially is quite unique and exciting because the Company will be specializing in niche areas of debt collections, such as Education Receivables, specialty areas within the healthcare industry and other industries such as Bail Bonds, Private Investigators debt collections and Auto Deficiencies, among others.  This business plan contains a detailed list of other verticals which are potential areas of business for COMPANY NAME.  COMPANY NAME will hire domain experts within a particular vertical for business development purposes.  In the Education Receivable arena, certain established business development people control a large portion of the business available and hiring these people will provide a shortcut for COMPANY NAME to establish itself in this particular niche which has a total of 2,197,188 loans currently in default and business available for collection which totals approximately $7.7B with an average loan of $3500.
COMPANY NAME has also identified the need in the collection industry for a regional and national roll up.  While this plan does not address that opportunity, COMPANY NAME  believes that with the right financial and strategic backing, a roll up of the industry could be accomplished as there exists hundreds of collection agencies which are mostly "mom and pop" agencies which are profitable and could be more profitable with universal technology and human resources synergies.  COMPANY NAME could combine them, thereby leveraging the technology and efficiencies of a corporate nucleus across the board. 
Currently, COMPANY NAME leases office space within an Executive suite operation with 1000 offices throughout the United States which is beneficial for COMPANY NAME in order to utilize other offices in other locales when developing business.  COMPANY NAME plans to purchase a small office building on the Westside of Los Angeles for its corporate office so that it will also own hard assets along with the service business.  However, the need to purchase the real estate is not immediate.
While COMPANY NAME recently opened offices in September of 2010, much progress has already been achieved as the Company attended a California Bail Bonds Association convention in Las Vegas on October 17th-19th where COMPANY NAME was the only vendor which was a collection law firm or debt collection agency presenting services to this niche market.  The Company has already realized business from this convention and the Auto Deficiency field which COMPANY NAME has targeted.  Because of COMPANY NAME‘s very experienced personnel, the most sophisticated technology and the personal client services, COMPANY NAME  will distinguish it from other collection agencies or law firms.
COMPANY NAME intends to make charitable contributions throughout the year to causes it deems worthy and intends to create an annual charitable event for a worthy cause.
Management
The business is managed by OWNER’S NAME and the debt collection operations will be managed by [INSERT NAME].  COMPANY NAME has identified a Director of Business Development with a substantial book of business, 3 additional experienced and seasoned collectors and a Legal Assistant/Office Manager to round out the initial staff.  Additionally, COMPANY NAME has a litigation attorney who will handle all initial litigation at a very favorable rate to COMPANY NAME.  As COMPANY NAME ’s needs increase, additional hiring will occur.

[INSERT COMPANY AND OWNER’S BIO]
FINANCIAL OBJECTIVE
The purpose of this business plan is to attain $250,000 in investor and/or lender funding to hire business development personnel (one of which has a book of business of in excess of $1.2M in the Education Receivable arena), additional collectors, additional software and training, more computers and office equipment, marketing and promotions and further licensing in all 50 states for collections.

1.1 Objectives

The Company's objective is to create a first rate, technologically superior, personal service oriented, full-service debt collection and litigation firm that will quickly rise above the other companies and law firms through experienced personnel, state of the art technology and flexible business models which are adaptable and nimble.
Goals include:

  • A significant amount of market share for the size of COMPANY NAME in the first year.
  • An increase of at least 150% in gross margins within the second year of operation
  • An increase in the market share by a minimum of 50-80%% for each of our first five years.

1.2 Mission

The mission of COMPANY NAME is to provide top-quality, technologically savvy debt collection and litigation services. The Company will seek to provide these services in the timeliest manner and with an ongoing comprehensive quality control program to provide repeat business and customer satisfaction. The Company's principal officer sees each contract as an agreement not between a business and its customers, but between partners that wish to create a close and mutually beneficial long-term relationship. This will help to provide greater long-term profits through referrals and repeat business.

1.3 Keys to Success

Keys to success for the Company will include:
1. Focus on niche industries and be the dominant player in each industry (i.e. Education      Receivables)
2. Maintain a first rate, quality reputation in the industry.
3. Obtain excellent results.
4. Superior client services (i.e. Four Seasons Hotels)
5. Flexibility and adaptability, 

COMPANY NAME is a law firm specializing in creditor’s rights/debt collections, real estate, restaurant/hospitality, and outsourced general counsel services.  The firm will be opening a new division, [INSERT NAME], specializing in creditor’s rights and debt collections.  The potential in the creditor’s rights area especially is quite unique and exciting because the Company will be specializing in niche areas of debt collections, such as Educational Loans and smaller industries such as Bail Bonds and Private Investigators debt collections.  Although the Company is enthusiastic about these mostly overlooked niche markets, their services will be available to all types of organizations and verticals nationwide.

2.1 Company Ownership

COMPANY NAME is solely owned by OWNER’S NAME and the new division is a Limited Liability Company in the State of California to be owned primarily by OWNER’S NAME with a minority portion set aside for key management personnel.

2.2 Start-up Summary

Total start-up expenses include $10,000 for legal and collection software, $16,000 for computers and office equipment, $30,000 for marketing and promotional expenses, $50-87,000 for licensing the companies in all 50 states, and $100,000 for several months of salaries for the initial starting staff, which includes the Director of Business Development, Director of Operations, two Collector and Asset Recovery Specialists and one Administrative Legal Assistant.

Table: Start-up

Start-up

 

 

 

Requirements

 

 

 

Start-up Expenses

 

Legal Software

$10,000

Computer Equipment

$16,000

Starting Salaries

$100,000

Starting Marketing and Promotion

$40,000

Licensing in all 50 States

$84,000

Total Start-up Expenses

$250,000

 

 


Start-up Assets

 

Cash Required

$0

Other Current Assets

$0

Long-term Assets

$0

Total Assets

$0

 

 

Total Requirements

$250,000

3.0 Services

COMPANY NAME will offer comprehensive collection and financial recovery services for both mainstream and niche market companies.
Some of the other industries that the Company will be providing collection services to but are not limited to:
Construction

  • Material Suppliers
  • Subcontractors
  • Lumber
  • Plumbing
  • Electrical
  • Contractors

Retail Business

  • Department Chains
  • Auto Dealers
  • Airlines
  • Restaurants
  • Clothing Stores
  • Mortuaries
  • Hotels/Hospitality
  • Rental Companies
  • Advertising Agencies/Marketing Companies

Medical Professions

  • Dentists
  • Doctors
  • Hospitals
  • Clinics
  • Medical Supply Companies
  • Family and Marriage Therapists

Commercial

  • Manufacturers
  • Wholesalers
  • Newspapers

Professional Services

  • Attorneys
  • Automobile Dealers
  • Banks
  • Publishing Companies
  • Insurance Companies
  • Property Management
  • Public Utilities
  • Oil Companies
  • Credit Unions
  • Accountants
  • Radio Stations
  • Television Stations

Specialized Niche Industries Already Penetrated

  • Education Receivables
  • Bail Bonds
  • Private Investigators
  • Auto Deficiencies

Although the Company will offer services to all industries in need, COMPANY NAME  is excited about the growth opportunity in serving clients in the Specialized Niche Industries section, as research shows that these are highly underserved markets.

COMPANY NAME 's personnel have a deep understanding and a wealth of experience in the Education Receivable arena.  The Company works with Universities, Colleges, Schools and all different Educational Institutions to insure that they receive full payment on all types of educational loans.  COMPANY NAME's personnel have worked with both large and small institutions and have a thorough understanding of the Education Receivable process, from collections and litigation, to post judgment recoveries.  The Company tailors solutions to the client's specific needs.

After a judgment is obtained in California, or domesticated from another state or country to California, COMPANY NAME assists the judgment-creditor in a concerted effort to recover the funds so that the judgment is satisfied. The Company will record the Judgment is reconciled so that it will be public record and attach against any real property owned by the debtor. COMPANY NAME  performs asset searches and utilizes collection techniques to satisfy the judgment.

Commercial claims entail business transactions which may include a business to business transaction, services rendered, the sale of goods or real property transactions.  COMPANY NAME  attempts to resolve claims through pre-litigation negotiation or the Company can litigate through trial and, if necessary, on appeal. The Company represents clients in all industries, seeking collections on both large and smaller amounts. 

The Company also handles consumer debt collections and the personnel have experience and maintain an up to date knowledge of the Fair Debt Collection Practices Act, California’s Rosenthal Act and the Fair Credit Reporting Act. COMPANY NAME provides services to holders of consumer debt, whether it is a bank, purchaser of debt or any other entity which holds consumer debt.   The Company's personnel have skip-tracing capabilities and other tools at their disposal for purposes of maximizing recovery for clients.  COMPANY NAME focuses on pre-litigation collections in order to quickly assist clients in recovering their funds and will litigate those matters which cannot be resolved amicably. 


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