Do I Really Even Need a Business Plan?

Yesterday, my colleague Jamie Bailey, encouraged partners contemplating a move to draft a business plan. The most common response I get when I suggest the same is--"Do I really need a business plan?" The answer is an unequivocal yes!

Some things to keep in mind:

1. A business plan can be even more important than a CV/Resume. No one ever puts up a fight when asked to draft a resume. We all assume it's a mandatory part of the job search process. However, when I utter the words "business plan," it's quite a different story. Ironically, I can think of more than a handful of firms where a copy of a partner's law firm bio will suffice in lieu of a formal resume. I can't think of a single firm that would turn down the opportunity to review a partner's business plan. For an established partner with significant portable business, a business plan lends immediate credibility to the nature of the portable business. For an up-and-coming partner with little to no business, a business plan is the best way to sell a prospective employer on your potential. In either case, a business plan can be even more important than having a detailed resume.
2. A business plan does not give away all your secrets. One of the most common objections I get to the idea of drafting a business plan is--"I don't want to share confidential information that the firm can then use to its advantage." But keep in mind--a business plan does not have to give away all of your secrets. With careful drafting and a well-reasoned approach as to what will be included in the business plan, you can definitely convey the necessary facts without spilling your secrets.
3. What does a business plan say about you? It tells the prospective firm a number of essential facts: (1) that you understand the economical/business aspects of practicing law; (2) that if the firm hires you, you are going there to be a productive, contributing member of the firm; (3) that you have given thought to your practice and how it fits in with the firm's existing practice; (4) that you are confident enough in your skills and abilities to give them a snapshot of what you have to offer; and (5) that you care about where you end up.

Once candidates get over the initial reluctance, they tend to find the exercise of drafting a business plan incredibly helpful. Often times, drafting a business plan goes a long way towards solidfying what you are looking for in your job search and it helps you prepare to advocate for yourself during the interview phase. There really isn't a downside and, in the end, is really is quite painless!