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A well-written lawyer business plan usually provides comprehensive information on achieving the desired goals and the type of services the firm will offer customers. However, writing this document can be quite challenging and overwhelming for any new attorney just starting with law practice or considering opening up a new law firm.

Important Things To Follow When You Make A Law Firm Business Plan

1. The Law Firm’s Mission And Vision

In the middle of an uncertain future, a lawyer should have a positive attitude and an individual passion for serving justice. Otherwise, it will affect their work performance.

A law firm should beneficially serve the people while driving the business toward success. Therefore, the purpose of law firms is to help society, provide justice, and maintain peace through the rigorous pursuit of excellence. Having a clear mission statement, vision, goals, and values will help the law firm stay grounded and thrive.

Law firms can succeed with their goals and purposes if they motivate all members to work together to develop beneficial services for all parties involved.

2. Establishing KPIs

A law firm will be successful if it can achieve its goals. So, a lawyer should be able to identify their key performance indicators and describe the means of achieving them. The set goals are not the only aspect that should be considered, though. The other important point is how you will keep track of your performance to measure your progress.

It's also essential that the performance indicators in your business plan are measurable and specific, so it would be effective for any member of the board or firm who will read this document. In addition, detailing objectives and goals can give an idea about what kind of information, technologies, human resources, budget, partnerships, and strategies you need to achieve your goals, satisfy your clients, and grow your business.

3. Creating A Timeline

When you write a business plan, it won't be easy to figure out what will happen in the future. Therefore, writing down timelines is an essential part of every business plan. It will help you track what is planned for the future and know when each task needs to be specified and completed first. If you don't do this well, it will create confusion once your business starts up or contracts are signed with clients. Therefore, timelines are very helpful so that you can track how long it takes to complete each task or project.

4. Continuous Improvement

A lawyer should always be willing to learn and advance with the law and society. As a business person, you must keep learning as much as possible to apply new technology and industry changes effectively. If you don't stay up-to-date on the latest trends, new laws, and upcoming court decisions, it will be difficult for your business plan to do well. A business plan needs constant improvement for it to be executed properly, so don’t forget to include continuing legal education for you and your team, its budget, timeline, objectives, resources, and measurements. 

5. Focus On Adaptability

How you write your business plan will depend on what type of law firm you will become. For your business plan to become successful in practice and maintain relevance over time, it needs to change to adapt to your current needs and values. You should not only update your existing plans with new information and data but also make sure they are appropriate for the current times. 

"Success is not a matter of chance; it is a matter of choice," once said Vince Lombardi. However, all successful businesses and companies have one thing in common: willingness to work hard and adapt to new variables.

Everybody knows business planning is complex, so it takes time and effort to work out everything correctly and make it flow smoothly. Suppose your business plan turns your law firm into a successful and profitable business. In that case, you must revisit and update it frequently and make the necessary changes for your firm to move forward instead of just stagnating in your comfort zone.

Bottom Line

When you create a good business plan, you will find many benefits from opening up a law firm or writing a legal document for your clients. However, if this is your first business, you should know how to plan to get it up and running.

You will learn to manage sales and marketing, budgeting, customer service, and attracting and retaining talented personnel. You need to learn fast how to work on the positive aspects of running your law practice to gain an advantage over your competitors. A well-written business plan will take you there. 

 

Flexibility and adaptability are core beliefs in his work. His successes have come in large part due to his ability to identify concepts that will transform markets. The companies he’s built – from ride-sharing businesses to sunglasses and eyewear brands – have benefitted from this mindset. As he continues to build his business portfolio, the beliefs will persist in guiding his work. 

“I believe that you have to understand that the world is changing so fast,” he said. “The markets, the appetites, the cultures -- everything changes.”

Alejandro Betancourt has used that ability to identify change and anticipate what it means for markets and consumers to develop an impressive array of business achievements.

Auro Travel Advances Ride Sharing In Spain

Betancourt is the founder and largest shareholder of Auro Travel, a Spain-based ride-sharing company. Betancourt founded the company after seeing an opportunity to compete with similar companies like Cabify and Uber. Spain requires such companies to have vehicle licenses to operate. The company aggressively began acquiring the licenses, which are in limited supply.

The company, founded in 2017, today has about 2,000 licenses, mostly in Madrid. It is the largest provider of private car services with drivers in Spain. 

While the move was perceived to be risky at first, the strategy has paid off. Auro Travel developed a division, Arrow, which licenses the licenses to other ride-sharing companies seeking to operate in major Spanish cities.

Betancourt takes a hands-on approach to the companies in which he invests or creates. At Auro Travel, for example, he is fully involved in strategic planning, selection of key management leaders, and the creation, testing, marketing and launch of the company’s mobile app.

Betancourt believes the ride-sharing industry will continue to evolve and grow, noting that several of the companies are now branching out into areas such as food delivery. With the fierce competition for market share in the industry, he believes there will be contraction eventually.  

A Career In Varied Industries

Alejandro Betancourt attended Suffolk University in Boston, graduating with a double major in international economics and business administration. He started his career working for Guruceaga Group as a new business manager for the international trade company. He later served as a director of trading and an executive trader for ICC-OEOC, an oil and gas company.

He served as a director of two energy companies. At BGB Energy, the Venezuelan affiliate of Kawasaki Heavy Industries, he oversaw sales origination throughout the country and was responsible for 13 turbines. He later served as a director of Pacific Exploration & Production Corp., a Canadian public company with operations throughout Latin America.

In 2012, Alejandro Betancourt joined O’Hara Administration. Today, he is the director and a controlling party of the asset management and investment firm. He oversees the firm’s fund-raising and investment strategies, working with European banks and institutional investors. He is the firm’s largest shareholder in private equity investments in technology, banking and oil and gas companies.

Bright Future For Hawkers

Hawkers began as a $300 investment by four friends, who bought 27 pairs of American sunglasses made by Knockaround. Reselling the sunglasses proved to be an instant success. The founders decided there was a market for affordable, high-quality sunglasses with a modest price point -- $20 to $40 at the time. A Kickstarter campaign netted them nearly €190,000 and Hawkers began offering a range of colours, frames and lenses.

The founders, however, faced operational and logistics hurdles that had led to shipping delays and frustrated customers. 

Alejandro Betancourt saw the potential in the young company. He and a group of investors put up €50 million for the eyewear company. In November 2016, Betancourt was appointed as company president for Hawkers

In 2018, Betancourt made an additional investment of €20 million. Today, he is Hawkers’ largest individual shareholder.

Betancourt used several innovative marketing strategies to grow Hawkers to the third-largest sunglasses brand worldwide. He relied heavily on social media and influencer marketing to begin using well-known web stars to tout the product. Hawkers gave the influencers free sunglasses along with promo codes they could share with their followers.

Betancourt also began using celebrities and signed promotional deals. Ford, Kia, Mercedes-Benz, PayPal, PlayStation and Smart are among the companies Hawkers partnered with. In addition, the company signed a marketing agreement with the NBA’s Los Angeles Lakers. Celebrity partners included Steve Aoki, Lionel Messi, Ricky Rubio and Usher. 

Betancourt also launched a campus brand ambassadors program that has recruited 5,000 college students to date. The ambassadors, chosen due to their wide social media followings, host events on behalf of Hawkers in exchange for trips and festival and concert tickets.

Today, the brand has expanded across Europe to Asia, Australia and North America. For Betancourt, success is a never-ending pursuit. 

“Everybody wants success. Everybody's looking for success,” he said. “It’s a continuous pursuit of trying to achieve your different goals, which keep evolving. As long as you are in that race to continue to pursue them, you are on the road to being successful.”

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