write a short paper addressing the following. You will be writing for a Personal Injury Law Firm. Please do research on starting a personal injury practice.
Describe how you will initially finance your law firm. What sources will you use? Why will you choose those sources over other available sources? Be specific about the other sources you are not choosing.
Identify and describe three strategies you will use in your law firm to manage and maximize revenue from clients and firm profits?
Draft a comprehensive list of anticipated expenses for your law firm. Expenses should include start-up expenses and operational expenses for the first year of your law firm’s operation. Do some preliminary research and estimate what those actual costs might be. This may involve researching the cost of expenses online, speaking with other practitioners, or calling vendors. You must note for each expense the source you used to reach your estimated cost. These do not have to be the final budget numbers you put in your business plan at the end of the semester. You will have plenty of opportunities to revise them between now and the end of the semester.
Describe the one-year and three-year client development and revenue goals you think you may need to achieve to cover your comprehensive list of expenses and make a profit. At this point, this can and should be an estimate based on what you think might be necessary. You will tighten this up later in the semester.
Finally, describe where your revenue comes from and organize it by category of client matter. What billing structure will you use to ensure you meet your revenue goals and allocation by client matter?
I anticipate your paper will be 4-6 pages in length, double-spaced and using a standard-sized font in Word. I encourage you to use charts, bullets, or other helpful formatting techniques in Word for this assignment.
Use this link and the attached articles for citations:
Law Firm Billing & Collections (2024) – Lawyerist
Law Firm Financing, Draft Budget and Client Development and Goal Setting
Law Firm Financing, Draft Budget and Client Development and Goal Setting
CriteriaRatingsPts
This criterion is linked to a Learning OutcomeFinancing the Business – Overall Financing Structure
4 ptsProficient
Specifically describes how the business will be reasonably financed
2 ptsNeeds Improvement
Generally describes how the business will be reasonably financed
0 ptsNon-performance
Fails to describe how the business will be reasonably financed
4 pts
This criterion is linked to a Learning OutcomeFinancing the Business – Management and Maximization of Revenue
4 ptsProficient
Specifically describes three strategies the law firm will use to manage and maximize revenue from clients and firm profits
2 ptsNeeds Improvement
Generally describes three strategies the law firm will use to manage and maximize revenue from clients and firm profits.
0 ptsNon-performance
Fails to describe three strategies the law firm will use to manage and maximize revenue from clients and firm profits.
4 pts
This criterion is linked to a Learning OutcomeOperating the Business – Firm Expenses
4 ptsProficient
Specifically identifies a list of operational expenses for launching and managing the law firm, including start-up costs and through the first year
2 ptsNeeds Improvement
Generally identifies a list of operational expenses for launching and managing the law firm, including start-up costs and through the first year
0 ptsNon-performance
Fails to identify a list of operational expenses for launching and managing the law firm, including start-up costs and through the first year
4 pts
This criterion is linked to a Learning OutcomeOperating the Business – Firm Income
4 ptsProficient
Specifically identifies the one-year and three-year client development and revenue goals AND the kinds of cases or projects the law firm will need to accept in order to cover the expenses of the law firm and recognize a profit (if a for-profit law firm)
2 ptsNeeds Improvement
Generally identifies the one-year and three-year client development and revenue goals AND the kinds of cases or projects the law firm will need to accept in order to cover the expenses of the law firm and recognize a profit (if a for-profit law firm)
0 ptsNon-performance
Fails to identify the one-year and three-year client development and revenue goals and the kinds of cases or projects the law firm will need to accept in order to cover the expenses of the law firm and recognize a profit (if a for-profit law firm)
4 pts
This criterion is linked to a Learning OutcomeWritten in a clear, concise, organized and well-written manner.
4 ptsProficient
Written clearly, concisely, and in an organized manner
2 ptsNeeds Improvement
Somewhat lacking in clarity, concision, or organization
0 ptsNon-performance
Significantly lacking clarity, concision, and organization
4 pts
This criterion is linked to a Learning OutcomeAppearance and structure
4 ptsProficient
Prepared in a professional manner using subheads or other formatting techniques and is entirely free of typographical errors
2 ptsNeeds Improvement
Prepared in a professional manner and is somewhat free of typographical errors
0 ptsNon-performance
Prepared carelessly with many typographical errors and formatting issues
4 pts
Total Points: 24