THE IMPORTANCE OF BUSINESS PLANS

As noted in my prior articles, possessing sufficient portable business is crucial for success in the law firm market for both partner and senior associate candidates. For background, see for example my prior articles on “Calculating Portable Business” and “Alternative Portable Business.” Law firms typically require between $300K to $3M+ in portable business for a partner level position, depending on the size and financials of the firm. The usual (and most effective) way that a candidate presents their portable business to a prospective law firm is through some type of business plan. The format of such plans varies greatly, and there is no single “right” way to do them. However, there are some general guidelines that should be followed in order to make the business plans clearer and more persuasive.


Business plans are not just limited to the interview process. Savvy partners (and associates) prepare business plans every year to outline their past business generations and plans for future business development. The types of business plans used in the interview process have the same general purpose. However, their structure differs from “regular” business plans because they are also intended to persuade a prospective law firm that the attorney not only has generated a certain amount of business, but also that the business is portable to the new firm.

The plan typically starts by describing all of the attorney’s business generations over a recent period – usually 3-5 years – as well as descriptions of their active clients and other general financial information (billing rates, hours billed, etc.). The plan then estimates how much of that business is likely portable to the prospective firm. The more detail of the reasons why each client and their business is likely portable, the better. Example of persuasive detail includes the nature and duration of the key relationships that have been cultivated by the attorney at each client; how well the attorney controls each client’s business compared to other partners in their firm; how strongly the attorney’s firm is likely to compete for each client and other reasons (such as lower rates or type of platform) why certain clients are more likely to prefer the prospective new firm over the current one. The ultimate goal, of course, is to persuade the prospective firm that the attorney’s portability estimates are accurate.

In preparing the plan, the attorney should not be limited to the “traditional” type of portable business from present clients. It should also have a section describing prospective clients, as well as estimates on how much additional “alternative” or prospective portable business these clients may bring to the new firm. Business is just as legitimate if it comes from a present client or a future one. Nevertheless, the distinction between the two types of clients and portable business should be made clear.

Finally, the business plan should present an estimate of the total amount of portable business from all sources that is likely to come with the attorney over the next year should they join the new firm. By presenting this total estimate in the context of a detailed business plan, it will be much more persuasive to a prospective firm than if the estimate is simply provided by itself without any explanation or support.
About Harrison Barnes

Harrison Barnes is a prominent figure in the legal placement industry, known for his expertise in attorney placements and his extensive knowledge of the legal profession.

With over 25 years of experience, he has established himself as a leading voice in the field and has helped thousands of lawyers and law students find their ideal career paths.

Barnes is a former federal law clerk and associate at Quinn Emanuel and a graduate of the University of Chicago College and the University of Virginia Law School. He was a Rhodes Scholar Finalist at the University of Chicago and a member of the University of Virginia Law Review. Early in his legal career, he enrolled in Stanford Business School but dropped out because he missed legal recruiting too much.

Barnes' approach to the legal industry is rooted in his commitment to helping lawyers achieve their full potential. He believes that the key to success in the legal profession is to be proactive, persistent, and disciplined in one's approach to work and life. He encourages lawyers to take ownership of their careers and to focus on developing their skills and expertise in a way that aligns with their passions and interests.

One of how Barnes provides support to lawyers is through his writing. On his blog, HarrisonBarnes.com, and BCGSearch.com, he regularly shares his insights and advice on a range of topics related to the legal profession. Through his writing, he aims to empower lawyers to control their careers and make informed decisions about their professional development.

One of Barnes's fundamental philosophies in his writing is the importance of networking. He believes that networking is a critical component of career success and that it is essential for lawyers to establish relationships with others in their field. He encourages lawyers to attend events, join organizations, and connect with others in the legal community to build their professional networks.

Another central theme in Barnes' writing is the importance of personal and professional development. He believes that lawyers should continuously strive to improve themselves and develop their skills to succeed in their careers. He encourages lawyers to pursue ongoing education and training actively, read widely, and seek new opportunities for growth and development.

In addition to his work in the legal industry, Barnes is also a fitness and lifestyle enthusiast. He sees fitness and wellness as integral to his personal and professional development and encourages others to adopt a similar mindset. He starts his day at 4:00 am and dedicates several daily hours to running, weightlifting, and pursuing spiritual disciplines.

Finally, Barnes is a strong advocate for community service and giving back. He volunteers for the University of Chicago, where he is the former area chair of Los Angeles for the University of Chicago Admissions Office. He also serves as the President of the Young Presidents Organization's Century City Los Angeles Chapter, where he works to support and connect young business leaders.

In conclusion, Harrison Barnes is a visionary legal industry leader committed to helping lawyers achieve their full potential. Through his work at BCG Attorney Search, writing, and community involvement, he empowers lawyers to take control of their careers, develop their skills continuously, and lead fulfilling and successful lives. His philosophy of being proactive, persistent, and disciplined, combined with his focus on personal and professional development, makes him a valuable resource for anyone looking to succeed in the legal profession.

About BCG Attorney Search

BCG Attorney Search matches attorneys and law firms with unparalleled expertise and drive, while achieving results. Known globally for its success in locating and placing attorneys in law firms of all sizes, BCG Attorney Search has placed thousands of attorneys in law firms in thousands of different law firms around the country. Unlike other legal placement firms, BCG Attorney Search brings massive resources of over 150 employees to its placement efforts locating positions and opportunities its competitors simply cannot. Every legal recruiter at BCG Attorney Search is a former successful attorney who attended a top law school, worked in top law firms and brought massive drive and commitment to their work. BCG Attorney Search legal recruiters take your legal career seriously and understand attorneys. For more information, please visit www.BCGSearch.com.