legal practice
Assume that as of May 1, 2014 you have practiced law for 5 years. You and two other like-minded colleagues have decided to form an entity for the purpose of delivery of legal services to potential clients. You have decided to do so in a creative way other than just joining another firm. And, you have selected a legal niche that is not completely traditional. You have the ability to borrow enough operating capital to finance the entity for 12 months. Each of you has sufficient personal clients to bill about 100 hours on client matters. One of your objectives is to focus on fee structures other than solely billing by the hour. Another is to compensate each of you fairly.
Your final exam assignment is to describe in detail what business approach you would propose to accomplish your objectives. In doing so, please be sure to describe:
1) What legal practice or niche you have selected, and why;
2) What are the characteristics of the entity you will form to operate your business, and why you have chosen it;
3) How you will finance this venture, and how you will pay the money back;
4) How you think the marketplace will respond to your venture and why;
5) Specifics as to how you will operate your business;
6) Your approach to fee structures, and why;
7) How are you going to compensate yourself and your employees;
8) How are you going to incorporate technology into your plans;
9) Where do you see the entity in 3, 5 and 10 years;
10) What do each of the 3 of you bring to the entity; and
11) Why did you choose the others to help start this venture.
You will need to be sure to draw from each of our class sessions. Your exam will be worth 100 points. 60 points will be assigned to a technical analysis: following instructions, demonstrating mastery of the subject matter, and that your factual assertions and assumptions are correct. The other 40 points will be assigned to creativity and depth of analysis. I mentioned in class several times that those who anticipate and master the changing marketplace will be the most successful.
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