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Matthew Gravelle
In-house team
Nationwide
Preparing a Business Plan
There is no best practice for writing a business plan and the detail
required will depend on the firm. Many firms actually have their own
pro forma.
However,
your business plan will always be needed at some point in the
recruitment process, so it is best to be prepared and put together your
thoughts at an early stage. It’s good practice to focus your mind and
will help you to answer questions at interview. You will also look more
organised!
Suggested framework
1. CV
A basic CV including education, chronological career history, achievements, publications, languages and interests.
2. Description of current practice
- Describing exactly what you do and your responsibilities within the firm
- Outline size of current team – reporting structure
3. Headline transactions/matters
4. Revenue Analysis
- charge-out rate for partners(s) and team
- fees billed over past three years (broken down by individual and top clients)
- hours charged – broken down by individual
- fees recovered if information available
5. Personal Compensation
If
equity, what your share has been over the past few years and
anticipated income this year. Mention monthly drawings (not all firms
pay drawings in the same way).
Team members’ compensation, and which people you would need to produce the anticipated revenue
6. Contact / Clients List / Potential Portability
Create a basic table to include the following:
e.g.
| Client | Sector | Portability 1-5 (1 being lowest) | Potential Fee Generation | |
| Year 1 | Year 2 | |||
| ABC etc | Energy | 4 | > 250k | > 450k |
7. Notice Period, Restrictive Covenants
8. One plus one equals three
e.g. where the existing firm has clients which would instruct the new incoming partner. This section is typically written in conjunction with the lead partner running the hiring process.
