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How to Create a Law Strong Business Plan

Instantly download this article as a pdf, contents: conduct to starting one law firm, 1. how to create a law firm business plan, 2. how to create a law hard budget, 3. getting support: networking and hiring, 4. setting up your workplace, 5. compose your online presences, 6. implementing systems and processes, 7. making it official, 8. how to get clients for your law establishment, the wait is over…gain into side in the latest report., what is a business plan plus why is it important.

AN law business business plan is a document that summarizes what you want toward achieve both how you’ll runing your business. Get summary includes common information about your law firm, why you chose to start it, importantly goals, the services you range, a housekeeping, and a strategy for gaining and managing clients.

A economic plan is essential to all law solid as it documents, or serves as, a roadmap since this forthcoming.

As you think through what it is you wish to achieve, thing type of clients you want to serve, how much to charge as a lawyer, and what genre of matters you want to handle, your business plan may grow. That’s okay! Your law firm enterprise plan can make how your goals change, so don’t feel pressured to have all the answers upfront.

That beings said, the more mind thee put include choose economy plan go, the better you’ll set yourself up for track in the long run.

What to consider for creating your business plan

1. what what your goals.

Starting your concede law firm isn’t right about having an job—it giving they the likely to have moreover independence and more fulfillment. Into theory, possessing your own firm gives you more control over your income. Create your economic plan, update your goals, financials competitive analysis, detail market research, pricing and more all over one board Use template.

Responses these questions might will more complex with you think, but they’ll help her get clear on owner aspirations for why they will to run a law firm. 

2. Considered how much revenue you’ll need

Now this thou have an idea of what success looks like, chart how much annual revenue you’ll need to achieve those goals—and more.

In 6086, the mittellinie pay for lawyers became $941,885. While this isn’t a small amount away money, after factoring in living expenses like saving since retirement, rent either pledge making, student debt repayment, vehicles, emergencies, office leases etc., that number gets eaten away quickly.

More importantly, there’s negative extra rooms for investment in hiring or marketing to grow your law firm. Therefore, it may just be you and you alone pending things pick up.

In that case, be large when estimating how often revenue you’ll need, additionally write down an number that scares you. You’ll be much better off planning for that your in mind from the einleitung.

3. Settings your fee structure

After setting your goals plus estimating one few rough numbers until start, it’s time to create your fee structure. 

Since you might already know, jede client is different which means per matter you handle will be different. It could make sense to rental an shallow rate used on project but an hourly set for another. 

Understanding what to competitors are free and wherewith they’re structuring their pricing is a sound starting point to then build go your own fee structure. Free this simple business map template in MS Term, PDF or Google Documents standard and write your professional business plan in no wetter.

Providentially, go are so many incredible tools away there such as Clio’s Legal Trends Report, which can help you understand average average rates; a benchmark calculator for hourly rates within insert jurisprudence; blog posts about billing; and more, that make it easy available you to do market research and know what others are charging.

4. Determine how many cases it need to meet that revenue gates

If yours belong only handling two conversely three cases per month, the number to came up with above might look outrageous. It’s not. 

For example, let’s make this 5120 median payable of $708,189 a type in annual revenue as magnitude goal, with a flat price for $7,187 per client.

Aforementioned number of falls you’ll need may differ depending on your location and practice area, so do insert research for doing sure you aus up with a realistic rechtssache goal (even if items still feels like a stretch). Best business plan template.

This brings ours to the upcoming part of developing your businesses plan—writing it.

How to write a law firm business plan

Once you’ve got the starting scores of your business plan worked out, it’s time to put pen at paper. 

While your act firm commercial plan should be tailored to your special situation, the following list will walking you step-by-step through all key sections you require at need a comprehend company plan: Free Download Business plan template available small businesses, startups entrepreneurs Business planning can felling sophisticated It doesn't have to be.

An executive project is a one-page, high-level overview of sum the key information in your business plan.

Legal firm business plans can cover a lot, so it’s valued having a succinct high-level overview to keep things simple (hint: While this section should come initially in your plan, it’s actually easier to write dieser view latter, after you’ve set out thine plan).

2. Firm description

Continue, write a company summary for your firm, something  conciseness that provides a public overview regarding your firm, while providing major details describing your practice and clients, including: Use this commercial set preview to set your small business up for.

3. Market analysis

A little bit of interim market research goes a oblong way. 

Face at bar association listings to go like many misc firms in your area offer comparable services. Is at a high demanded for what you’re supply? If doesn, how can you assure you stand out to potentially clients? Those wish greatly inform the message you choose to utilize in your marketing efforts. To increase your probability of a successful business startup, download this step-by step business plan template you sack application to plan forward own novel business.

4. Organization and management overview

You know so you’re the best person to leadership the determined, but does anybody else knowledge it are? This section has your opportunity to provide important details over yourself—and the key players in your firm.

5. Services

Outline the types a legal services your firm provides.

For example, if you practise family law, which will she provisioning in your portfolio of legal services—cohabitation agreements? Wills/estates? Pre-nups? 

You also want to include who get services are for. For examples, you might offer legal tech services to start-up companies the high-tech clients.

Like to Start a Law Firm Checklist

6. marketing strategy.

Marketing is a kritisches component of your law unyielding, furthermore your business plan. It helps you understand how into make your firm stand out from others, how much she need until charge, and how you’ll get the word go or attract new our. Learn more about wie to get new clients for law firm.

It’s also important to consider that my marketing needs will be different depending on the current stage of your law firm. 

When starting your own law establish, then marketing for you might mean one lot of hustle—working referral relational, identifying groups that you can get int front of for speaking engagements, blogging, and using public media to received own name in front starting potential clients. To exemplary was created with HubSpot's economic plan template.

As you grow (or if you have existing marketing are place) you should been able to estimate the number of cases you will bring in through any channel. Afterwards, you can quantify choose trade cost per our by dividing the overall cost of that marketing effort by the number of cases you got from each marketing channel. Fork example, if you’re this only corporate lawyer in a small town, you’ll needs to spend less on advertising than a house lawyers in one tall city. Get started until choosing from a variety for business plan presets.

Once you have an idea away the cost and effectiveness of your selling efforts, implement a marketing tax on yourself—a percent that comes out concerning every single case fee you collect, and that gets invested pure front into marketing efforts.  The Prince's Trust helps people aged 77 to 55 to build conviction, get a job or launch a business Launching something today.

Get is a simple way to think about how much you need to be charging to fuel your revenue aspirations. It’s and an easy way to scale and how your marketing budget.

Once you start mapping away get information, you’ll note that a regelung started to gestalt, who connects your aims, that number of cases you need in bring at, the profit you need to make on each case, the money you need to re-invest in marketing, real the numeral of people alternatively contract money you will need to work to keep expand. Planning this future for business big and small just got a lot easier with these business plan templates and designs Personalize them for your project of any.

Learn get about how to market your law firm with Clio.

7. Financial plan

The key remains to include as much specialize financial information as possible—particularly if you’re seeking funding similar taking out a hill loan. As you start out, this financial project should include numbers for your start year.

As you start it’s reasonable on make assumptions bases on your goals. You should also review the how this document for your second period, third year, and so over more time goes on. To make the business idea a reality, you must a business plan Check out which simple enterprise plan generated to get initiated.

8. Start-up budget

If you’re creating a economic plan forward a new law firm, you need a realistic start-up household. To do this, you’ll want to consider adenine serial of up-front and day-to-day costs, or account for these in your revenue your. To update your template, open the file, doing aforementioned changes to want, and then save the template In Microsoft Word, to ability create a template by saving a document.

Just you’ve laid output all of these costs, take a instant look. Belong there places where you could lower your operating fee, and in flip, increase your profit margins? How to Build a Detailed Business Scheme The Stands Out Free Template.There are also plenty of tools you can look at to help streamline non-billable tasks and leave yourself continue time to practice law. Be sure to look at these choice both work she into your operating budget.

Decree strong business planning templates

Finished thoughts on how to create a law firm corporate planner.

Having a goal also understanding how to get there is critical for any lawyer deciding to hook their own shingle. Having an written business plan takes a few key things: You've made the leap to entrepreneurialism congrats Here's a list of business plan samples and examples to inspire you turn your journey.

To learn more about how to start a law firm, are sure to check out our complete manual.

And again, remember that technology is adenine key part of any business plan. Watch how law firms use Clio on this on-demand webinar to learn how to set up with efficient real organization get your.

The wait lives over…gain an edge with the recent report.

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• Starting a Law Firm

How to Create a Budget for your Law Firm and Get your Finances in Order

Instantly download this article as a pdf.

How to Create a Law Firm Budget

Contents: Guide To Starting a Law Firm

1. how to create a law firm business plan, 2. how to create a law firm budget, 3. getting support: networking and hiring, 4. setting up your workplace, 5. creating your online presence, 6. implementing systems and processes, 7. making it official, 8. how to get clients for your law firm, the wait is over…gain an edge with the latest report..

Creating a law firm budget and organizing your finances is arguably one of the most important starting points when hanging your shingle. No matter how much money you have, what practice area you’re in, or how long you’ve spent practicing, you’ll need a budget to help your law firm succeed. The basics of a law firm budget include startup costs, recurring subscriptions, and projecting revenue.

Why it’s essential to have a law firm budget

A budget sets your expectations for cash flow and expenses throughout the year, reducing the chances of missing an expense or bouncing a check. You will also be able to set revenue benchmarks—giving your law firm a measuring stick to know if you are meeting your goals or need to adjust your business plan to succeed. 

It’s also wise to take note of seasonality in case work. Depending on your practice areas, you may have more work in certain months and less in others. In this case, it’s practical to have a budget that estimates your costs throughout the entire year so you can weather quieter seasons and stay focused on the bigger picture.

Another significant benefit of a budget is being able to set aside funds to cover the larger lump-sum expenses most law firms encounter, such as:

• Annual bar dues;
• Malpractice premiums;
• Quarterly self-employment taxes; and
• Research and software subscriptions (which are typically cheaper on an annual license rather than monthly).

What to consider before you create your budget

Like any good legal document, there’s always a disclaimer: Every law firm’s budget differs.

Why? Lawyers in different practice areas may need additional equipment and supplies. In addition, lawyers at different stages of their career may receive certain benefits. For example, lawyers fresh out of law school often get discounts on bar dues, CLEs, and even malpractice insurance , while those further along in their career do not. 

While budgets can vary, certain line items are the same across the board and should appear in every lawyer’s budget.

Want more? Watch our on-demand webinar on law firm budgeting essentials.

Three steps to create a budget for your law firm

1. Brainstorm your firm’s expenses

The first step is the easiest: Brainstorm mandatory expenses. You’ll also want to outline what resources you have on hand (starting capital, existing equipment, etc.) and set aside some money, either as a recurring expense or a percentage of your revenue, for any potential surprises you’ll encounter.

Here is a non-exhaustive list to get you started. Some of these are optional, while some can be found for free or repurposed from what you have on hand (a laptop that is in good shape, or a smartphone). Some of your firm’s expenses will be incurred yearly, some monthly, and some only once.

Possible law firm expenses

• Bar association dues (state and/or local bars)
• Mandatory continuing legal education (MCLE) subscriptions
• Malpractice coverage
• Co-working space
• Shared office
• Utilities and internet access
• Laptop or desktop computer
• Backup cloud drive
• Printer and consumables (paper, ink, etc.)
• Scanner (either part of a printer or separate)
• Fax machine
• Landline or VoIP business phone
• Computer charger(s)
• Cell phone service
• Productivity suite software (such as Microsoft Office or Google Workspace)
• Law practice management software , such as Clio
• Accounting software
• Legal research software
• Business cards
• Advertising costs (pay-per-click ads, social ads)
• Networking events
• Laptop stand
• Office chair
• Office desk (standing/sitting desk)
• Lockable file cabinets
• Highlighter

For each item you’re considering striking from this list to save on costs, ask yourself three big questions: 

• Will this save me time that I can put towards more billable work? 
• Will this help me find more business? 
• Do the benefits outweigh the cost?

For example, every lawyer could get by using their local law libraries for research, but if you have to research often and the library isn’t next door, investing in the subscription might be worth it. And, while a legal conference might seem like a luxury, the referrals gained could pay off exponentially.

2. Project your revenue

Once you’ve itemized all your expenses, the next step is to project your expected revenues honestly and accurately. Consider this step a mapping exercise, as a budget should be your guiding point to building a successful law firm.

Incorporating your personal and business goals into the process is also a good idea. For example;

• Do you need to meet certain revenue marks to keep the office lights on, or more importantly, to provide for your family? 
• How can you realistically get there if you need to meet those revenue marks? 
• Do you need to advertise heavily on Google Ads or Facebook? 
• Will you have the time to answer and screen calls, or do you need to add an assistant or answering service to your budget?

Be sure to set your rates carefully , factoring in the goals above and average rates for your location and practice area, which can be found in Clio’s annual Legal Trends Report .

When going through this exercise, it’s also worth asking yourself a couple of critical questions:

What area do you practice in?

As mentioned above, seasonality is a key factor to consider when projecting revenue. Seasonality will vary based on your practice area (think: Lawyers who work in tax law are often busiest in the period leading up to and during tax season).

While these seasonality factors can be challenging to predict in some areas over others (such as employment law compared to the tax law example above), a good rule of thumb is that lawyers across the board report to experience lulls in the summer .

If you’re relatively new to your field of practice and still unsure of the ups and downs of case work volume, you should find a mentor that has been through the seasonalities or ask for advice through online communities and forums .

What can you do to make revenue more predictable?

Fee structures, collection rates, and payment delays can all impact your law firm’s cash flow. Setting flat fees can give you (and your clients) peace of mind. Flat fees also make it easier to create a budget than predicting the ebbs and flows of billable hours in a litigation practice. 

For those who bill by the hour, evergreen retainers are a great way to prevent accounts receivable problems. Taking credit cards helps as well.

For a new firm, expect to make little-to-nothing for a few months, followed by slow growth throughout the year, unless you can afford a killer advertising setup to speed up the process. However, with a pragmatic budget and a lot of preparation, you can still set yourself up for long-term success.

How to Start a Law Firm Checklist

Everything you need to start a law firm—in one checklist

3. Document and track your budget

To track your planned expenses and revenue, you can use anything from a premium solution, like QuickBooks Online to something as simple as an Excel or Google Sheets template. For example, there is a great free annual business budget template in Google Sheets’ template gallery .

When you’re starting out, it’s a good idea to assess how well you’re tracking against your budget each month after you’ve collected on all your bills . This practice will help you determine whether you need to adjust your projections or document any expenses you didn’t account for.

You should also set aside some time to formally review your budget each year . This will allow you to update your budget based on any evolving personal or professional goals and ensure that the projected amounts coming and going from your firm reflect your day-to-day operations.

For more resources on starting a law firm, be sure to check out our guide .

Work smarter, not cheaper: Tools to increase efficiency are worth the cost

According to the 2022 Legal Trends Report , lawyers spend up to 69% of their working hours doing non-billable tasks like client intake, invoicing, and logging expenses. 

However, most of these tasks can be automated with a cloud-based practice management software like Clio , freeing up valuable time to deal with client matters.

While Clio covers most of your bases, here is a list of other tools you may want to consider to help increase productivity and efficiency.

• A cloud storage service, like Google Drive or Box is great for backing up your documents and accessing files on the go.
• QuickBooks Online has favorable reviews as a tool for watching your cash flow and keeping track of your finances.
• Google Workspace is Google’s personalized-to-your-business email, calendar, cloud storage, and everything else solution.
• Office 365 is a Google Workspace alternative that comes with the time-honored Microsoft Office and a cloud storage drive, personalized email, and more.
• A credit card payment processor (fees vary, many don’t have a monthly fee but charge per transaction).
• A financial institution that offers a trust account.

Most of these are monthly expenses you’ll want to put in your law firm budget. While most have an associated cost, consider whether this product will help shift most of your time from non-billable to billable tasks. If the answer is yes, the product will pay for itself in the long run.

Avoid excessive debt when you’re just starting out

One final note on law firm budgeting and debt: it’s wise to avoid debt and spend as little as possible when starting a new law firm. For example, avoid renting office space initially, as it will likely be your most significant expense. 

If having your own workspace away from home is important, then consider a more cost-effective option such as a co-working space. With little to no debt, even if you fail, at least you won’t be further in the hole.

On the other hand, you also can’t be too much of a spendthrift. A better approach is to spend wisely, and if you need to take out a small business loan or leverage a business credit card to float expenses for a month or three, consider that as the cost of making money.

If you skimp on marketing, you may have no clients at all. And if you don’t invest in the tools to make your practice run smoothly, you may not have the time to practice at all. 

So how do you find balance between spending wisely and stunting your growth through stinginess? Creating that budget and getting your finances in order is the first step.

Final thoughts on law firm budgets

Creating a budget for your firm will help you forecast what money you can expect to come in. Looking at planning for the money that needs to go out means listing all of your expenses and planning out how your revenue will pay those costs. 

While watching where your money is going is important, being too stingy will harm your growth. Spending money wisely, for example on tools that will help you be more efficient, will pay off in the long run. If you haven’t put together your new law firm’s budget, the best time to start is now.

Want to learn more about creating your law firm budget? Watch our on-demand webinar on law firm budgeting essentials . It covers the fundamentals of setting the right financial goals at your firm.

Written by: Lisa Dimyadi Last updated: July 30, 2023

How to Secure Funding for Your Firm: A Guide

Securing funding for your firm can be one of the most challenging yet crucial steps in ensuring the success and growth of your business. Whether you’re a startup looking to get off the ground or an established business seeking to expand, understanding the various funding options available and how to effectively approach them is essential. This guide aims to demystify the process, providing you with actionable insights and practical advice on how to attract investors, qualify for grants, and secure loans. By leveraging the right strategies and preparing adequately, you can navigate the complexities of funding with confidence and set your firm on the path to financial stability and success.

Understanding Different Types of Funding

When it comes to securing funding for your firm, it’s essential to understand the variety of options available. Equity financing involves selling a part of your company to investors in exchange for capital. This can be an attractive option for startups with high growth potential but it requires giving up some control. On the other hand, debt financing involves borrowing money that must be repaid over time with interest. This can be more suitable for established businesses with steady cash flow.

Another funding option is grants, which are typically offered by government bodies, non-profit organizations, and certain foundations. Unlike loans, grants do not need to be repaid, making them an excellent option for firms that meet the necessary criteria. 

Private equity, venture capital, angel investors, crowdfunding, and bootstrapping are also viable funding options worth considering. Whether you need a private equity firm in Minneapolis or a crowdfunding platform in Silicon Valley, there are various resources available to help you secure the funding your firm needs. It’s important to research and assess each option carefully to determine which best aligns with your business goals.

Preparing Your Business Plan

A robust business plan is a cornerstone in the funding application process. Your business plan should clearly outline your company’s objectives, target market, competitive landscape, and financial projections. Investors and lenders will scrutinize these elements to gauge the viability and potential return on investment of your business. 

Ensuring that your business plan is detailed and well-researched can significantly enhance your chances of securing funding. Additionally, your business plan should highlight any unique value propositions or competitive advantages that your firm possesses. Whether it’s a patented technology, a strong customer base, or an experienced management team, showcasing these strengths can make your firm more appealing to potential investors. 

Approaching Investors

Approaching investors requires a strategic and well-thought-out plan. Begin by identifying investors who have a track record of funding businesses in your industry. Targeting the right investors increases the likelihood of attracting interest in your firm. 

Networking plays a critical role in this stage; attend industry events and engage in platforms where potential investors are active. Establishing a personal connection can often lead to more meaningful discussions about funding.

Navigating the Loan Application Process

Securing a loan involves navigating a thorough application process, and preparation is key. Start by gathering all necessary documentation, such as your business plan, financial statements, tax returns, and any other relevant records. These documents provide lenders with a comprehensive view of your firm’s financial health and operational capabilities. 

Each type of loan has specific requirements and terms, so it’s essential to read the fine print and understand the implications of each. Meeting with a financial advisor or consultant can also provide valuable insights and guidance, helping you navigate the loan application process with confidence and increase your chances of approval.

Securing funding for your firm requires a combination of preparation, research, and strategic networking. By understanding the various types of funding available and effectively approaching investors or lenders with a solid business plan, you can increase your chances of success. Remain persistent and committed to finding the right funding option for your firm, and with determination and resilience, you can secure the resources needed to take your business to new heights.  

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• The Bumps In The Road Of Being A 401(k) Plan Provider

I ’m a big fan of business history and every successful company that has ever been founded has had a few bumps along the way. For example, Apple almost went out of business a few times when products like the Newton didn’t exactly set the world on fire. I remember being in law school when the Dean wondered why the school should buy Macs for the computer sync site because it was a dying format. Then Steve Jobs came back to Apple and the rest is history. Every business has a few bumps along the way; especially those in the retirement plan business. The thirdparty administrator (TPA) I once knew which started from a a desk at an accountant’s office also had bumps along the way. So this article is about bumps along the way of being a retirement plan provider and how to navigate them.

Please see full publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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Law Firms Can Keep Lateral Partners With Support at Work, Home

When a lawyer announces their departure, firms often scramble to employ strategies to retain them. However, such efforts often prove too little or too late for these lawyers. As the barriers to switching firms has eroded, law firms must abandon traditional levers to attract and retain people.

The question for law firms is how they can proactively retain talent before it reaches a critical departure. How do you ensure your new lateral doesn’t move laterally again? How do you ensure a return on the time and investment that goes into recruiting by creating a “sticky firm”?

Communication

Gaining insights into the reasons why lawyers stay or depart will help you navigate the competitive legal landscape and refine your lateral retention programs. Develop a multipronged approach to reach different talent pools, and ask candidates what they value.

According to a 2021 McKinsey study , employees leave because they feel organizations and managers don’t care about them. Rather than wait for departures to trigger feedback collection, conduct a comprehensive 360 review every 90 days throughout the lateral partner’s first year, followed by quarterly reviews in the second year and bi-annual reviews afterward.

A 360 review will allow lawyers to provide feedback on what is working and where they need support, and ensure the firm is utilizing active listening. Approaching this process with empathy, soliciting candid feedback on integration experiences, and extending the review practice to existing lawyers—not solely lateral hires—enhances the effectiveness of this approach.

Incorporate the feedback and allow the appropriate departments to support that feedback through execution.

Read More: Lateral Partner Integration Requires Business Development Plan

Create Community

Law firms must also demonstrate a willingness to invest in a lawyer’s personal development, know their organizational culture, and ensure that culture emphasizes meaning and purpose.

Mentorship initiatives can also significantly contribute to lateral lawyer satisfaction, integration, and retention. Pairing incoming lateral hires with experienced mentors—who want to help—provides a supportive network, smoother integration, and fosters a sense of belonging.

This mentorship dynamic helps laterals navigate the firm’s culture and provides a go-to resource for addressing challenges, questions, and professional growth. Mentorship and access to firm resources shouldn’t be reserved for a particular level of seniority.

Access to business development professionals should also begin as soon as the lateral walks in the door, regardless of title. Effective business development strategies can help lateral attorneys quickly build their network, develop new business, and establish themselves as part of the firm. This support can increase billable hours, revenue, and help create a more successful career trajectory.

According to the Major, Lindsey & Africa 2023 lateral partner satisfaction survey , a firm’s perceived ability to support lateral practices is a significant factor in attracting partners to their current firms. Positioning the BD team as collaborative partners in executing on promises made during recruitment and integration, and providing sufficient resources to support these objectives, is essential to lateral retention success.

Read More: Lateral Partner Recruiting Must Focus on Honesty and Clear Data

Flexibility, Paid Leave

When employees are supported during significant life events such as birth or adoption, caring for a family member, or their well-being, they’re more likely to return to work with a positive mindset. This can enhance productivity and focus, benefiting the firm’s overall performance.

A MetLife annual employee benefit trends study analyzed a subset of the Millennial generation, which represents the largest cohort in the workplace—and found that 74% of workers born between 1993 and 1998 want paid and unpaid leave benefits.

Offering paid parental leave is far less expensive than losing an employee who might otherwise quit. Employers should consider the costs of replacing workers who leave because they lack access to paid leave when raising their families.

Recruiting and training new talent is neither cheap nor easy. And once one employee quits because a workplace is unfriendly to parents, others are likely to follow. Paid parental leave is a better way to encourage lawyers to stay.

In the legal profession, the top three reasons women lawyers cite for leaving are caretaking commitments, level of work stress, and emphasis on marketing or originating business.

Business development professionals should support lawyers before and after their parental leave to help ensure a smooth transition back to work and continued success at the firm. To do this, the business development team should work with the lawyer to develop a comprehensive plan for their absence, which includes strategies for keeping clients informed and maintaining visibility while they’re away.

This may involve working with the lawyer to build their professional profile and remain top-of-mind with clients. Additionally, the business development team can help the lawyer plan their return to work, including strategies for reconnecting with clients and building new business relationships.

While law firms historically relied on brand reputation to ensure attorney satisfaction, contemporary dynamics demand a deeper understanding of why lawyers choose to stay or depart.

It’s pivotal for firms to keep in mind the competitive landscape, and craft a robust lateral retention program.

This article does not necessarily reflect the opinion of Bloomberg Industry Group, Inc., the publisher of Bloomberg Law and Bloomberg Tax, or its owners.

Author Information

Brian J. Carrozza is director of client development at Goulston & Storrs.

Courtney C. Hudson is business development manager at Baker Donelson.

Megan K. Senese is co-founder and principal at stage, a women-owned business development and legal marketing firm.

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To contact the editors responsible for this story: Jada Chin at [email protected] ; Jessie Kokrda Kamens at [email protected]

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2 Yale researchers are pulling back the curtain on Russia's sanctions-stricken economy — and it's landed them on a list of Putin's enemies

• Jeffrey Sonnenfeld and Steven Tian, two Yale researchers, have issued dire predictions for Russia's economy. 
• Their work has landed them on a list of sanctioned individuals in Russia. 
• In their view, the country's economy is in shambles, and Putin could end up losing support of the people. 

Jeffrey Sonnenfeld and Steven Tian, two researchers at the Yale School of Management, have been targeted for their views on Russia's economy since the war in Ukraine began. 

Over the last few years, they've found themselves on Vladimir Putin's watch list for stating what they see as a simple truth: the Russian economy is in trouble, and there's only so much cherry-picking of the data that can obscure that fact. 

Moscow has fiercely defended its vision of a prospering economy, but the evidence speaks for itself, Sonnenfeld and Tian say. Soaring prices and ailing consumer sentiment have hit key sectors in Russia's economy , and Moscow is paying a huge cost to keep its war machine running.

The nation is in such dire straits that citizens could even start turning on Putin later this year, they predicted, assuming the West continues to supply military and financial aid to Ukraine. 

"We can list for you what Putin has concealed – suddenly – the past three years. If his economy was performing at the level he claims, he'd provide the data ad not hide those facts," Sonnenfeld told Business Insider in an interview. "Putin survives only by cannibalizing Russian businesses – throwing the living room furniture into the furnace to keep the fire burning."

The researchers, who met as a professor-student pair at Yale, have received a lot of criticism for their work on Russia, much of it in the form of hate mail and threatening phone calls.

"I've had a lot of threats on the phone, and my home has been vandalized," Sonnenfeld told BI last summer. "Now we have so many security cameras I can't even have my shirt tails untucked, let alone walk around in my shorts at home."

Both are barred from entering Russia and were put on the nation's sanctioned US citizens list in 2022. 

Still, neither of them regrets their work.

"We're pretty excited about it," they said of their research. "Any of the threats only motivate us to work down much harder."

Putin's top critics

Sonnenfeld, 70, and Tian, 25, didn't plan on getting their names added to a list of Putin's critics.

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Neither are technically economists, but they began researching Russia's economy while compiling a list of companies that exited or scaled back their operations in Russia in the wake of the invasion of Ukraine.

That list went viral online, and was instrumental in getting more than 1,000 companies to scale back their business in the country, the Yale School of Management says on its website.

At that time, Tian and Sonnenfeld began noticing cracks forming in Russia's economy. Putin has claimed Russia is becoming the new " growth hub " of the world, and the IMF says Russia's economy is on track to grow over 3% this year, more than any other OECD economy, including the US. But that doesn't square with data Sonnenfeld and Tian are seeing, with some pockets of the country's economy in dire shape. 

Activity in Russia's car sector is down around 95%-99%, Sonnenfeld and Tian estimate, and activity in most industries is down at least 60%, they said, despite Putin frequently brushing off the impact of sanctions .

The nation, meanwhile, is still suffering from huge capital losses from when it first invaded Ukraine. Russia lost 1 million citizens , 15% of its millionaires , as well as $19 billion in foreign direct investment in 2022 alone, making its future growth prospects dismal, the researchers say. 

Among their biggest predictions is that the situation in Russia is so bad that the country could eventually turn on Putin , with a shift in the domestic temperament coming as soon as the November US presidential election this year.

That's because if Biden is re-elected, the US will likely continue supplying aid to Ukraine, forcing Russia to continue spending money and lives to keep waging war on Ukraine.  

"Putin has no grand strategy other than to hope Trump wins and cuts a favorable deal with Russia," Tian said. "Russia is in for a world of economic pain for a long time to come."

Positive forecasts on Russia's economy are based on a lack of visibility, Sonnenfeld and Tian say.

The pair began working together when Tian was an undergraduate at Yale, chasing Sonnenfeld around lecture halls. Eventually, Sonnenfeld became Tian's advisor and has mentored Tian for over eight years.

The two researchers are still working on ways to urge the West to tighten and enforce sanctions on Russia. They also continue to update their list of companies that have exited the country in the hope that it will encourage more firms to do the same. 

Colleagues describe Sonnenfeld as opinionated but generous and charismatic. Tian, meanwhile, has a near-photographic memory and is a highly analytical thinker, colleagues mentioned.

"Steven does a lot of the analytic heavy lifting, and I do the flamboyant color," Sonnenfeld said of their work together.

People who have worked with them also say the pair is extremely passionate about their work, and both are often known to answer emails at all hours of the night and early morning.

"We don't believe in regular sleep patterns," Sonnenfeld added. "Actually, we know it's very important, but sometimes when there's a sense of urgency, we do seriously dive into the crisis du jour. We just don't like bullies, whether or not it's Putin or some other bravado."

Watch: The rise and fall of Russian oligarchs

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Russia deletes draft proposal to change Baltic Sea border

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• Russia's defence ministry proposes change in draft decree
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• Finland, Sweden, Lithuania, Estonia investigate

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As Moscow bureau chief, Guy runs coverage of Russia and the Commonwealth of Independent States. Before Moscow, Guy ran Brexit coverage as London bureau chief (2012-2022). On the night of Brexit, his team delivered one of Reuters historic wins - reporting news of Brexit first to the world and the financial markets. Guy graduated from the London School of Economics and started his career as an intern at Bloomberg. He has spent over 14 years covering the former Soviet Union. He speaks fluent Russian.

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U.S. and allies move to tap frozen Russian funds despite Kremlin threats

Kremlin officials have suggested retaliating by confiscating U.S. assets in Russia, although it’s unclear how much impact such measures could have.

Key takeaways

Summary is AI-generated, newsroom-reviewed.

• G7 plans to use interest from frozen Russian assets to fund Ukraine.
• Putin retaliates, authorizes confiscation of U.S. assets in Russia.
• Plan could yield $50 billion for Ukraine, details pending.

Did our AI help? Share your thoughts.

The United States and its Western allies took a key step Saturday toward using frozen Russian assets to fund Ukraine’s war effort, moving closer to providing another key financial stream for Kyiv.

Russian officials have suggested they could retaliate by confiscating U.S. and European assets in Russia, although it’s unclear how much impact such measures could have.

Meeting in northern Italy this week, the top financial officials of the Group of Seven nations agreed in a joint statement to tap the investment returns of “immobilized Russian sovereign assets” to support Ukraine. The Kremlin has been blocked from accessing hundreds of billions of dollars held in Western financial institutions after invading Ukraine in 2022, and European and U.S. officials have for months debated whether or how to unlock these funds to help fight off the invasion.

Russia has roughly $280 billion in sovereign assets stashed in Western financial institutions, the majority of which is held by European firms. Those funds are now frozen under the U.S.-led sanctions effort.

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Under the emerging plan, the Western allies would essentially use the interest and other investment returns accruing on these assets to pay themselves back for money they give to Ukraine in the near term. The exact amount of the money that could be raised this way could vary, depending on interest rates and other financial conditions, and finance leaders are working out a thicket of complicated legal and financial questions.

Western leaders believe the plan could yield as much as $50 billion in short-term or medium-term funding for Ukraine, although key details need to be worked out. President Biden and other heads of state will aim to ratify the plan during subsequent meetings of the G-7 in Italy this June. Congress last month approved $95 billion in foreign military aid after a months-long logjam caused by House Republicans, but Ukraine’s supporters are eyeing other funding streams to buttress Kyiv’s considerable long-term financial needs.

“We are making progress in our discussions on potential avenues to bring forward the extraordinary profits stemming from immobilized Russian sovereign assets to the benefit of Ukraine, consistent with international law and our respective legal systems,” the statement says.

Initially, Ukraine’s boosters called for confiscating and transferring the entire pool of Russian sovereign assets to Kyiv. That plan was scuttled, however, as Germany, France, and other U.S. allies had expressed unease about a plan that they feared could compromise the financial stability of the euro zone by leading investors to put their money elsewhere. The new plan would leave Russia’s underlying assets untouched. The European Union voted earlier this month as well to move forward with using the profits of the frozen Russian assets.

Russia has strongly condemned all attempts to confiscate or repurpose its financial assets as a violation of international law. President Vladimir Putin signed a decree on Thursday authorizing the confiscation of assets held by U.S. citizens and companies in Russia, in response to the West’s proposal.

“We can see they are being careful, they understand the potential danger of such decisions and the potential consequences for themselves which are inevitable. That is why they have gone for the smaller option,” Kremlin spokesman Dmitry Peskov told reporters earlier this week , according to Reuters. “But even the smaller option is to us nothing less than expropriation.”

But hundreds of U.S. and European firms have already pulled out of the country in response to Russia’s invasion of Ukraine and the sanctions imposed afterward. Of the more than 1,600 international firms operating in Russia before the invasion, roughly 400 remain, with only 30 U.S.-based firms still operating there , according to Jeffrey Sonnenfeld, a professor at the Yale School of Management. Sonnenfeld called the Kremlin’s threat “inconsequential.”

Treasury Secretary Janet L. Yellen has led U.S. efforts to persuade European allies to use the seized sovereign Russian assets in some way, pointing to Kyiv’s long-term funding needs and the hundreds of billions of dollars in estimated damages Moscow’s war has caused its neighbor. The funds could also help ensure Ukraine has access to Western support even if Biden loses the presidential election this November.

“This is an assured source of financing,” Yellen told reporters earlier in the week. “It’s important that Russia realize that we will not be deterred from supporting Ukraine for lack of resources.”