It is not enough to want to establish a law firm; there is need for a business plan. This is because establishing a law firm is like establishing a business. A business plan is a document containing information about the proposed firm, its goals and the financial projections. It is normally prepared by an accountant for the owner of the proposed business. This can however be done by the legal practitioner.

The following are the contents of a business plan.

  • Name of the legal practitioner (owner)

  • Name of the firm

  • Law office address (place of business)

  • Date of commencement (Business start date)

  • Type of firm

  • Goals of the firm

  • Market competitors

  • Capital requirement

  • Borrowing requirement

  • Security to be provided

  • Use of funds

  • Employment of staff

  • Management system

Potential clients (clientele) include banks and other financial institutions, companies, large statutory bodies, legal aid council, individuals, government briefs.

CLASSIFICATION OF LAW OFFICE

  • Small law office (1 – 4 Lawyers)

  • Medium law office (5 – 9 Lawyers)

  • Large law office (10 lawyers and above)

The above classification is based on the following criteria.

  • Location of a law firm: The location of a law firm would determine whether the law firm is small, medium or large. For instance, firms situated in metropolitan cities like Lagos, Port Harcourt and Kano could be regarded as medium or large firms. Also are firms in capital of a state.

  • Client base: The type of clients that a firm chooses to serve is also used in classifying firms. Generally, a distinction is made between firms that serve organisations (corporate and governmental bodies) and private client, whether fee paying or legally aid j8

  • Available facilities: The facilities used by a firm would determine the classification of the firm. A firm using modern technology cannot be in same class with that using outdated technology.

  • Status of lawyers: Presently in Nigeria, there is always distinction among legal practitioners. There are those that are Senior Advocate of Nigeria. Also, those that have distinguished their firms cannot be compared with other lawyers.

  • Number of lawyers: The number of lawyers in a law firm can also determine the classification of the law firm. A firm with over 20 lawyers cannot be compared with that having 3 lawyers.

GROUPING OR ORGANISATION OF LAW FIRMS

Law firms are grouped into the following four (4) groups:

  • Sole practitionership

  • Sole proprietorship

  • Associateship, and

  • Partnership