Venturesome Questions
The Law Firm’s Guide for Developing a New Business Venture
by Phyllis Weiss Haserot
With the attention focused on the growth of Multi-Disciplinary Practices (MDPs) outside the United States and the expansion of large accounting and consulting firms into what traditionally has been thought of as lawyers' territory, diversification with ancillary business activities is once again gaining interest.
Non-law business ventures are an exciting development, one which is likely to continue to spread as the lines between the professions blur and we witness the growth of multi-professional firms, if not actual multi-disciplinary firms, now permitted in some other parts of the world. As professional firms search for new business ventures to help differentiate themselves, serve their clients better, and compete for client business and loyalty, they must exercise due diligence before taking the plunge into a new area.
The VENTURESOME QUESTIONS guide is based around seven issues and checklists - a series of questions - the responses to which will comprise the knowledge needed to made calculated and educated decisions on if and how to proceed in starting and operating an ancillary business.
Issues Covered:
- Compatibility with firm strategy
- Marketplace demand and marketing plans
- Management, staffing and teamwork
- Financial viability in a reasonable time period
- Room for career growth
- Ethics and conflicts questions
- Why form a separate entity?
- Selected list of types of non-law ventures
How to Order
The guide can be ordered by sending a check for $15.95 (including postage and handling) payable to:
Practice Development Counsel
60 Sutton Place South
New York, NY 10022