Setting Up Multiple Offices for a Professional Services or Law Firm (part 3)

Setting Up Multiple Offices for a Professional Services or Law Firm (3) 

With the technology issues dealt with, what other success-related factors were equally mission-critical? Perhaps predictably, more strategic planning in advance was mentioned most frequently. Both market entrance strategies and financial planning proved to be the key elements.   

Market research includes: 

1. Demand Analysis: Evaluate demand, growth rates and pricing 

2. Competitive Analysis: Identify key competitors, market share and the changing competitive environment.  

3. Regulatory Environment: Understanding local regulations, including licensing requirements and tax. 

Financial Planning: 

1. Budgeting: Estimate initial setup costs, ongoing operational expenses, and projected revenues.  

2. Currency volatility between billing and costs 

3. Taxation: There are potentially significant variations between regions and jurisdictions that need to be properly planned.  

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