Class #2E Assignments Due 6/30/2020

  1. Text: read chapters 7 and 8 (pages 49–71)
  2. Website: Read posts on for Class #3 (when posted)
  3. Business Plan:
    1. Copy your draft Business Plan from last week’s assignment to a new file and name it: “[your last name] Business Plan Assignment 2E [date]”. Here is an example: Smith Business Plan DRAFT Assignment 2E 6-30-2020.pdf
    2. Continue drafting your mock Business Plan in this new file using the decisions you made in class breakout sessions today and briefly describe the reasons for each.
    3. Please do not use dates or names that in any way suggest you are currently practicing law.
    4. The document should clearly indicate that this is an exercise in class so please add the following to the cover page of the business plan document: THIS IS A DRAFT MOCK BUSINESS PLAN AND NOT AN ACTUAL PLAN. THIS DRAFT IS AN EXERCISE FOR A LAW PRACTICE MANAGEMENT CLASS IN LAW SCHOOL.
    5. Email your draft Business Plan as a PDF attachment to


Breakout Sessions in Class Today:

  1. Confidentiality and Security: List and describe your firm’s policies and procedures for:
    1. confidentiality
    2. security
    3. safety
  2. Compensation: How will the firm determine compensation of firm attorneys and what is it based on?
  3. Entity:
    1. What type of entity will your firm be?
    2. Who will own the firm?
    3. Who will have voting rights in the firm?
    4. Who will manage the firm?
    5. How will the firm add new attys?
    6. How will the firm terminate/dissolve?
  4. Financials (create hypotheticals):
    1. How the firm share profits and losses?
    2. List startup capital expenses.
    3. List first 6 months’ expenses.
    4. List source of payment for startup and first 6 months’ expenses
    5. Draft initial balance sheet and balance sheet at 6 months.
    6. Draft first 6 months’ income and expense sheet.
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