The five benefits of creating a business plan for the law department
Corporate counsel are challenged to align the goals of the law department with the business’s goals and to manage their departments like a business. In addition, corporate counsel struggle to demonstrate the value of the law department to internal stakeholders, particularly those in the C-suite.
One way to meet those challenges is to create and implement a law department business plan. The benefits of doing so include:
- Creating a shared vision, common goals, and greater accountability for law department employees, all of which leads to better client service and greater job satisfaction
- Setting an explicit strategy for making the law department more efficient
- Improving resource allocation
- Strengthening relationships within the law department, and between the law department and its internal clients
- Demonstrating to the board of directors, company management, and other employees how the law department contributes to the company’s well-being and adds to its bottom line
By creating a business plan for the law department, you are thinking like a business person while speaking the language of business. This simple tactic sends a powerful message to all your internal stakeholders.