Feasibility Analysis of a Law Firm in Hohenwald Tennessee
Digital Law Practice and Title Company specialize in real estate law, title, and escrow. This venture is born out of my passion for law, and how I enjoy the real estate part of it most, especially searching title; genealogy of land ownership. The service of the firm is to provide outstanding legal service and solutions to clients mostly in the real estate sector at a reasonable service. I chose law after drawing my inspiration from the old saying about law When times are good, they are good, and when times are bad, they are better. This firm will be there to provide for those in need. This document is going to define success, the purpose, and mission of this particular venture, a description of my venture's revenue model, case assumptions of the venture's performance, and the sources that aided in making assumptions.
Definition of Success
Every person has a vision in life. God has also given us unique abilities and talents, as well as opportunities to exploit and bring the best out of us. Most people have dreams they would wish to achieve in life. However, most people die before they make these achievements since they do not focus and develop themselves to deliver on their dreams. From this, my definition of success is to have a dream, develop oneself to deliver on the dream, focus on purpose, and eventually achieving well laid down goals.
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From my definition of success, I consider Bill Gates to be a successful person in life. Since he had a passion for electronics, and despite education, he focused on his passion and dream giving it the best to the extent that he quit academics after discovering that academics will not steer him towards his goal. Eventually, he discovered a computer. At the time computers began, several competitors came on the market like the Macintosh, but he manages to stay at the top throughout, because of management skills.
Financial and Non-Financial Goals
My financial goals include, but not limited to: be able to run my law firm marking significant profit after paying my staff well with an initial income of about $100,000 and growing by about 40% subsequent years. Achieving this will help me to take good care of my family and relatives. I will be able to live a decent life; driving a heavy sports car, owning a home in Hohenwald Tennessee where my firm will have its headquarters, affording an international holiday for my entire family. With this, I will also be able to run a children's home to cater to the poor in society.
My non-financial goal is the focus on delivering solutions to the rising real estate legal issues as well as giving the best service to my clients. Statistics show that the real estate industry is an ever-flourishing field. Consequently, with time legal issues will also increase prompting the need for resources and professionals to address arising issues. This law firm shall be strategically established to offer solutions to these issues.
Best service delivery will drive the company's dream. I am intent to establish policies that shall govern the way clients will be handled and served. Before hiring any staff, the company will ensure that these professionals have satisfactory public relations skills, to handle the clients well. As my company gets established with time, it shall fully sponsor and run children home with the ultimate goal of raising, educating, and motivating the less fortunate in society. This is out of a passion for the unfortunate in society. I desire that someone will one day attribute their success to me having lifted them from point of no hope for the future. I believe that success in life is not only leaving a good life but changing the lives of other people positively.
Mission and Purpose of the Venture
Digital Law Practice and Title Company shall specialize in real estate law, title and escrow. The mission of the law firm is to provide outstanding legal service and solutions to clients at a fair fee. The firm is focused on the fast-changing real estate business that has very complex legal issues. The specialization of the firm will be real estate law since its market is turning around. In fact, Nissan's top supplier announced that the factory is to be set to bring in an average of 1000 jobs to the area; as a result, there will be increased demand for housing. In Hohenwald, there are only two title companies and one of them is on the way to retirement by the end of this year. This is a sharp indicator that there will be a big market for a new firm.
The firm will target buyers and sellers of real estate, banks, agents, and all people in need of areas of legal counsel in Lewis County, Tennessee, and surrounding areas. When initially setting up the firm, I will only hire a legal assistant/receptionist who will assist in office work and hope to grow the company up to staff within 3 years. As the company gets more and more established, I intend to partner with a treatment facility in the country and start a rehabilitation program that intends to mirror the Davidson County Drug court. This will offer rehabilitation and nonviolent drug/alcohol-related offenders instead of jail (Marcum, 2013).
The firm's core values include professionalism, customer service, integrity, accountability, honesty, fairness, and equity. All the staff of the firm shall be expected to adhere to the values. The management structure of the company shall be professional to ensure high-quality service delivery. Training will be highly valued not only in the professional line but also in all areas that touch the business of the firm including public relations, technology, and ethics. To absorb new staff, the company shall itself train young graduates who upon successful completion of the internship period will be absorbed.
An economic analysis by The Wall Street Journal reports that home construction is spending at the highest level since the year 2008 (Sparshot, 2013). This includes public projects, housing as well as commercial, which consistently increase at about 0.6% per annum. The report acknowledges that the housing market has played a big role in the growth of the economy; therefore, making homeowners more confident and comfortable spending a lot on building materials, thus, creating more jobs.
Nashville business journal published an article about Nissan's top supplier adding up to about 1200 jobs with a $109.6 M investment (Snyder, 3013). This was announced by both the government and officials of the Calsonic Kansei North America Inc. This company manufactures thermal components, exhaust systems and so much more. The new projected jobs will be an addition to the company's facilities in Shelbyville, Lewisburg, and Smyrna. Calsonic is set to invest $2.1 million at the facility in Smyrna, located within the Nissans plant. This will add about 183 employees to the already existing 469 staff.
At the Shelbyville plant, Calsonic is making the biggest investment ever- $57.6 million. This investment is estimated to add about 489 jobs over the next three years. The company is also investing $49.8 million at the Lewisburg facility estimated to create about 256 jobs by the end of three years. For an unprecedented fourth year in a row, Tennessee ranks as the No. 1 state in the nation for automotive manufacturing strength and CNAs major investment in our state reaffirms why we continue to earn this distinction, said Hagerty. With this overview of the market predictions, this venture is timely.
Revenue Model Description
A revenue model is a clear description of how business plans to earn its income, how it will make a profit and generate a relatively higher than the return on investment. My law firm intends to bill for services offered on an hourly basis. Timesheets shall be used to track records and accurately keep time clients have been served. With the current technological advancement, the company intends to seek a software design and application development company to do a system that will be utilized to do the pricing. Payment will only be required after service has been successfully rendered to clients. My revenue model will be represented by four different category streams.
The first category is buyers and sellers of real estate property. Whenever buying or selling real estate, there are legal procedures that are followed to the latter, and my law firm will be strategic to offer this service. The second category is banks that offer loans for the buyers of real estate. The third category shall comprise real estate agents. Last but not least will be people that will need legal counsel in Lewis County, Tennessee, and the surrounding areas. In this venture, the law firm will depend on revenue from the maximum number of clients the firm will serve in a specified period.
The demand for services from the firm shall determine the number of clients the firm can serve in a specified period. With legal issues and different clients, the firm is projecting to serve, some services will be more involving than others. For example, dealing with a group of real estate owners may be more involving than handling a single owner, this significantly determines the number of services we will be able to offer in a given timeframe.
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Scenario-Based Explanations of Assumption
My law firm offers legal counsel and law practices. During the research of identifying potential clients, I spoke to five prospective clients. First, I spoke to Marquette Tyner. She is the mother of Conor Scott who recently was a party to the lawsuit against Williamson County about his disability. I was able to assist and help her to navigate the courts during the lawsuit. They recently purchased a home.
The second contact was Tisha Rickard who owns a small business of a doggie daycare and boarding facility (Sit n Stay) located in Hendersonville. Ms. Rickard recently started her business that I was able to assist to establish. The third one was Bernie Leadon who recently negotiated a contract to rejoin a partnership and tour. The fourth one is Juanita Lane who owns Dulce Desserts, a small business that recently negotiated the commercial real estate lease for her store. The last person I spoke to is Gerlie Rickard, CPA Certified Public Accountant and Expert witness for IRS. We discussed the potential demand for Tax attorneys and Tax Law.
I was able to encounter three competitors during my research. First was Billy W. Townsend, Esq who owns Townsend Law Office. He had a paralegal, Linda- a primary source of this paper. They opened books and provided me valuable and authentic information I needed to validate my numbers and business plan. He wants me to buy his law firm. The second competitor is William Landis Turner, Esq. He is a semiretired attorney who practices in Lewis County (42 years) and past president of The Tennessee Bar Association, presently Chairman of TN Lawyers Fund for Client Protection and Lewis County Commissioner.
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The last competitor is Janet Johnson, Executive Director Hohenwald/Lewis County Chamber of Commerce, facilitator for Leadership Lewis County. Janet, as executive director of the Chamber of Commerce, is an invaluable networking person to know and can provide referrals to my law firm as a member of the Chamber. Through her encouragement, I am a member of the 2014 Leadership Lewis County Class.
Most Likely Scenario
In the first year, I anticipate making 100% sales in cash with the total sales from January to December amounting to $301,225, those of the second year projected to reach $602,450, and in the third year to reach $1,204,900. It means that the percentage increase in sales by the third year is anticipated to be 300%.
I have adjusted my expectations also to the worst-case scenario, where I can accept total sales of $160,770 in the first year, $128,616 in the second year, and $109,566 in the third year. This leads to an expected 31.84% decrease in sales by the end of the third year in operation of the law firm.