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Where Do We Go From Here?
by Barbara Lewis MBA and Dan Otto MBA

 Problem:

Oftentimes, we’ve seen attorneys make decisions on the future of their firms with little or no data.  They decide to open new offices with no information about the area, hire associates after a short interview or go into new practice areas without analyzing the firm’s capability or the demand for those services.  Critical business decisions appear to be made on whims and not on solid research and analyzation.

Solution:

Before making any decisions, business executives oftentimes conduct a feasibility study to determine if, indeed, the idea is feasible or profitable.   A feasibility study answers two questions:   Is there a market that is growing and is it a profitable market?  To answer these questions, attorneys need to conduct research and then analyze the data.    

Benefit:

The advantage of developing a feasibility study is that the risk of failure is minimized when important decisions are based on good research and analytical examinations.

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