In this episode of The Digital Edge, hosts Sharon Nelson and Jim Calloway talk with The Remsen Group President John Remsen, Jr. about the benefits of creating a firm-wide business plan. John expresses how important it is for law firm leadership to recognize that they are running a business and states that it is difficult to run a successful business without a plan of where you are going. He shares that his research results show that only 40% of midsize firms report that they have a written strategic plan and less than 5% give themselves a positive score on implementing that plan well. Gordon also reveals that 90% of firms with a plan will attribute improved performance in areas like increased cohesiveness, profitability, long term sustainability, and growth to the planning exercise. He then analyzes the top five concerns of midsize firms, like associate development and firm governance, and provides ways that firms can address these concerns. He closes the interview with reasons that older lawyers resist these types of improvements and tips to help law firms start the strategic planning process.