Five Truths About Compensation
August 7th, 2023
Here are five principles (in no particular order of importance) of which all lawyers should remind themselves if they are in a position to decide how much to pay other lawyers at their firm, or are on the receiving end of such decisions.
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Categories: Legal Careers
Succession Planning Client Transitions – “Show Me the Money”
July 5th, 2023
Boomer lawyers are retiring in record numbers. Many are the same ones with the biggest book of business. Does your firm have a strategy to transition those clients to your firm’s younger generation? And remember: hope is not a strategy.
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Categories: Retirement/Succession
Yikes! I’ve Lost My Job — Now What?
June 6th, 2023
It doesn’t seem that long ago that I was writing about how Big Law was essentially hiring any warm body who could bill hours. Well, times have changed. Now the headlines are about law firm layoffs. If you’re one of those casualties, here are a few dos and don’ts that will maintain your sanity while moving you closer to finding your next job.
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Categories: Job Search
Retirement Phases
May 8th, 2023
Retirement, for most Americans, lasts about 15-20 years. Many plan for it in a very one-dimensional manner. That is, they only think about whether they will have enough money to live the life they want. Few, however, think about what they are actually going to do during those years, and how to best plan for that.
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Categories: Retirement/Succession
Dementia and Aging Boomer Lawyers
April 3rd, 2023
The number of attorneys practicing after reaching the age of 65 has grown by more than 50% in the past decade. Roughly 15% of all practicing lawyers are 65 or older. As a group, we also seem to work longer than others. Only 7% of the general workforce stays employed beyond 65.
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Associate Buyouts - Better Than You Think
February 1st, 2023
Many small firm owners wrongly assume that finding a third-party buyer hoping for a more lucrative deal is preferable to making an internal deal with an associate. At times, that is true, but more often than not, it is not. Owners should be more receptive to the exit strategy of selling to associates. Let’s first debunk some assumptions owners make when comparing the two options.
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Categories: Selling Your Practice
The Three “Do Nots” of Law Firm Buyers
January 4th, 2023
I’ve written before about how buying a law firm can be a very effective, low-risk, and low-cost means to grow a practice. That said, what is it about the legal profession that, on occasion, makes it more challenging to sell a practice than hoped? As a consultant and coach, I’ve worked with hundreds of lawyers of all shapes and sizes in virtually every state and practice area. From that experience, I’ve become somewhat of an expert in understanding the DNA of those in our profession. Here are three fundamental truths in the DNA that impact buyer behavior. I call them the “do-nots.”
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Categories: Selling Your Practice
Removing Succession Planning Obstacles
December 7th, 2022
With so many lawyers contemplating retirement, your law firm succession plan has never been more important. Take a careful look at your law firm’s most influential leaders and biggest rainmakers. Chances are good that these individuals will be retiring over the next decade. Is your law firm prepared for this seismic generational transition? The impact will be felt well beyond the law firm itself.
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Categories: Retirement/Succession
The Contingent Exit Strategy
November 1st, 2022
I recently worked with two elder solo attorneys in excellent health. They wanted to work 2-3 more years at almost a full-time pace. However, they were old enough and wise enough to know that a sudden health issue could derail all of that if they didn’t make a plan soon. I’ve written before about the risks of dying at your desk. Suffice it to say that if that occurs, you leave a mess for clients, staff, and especially grieving spouses and children. Further, selling a practice is way more difficult without the owner around. And even if it can be done, it is usually at fire sale terms.
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When Selling A Law Firm Was Unethical
October 3rd, 2022
For years, selling a law practice was prohibited because ethics regulators believed clients, files, and a firm’s goodwill were not something that could be sold. Regulators feared that clients would be treated like merchandise. Other ethics worries included the possibility of sharing fees with a non-lawyer (spouse of a deceased lawyer) and the ban on payments to anyone for recommending the lawyer’s services.
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Categories: Selling Your Practice