Posts

Strategic Planning Information Sources

September 1st, 2021
A basic premise of strategic planning is to gather information to know who you are as a law firm. After all, if you don’t know who you are, how do you know where you want to go and whether you can realistically get there? What’s most important during the strategic planning process is gaining an understanding of the firm from the inside and the outside. Firm culture addresses the former; reputation addresses the latter. ... Read More
Categories: Selling Your Practice

Pricing a Law Firm When Selling to an Insider

August 2nd, 2021
I always tell clients that my appraisal provides an excellent starting point for negotiating the price of a law firm with an insider, but that it is unlikely that it will be the final word. While it may sound like a cliché, for most small firm insider deals, parties ultimately agree on a price that seems “fair.” ... Read More
Categories: Selling Your Practice

Top 6 Reasons to Hire a Paralegal Over a Lawyer

July 9th, 2021
Your solo or small law firm is busier than ever and you desperately need another warm body to complete the work. Resist the knee-jerk reaction to hire another lawyer. Instead, assess whether hiring a paralegal can fill the need. You’ll find that in most practice areas it can. ... Read More
Categories: Practice Management

Appraising a Law Practice in Different Settings

June 2nd, 2021

Law practices are often valued in divorce proceedings. As such, lawyers frequently assume that it should be relatively easy to apply similar valuation principles when trying to sell a practice. Nothing can be further from the truth.

... Read More
Categories: Selling Your Practice

Pro Bono: Doing Good Feels Good

May 3rd, 2021
In these pandemic days, many Americans have taken economic hits that have only led to further legal problems. But those less fortunate are often left to face their legal problems alone because they can’t afford legal counsel. ... Read More
Categories: Practice Management

Buying a Law Practice: Not as Risky or Complicated as You Think

April 2nd, 2021
Purchasing another lawyer’s practice is fast becoming a popular and more common way to grow or diversify one’s law firm. There are three main reasons for this: ... Read More
Categories: Selling Your Practice

Working Part-Time Before Retiring From Your Law Practice

March 11th, 2021
For reasons that escape me, many people in the legal profession believe the practice of law is not amenable to working part-time. While this issue usually arises for new parents, part-time work is also a great option for senior solo and small law firm attorneys to consider before they completely exit the profession. Read More Read More
Categories: Legal Career Counseling

Paying a Premium for a “System”

February 1st, 2021
Appraising a law firm requires assessing numerous factors. During the appraisal process, some attorneys will say to me something along the lines of, “In my law firm, I’ve got this great system that can…. That alone should be worth…” The marketplace for law firms doesn’t work like that, however. Here’s why. ... Read More
Categories: Selling Your Practice

An Overlooked Obstacle to Succession Planning

January 4th, 2021
Law firm succession planning is certainly getting its share of attention these days. It makes sense, too, considering one-third of the attorney population will be made up of boomer lawyers (those 65 years of age or older) within the next 10 years. ... Read More
Categories: Retirement/Succession

Don’t Be Afraid to Raise Your Legal Fees

December 8th, 2020
It’s getting to be that time of year when lawyers decide whether to raise their hourly rates or fixed fees when the new year begins. I suspect that many will fear doing so in the middle of a pandemic. Others always seem fearful of increasing legal fees, pandemic or no pandemic. My advice — with very limited exceptions — is to go for it. Clients are never as price-sensitive as you think. ... Read More
Categories: Practice Management
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We needed some ideas about succession planning; more specifically, how to best transition our practice to our non-equity partners. We wanted to make sure that any proposed buyout was a fair one for all parties. We received thoughtful, timely and very…" Read the rest
– Owners, small Minneapolis, MN, law firm
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Blog Index

Strategic Planning Information Sources
Pricing a Law Firm When Selling to an Insider
Top 6 Reasons to Hire a Paralegal Over a Lawyer
Appraising a Law Practice in Different Settings
Pro Bono: Doing Good Feels Good
Buying a Law Practice: Not as Risky or Complicated as You Think
Working Part-Time Before Retiring From Your Law Practice
Paying a Premium for a “System”
An Overlooked Obstacle to Succession Planning
Don’t Be Afraid to Raise Your Legal Fees
Assessing a Law Firm’s Revenue: All Is Not Created Equally
Succession Planning Challenges? Don’t Let Them Hold You Back.
Your Competition Is Lazy: Three Things Small Law Firms Can Do to Find New Business Now
Reassessing When to Retire During a Pandemic
Does Passion Equal Happiness on the Job?

See our complete Blog Index.

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