Posts

An Overlooked Obstacle to Succession Planning

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

Don’t Be Afraid to Raise Your Legal Fees

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

Assessing a Law Firm’s Revenue: All Is Not Created Equally

One of my truisms for valuing a law practice is that “all revenue is not created equally.” For example, revenue that stems from past clients or one’s referral network is far more valuable than the revenue generated from seminars or webinars. ... Read More

Succession Planning Challenges? Don’t Let Them Hold You Back.

With Baby Boomers retiring left and right, law firm leaders everywhere are talking about succession planning. Yet, much like the weather, no one seems to be doing much about it. Legal consultants Altman Weil report that only 31% of its surveyed law firms had formal policies in place. ALM Legal Intelligence puts the number at 33%. ... Read More

Your Competition Is Lazy: Three Things Small Law Firms Can Do to Find New Business Now

Thomson Reuters recently completed its fourth State of U.S. Small Law Firms survey. The findings were summarized here on Attorney at Work. That post’s title, “Small Law Firms Still Struggling With Finding New Business and Managing Administrative Tasks,” accurately reflects the overall state of the world of small law firms. ... Read More
Categories: Practice Management

Reassessing When to Retire During a Pandemic

Deciding when to retire, now more than ever, has become a moving target. In the best of times, it’s never a simple decision. Lots of variables to consider and assumptions to make. But with Covid-19, past careful thinking for many has been thrown to the wayside. Pundits galore have been making predictions about Covid-19’s impact on retirement. Here’s one more. ... Read More

Does Passion Equal Happiness on the Job?

During these pandemic days, everyone seems to be reevaluating many aspects of life, including career options. Have you recently wished you were more “passionate” about your work? And if you were, would it make a difference about how you felt about your career? ... Read More
Categories: Practice Management

What Can Law Firm Sellers Ethically Do During a Transition?

Rule 1.17 of the Model Rules of Professional Conduct states that after a sale, sellers must “cease to engage in the private practice of law.” Does that mean you must hand over the keys, walk out the door, and immediately ride off into retirement sunset? And if the answer is yes, how is that realistically possible? ... Read More

Practice Makes Perfect, Even When Planning for Retirement

You should “practice retirement.” According to the 2018 Global Retirement Reality Report, only about half of Americans are happy in retirement even with financial security. If more retirees would have practiced retirement before retiring, the number of happy retirees would increase substantially. ... Read More

Is Strategic Planning Relevant in the Covid-19 Age?

Strategic planning provides a framework to make choices about how your law firm allocates its resources to maintain and improve upon its success. Yes, I know many of you are probably thinking, “We’re still fine-tuning how to get work done from home and the best ways to interact with clients. I can’t plan beyond a few days ahead, let alone a few years.” ... Read More
Categories: Practice Management
Our firm is glad we went through the strategic and succession planning process with Roy and have implemented many of his suggestions. Not surprisingly, some, though not all, of Roy’s ideas were things that I, as the firm’s leader, had wan…" Read the rest
– Managing partner, small central NE law firm

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