Small-firm owners and solo practitioners looking to sell their law firms frequently believe that their particular office space—whether owned or leased—significantly enhances the value of their practice. They usually base this belief on the office’s superior location or their upscale furnishings and design. ... Read More

When talking to law firm leaders, it’s not often that you hear complaints about the strategic planning process itself. Planning for the future is always a good idea. Implementing that plan is where the rubber hits the road, though. This is also where things often become problematic. ... Read More

Back in the day, conferences were perhaps the most popular networking activity for lawyers. Today? Not so much. Many lawyers, especially younger ones, turn to social media as a substitute for in-person networking. Even with lower attendance numbers, however, conferences still provide excellent networking opportunities. More specifically, they are a great place to meet new people, thereby expanding your network and broadening your opportunities. ... Read More

When it comes to planning your law firm’s succession, a primary area of concern for your successor is whether your clients will choose to work with that successor after you leave. One way to assess that is to evaluate the type of goodwill that exists with your clients and whether that goodwill carries any transferrable value. ... Read More

Most definitions of strategic planning focus on the idea that an organization needs to step back to look forward so it can determine its future goals for success. According to one definition, strategic planning involves “envisioning a desired future and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.” Another definition is “the development of an organization's purpose and goals, beyond the immediate future, and actions to achieve those goals.” ... Read More

How many times have you been at a restaurant and forgot to bring your pair of reading glasses? If you’re like me, more times than you can remember. And when you ask if there are any extra pairs around, few restaurants have any. But for those that do, what a difference that pair can make at the end of a meal, capping off the whole experience on a high note. ... Read More

Valuing a law firm for sale is never as straightforward as one might like. This is especially true when looking to sell to an insider. ... Read More

A sole owner of a small law firm recently hired me to create a strategic plan and a succession plan. During our initial conversations, I asked questions to discern more about the firm and its culture. The owner went out of his way to tell me that he values and respects everyone, including staff—not just the lawyers. I responded, “That’s great!” ... Read More