Posts

Closing versus Selling a Law Practice: Why Not Get Money for Your Efforts?

Are you a solo lawyer or small-firm owner facing retirement? Then, like most Boomer lawyers out there, you’re contemplating the option of selling your law practice. ... Read More

Should a Solo Join a Bigger Law Firm? Is Bigger Better?

It’s common for the successful solo practitioner to have bigger law firms approach them for recruiting the practitioner and joining forces. It’s also common for those practitioners to seriously consider the offer, often thinking the grass may be greener. But what makes these offers so tempting? There are many reasons, some of which are sensible, but most of which are not. ... Read More

So, You Want to Be a Managing Partner? Make Sure You Embody These Qualities First.

Whenever someone I know becomes a firm’s managing partner, I always express my congratulations and condolences. Yes, it certainly is a feather in one’s cap to be the Big Cheese at a law firm. But, let’s be frank; it’s a tough job. Ask any managing partner and they’ll often tell you that practicing law is far easier than managing a law firm. ... Read More
Categories: Practice Management

How to Approach Difficult Conversations About Succession Planning

Talking about a firm’s future is hard enough. Build onto that the need to plan for a future that doesn’t include a senior attorney… Talk about awkward! There is also fear on the part of younger lawyers. It can often feel confrontational to approach senior lawyers and ask about their future plans. ... Read More

Solos and Small Firm Owners: Don’t Delay Your Succession Planning

Succession is perhaps the most significant long-term challenge facing soon-to-be-retired, baby-boomer solo practitioners and small law firm owners. This is understandable, as a variety of psychological and emotional factors stack the odds against you laying the foundation for a smooth transition. ... Read More

How to Know If & When the Time Is Right to Switch or Tweak Practice Areas

After several years (or perhaps decades!) of practicing in a specific area, it’s no wonder you are considering change. What is prompting your desire for change, though? Boredom? Market changes? A desire to get out completely? Or an internal drive to simply spice things up a bit? ... Read More

What Lawyers Can Learn From Apple When Setting Billing Rates

Last month, Apple unveiled its new iPhone X to much fanfare. Perhaps what created the most fanfare was its price. It starts at $999; hundreds more than the older iPhone 7 and the brand-new iPhone 8. ... Read More

Succession Planning Scenarios for Solos & Small Law Firm Owners

For solo practitioners and small law firm owners seeking retirement, here is a quick, down-and-dirty summary of the succession plan strategies available to you. Put another way, here are three structural ways that soon-to-be retired lawyers can “sell” their practices. ... Read More

How to Retain Clients When a Lawyer Retires: Plan for the Skill Gap

A critical component of a law firm’s succession plan is to figure out how to retain the firm’s best clients when senior lawyers retire. Most law firms quickly jump to determine who in the firm is either ready to step up or ready to undertake proper mentoring and training to step up in the future. Before making this determination, however, it is important to ask several questions. ... Read More

The ‘Keep It Simple, Stupid’ Marketing Plan

If you’ve searched the web for marketing plans, you’ve likely noticed that most so-called legal marketing experts recommend putting together a formal marketing plan. I suppose I fall into that camp — having a marketing plan is a necessity. But I am a contrarian in one key respect. ... Read More
Roy provided what our firm was looking for; a thorough analysis of our succession planning issues.  What we found particularly helpful was his knowledge and insight into what other firms are experiencing and doing in regard to succession planning an…" Read the rest
– Owners, small Mankato, MN, law firm

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