Posts

Removing Succession Planning Obstacles

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 the impact of this seismic generational transition? ... Read More

So, What’s My Law Firm Worth?

It should come as no surprise that the question most prospective clients ask me is, “What is my law firm worth?” My response is always as follows: Imagine it’s Friday afternoon and you ride off into the retirement sunset never to return to the practice of law. Then, on Monday morning, the phone rings at your old desk, and your successor answers. ... Read More

Remember the Basics of Job Interviewing

Lawyers have a reputation for being prepared. Yet it never ceases to amaze me how poorly lawyers prepare for job interviews.Although I have no hard proof of this, my experience working with lawyers has shown they’re typically woefully unprepared. Instead of preparing, they wing it, thinking they’re smart enough to impress whoever is on the other side of the table or, nowadays, whoever is on your Zoom screen.

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Categories: Job Search

Strategic Planning Information Sources

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

Pricing a Law Firm When Selling to an Insider

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

Top 6 Reasons to Hire a Paralegal Over a Lawyer

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

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.

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Pro Bono: Doing Good Feels Good

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

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

Working Part-Time Before Retiring From Your Law Practice

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
In its simplest terms, we hired Roy to help plan our future. He listened to our concerns, analyzed our inputs after pertinent questioning on his part and then did an excellent job summarizing the issues our firm must meet to make forward progress. Ro…" Read the rest
– Owners, U.S. Virgin Islands, law firm

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