Posts

Underbilling? Not Recording Time? There’s No Excuse!

Over the years, I’ve heard my share of stories about attorneys who have failed to properly record their time. You know what I mean. Finishing a task and then intentionally recording less time than what you actually spent on the task. Or, alternatively, simply forgetting to enter your time (e.g., phone conversations in the car). ... Read More
Categories: Practice Management

Recruiting Your Successor (Promising Premise, Perilous in Practice)

One retirement exit strategy often considered by solo practitioners and small law firm owners is the "recruit your successor" one. The idea behind this strategy is to find a young, inexperienced lawyer who is then groomed to take over the practice. ... Read More
Categories: Uncategorized

If There’s a Will, There’s a Way: Comparing Succession Planning to Estate Planning

I was recently reading the business section of my local newspaper and came across an article on the importance of having a will. The focus of the article was on how to prevent people from delaying getting the task accomplished. The writer asked several financial planners for the best strategies they use to help their clients complete this task. ... Read More

Law Firm Revenues Down? Stop Blaming the Competition.

Lawyers are quick to blame the competition when challenged about why their firm’s revenues are not better. Before you keep on with the finger-pointing, you might want to stop and assess how your firm performs in light of some of the findings from the latest Clio Legal Trends Report. ... Read More

Preparing for the Unexpected & the Inevitable: Law Firm Succession Planning for Disability & Death

Lawyers are notorious for thinking of ways things can go wrong for their clients and then determining the best ways to protect their clients from them. One calamity few lawyers ever consider, however, is their own unexpected disability that puts their career on hold—or worse, their death. ... Read More

Considering a Document Review Job? Weigh the Risks First.

Although the market for legal jobs has vastly improved since the Great Recession ten years ago, it is hardly a robust one for recent law school graduates. One popular job-of-last-resort is document review—a job that many of my coaching clients assert is “mind-numbing.” And, of course, it does not pay particularly well; usually around $20-30 per hour. ... Read More
Categories: Job Search

Including Office Space as Part of a Law Firm Sale?

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

A Few Quick Tips When Implementing a Strategic Plan

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

Rainmaking at Conferences: Easy Tips for Connecting With New People

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

Valuing & Distinguishing Goodwill When Planning Your Firm’s Succession

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
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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