What Can Law Firm Sellers Ethically Do During a Transition?
July 13th, 2020
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
Categories: Selling Your Practice
Practice Makes Perfect, Even When Planning for Retirement
June 8th, 2020
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
Categories: Retirement/Succession
Is Strategic Planning Relevant in the Covid-19 Age?
May 14th, 2020
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
Hypocrisy and Selfishness Abound When Failing to Plan for Succession
April 15th, 2020
If there was ever a wake-up call for solo and small law firm owners to create their succession plans, it is now. COVID-19 is a serious health risk that, as I write, is showing no signs of when it will go away. ... Read More
Categories: Retirement/Succession
COVID-19 Impacts for Solo and Small Firm Lawyers: Beyond Remote Work
April 6th, 2020
If you’re like me, you’re probably tired of getting email blasts about how to best work remotely. There is much more to this COVID-19 situation, from your law practice perspective, than remote work. If you practice in the solo and small firm world, here’s my take on a few other important things to consider in the pandemic age. ... Read More
Categories: Practice Management
Underbilling? Not Recording Time? There’s No Excuse!
March 17th, 2020
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
If There’s a Will, There’s a Way: Comparing Succession Planning to Estate Planning
January 7th, 2020
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
Categories: Retirement/Succession
Law Firm Revenues Down? Stop Blaming the Competition.
December 3rd, 2019
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
Categories: Business Development
Considering a Document Review Job? Weigh the Risks First.
September 4th, 2019
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?
August 6th, 2019
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
Categories: Selling Your Practice