How to Know If & When the Time Is Right to Switch or Tweak Practice Areas
November 29th, 2017
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
October 30th, 2017
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
The ‘Keep It Simple, Stupid’ Marketing Plan
July 17th, 2017
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
Put Networking into Perspective
May 13th, 2016
When most attorneys hear the word “networking,” palms start to sweat and inner thoughts turn to “You mean I have to do THAT in order to get new clients?” What is THAT anyway, and how often do you have to do THAT? THAT is attending some type of event (e.g. fundraiser, conference, reception) where there will be a large crowd, anywhere from 50 to 1000. ... Read More
Achieving New Year’s Resolutions and Law Firm Strategic Planning Goals
January 21st, 2016
New Year’s resolutions and strategic planning goals for law firms have a lot in common. They both generate a considerable amount of excitement once placed on paper. But fast forward a few months and most resolutions or goals typically end up entirely abandoned. Here are a few suggestions to improve the chances that you achieve both your personal New Year’s resolutions and your law firm’s strategic planning goals. ... Read More
Is Ohio Gagging Lawyers Speaking at Seminars?
October 26th, 2015
Every few years, state ethics officials issue a questionable decision in the legal marketing ethics area. The ones that make you scratch your head and think, “Really? What planet do they live on?” . . . . . . Today, the spotlight is on Ohio. What? I Can’t Hand Out a Brochure When I’m Speaking? Every good legal marketer knows that speaking at seminars is a tried-and-true method of reaching potential clients and enhancing one’s reputation. A recent opinion issued in Ohio would limit the marketing benefits of speaking engagements . . . Continue reading this post on www.attorneyatwork.com Read More
Strategic Planning Myths for Law Firms
May 4th, 2015
Last year, the Harvard Business Review published a blog post entitled, "3 Myths That Kill Strategic Planning." Like most content that comes out of Harvard and other business schools, the focus is on the application of planning principles to more routine corporations--not professional service firms such as law firms. This post is a translation of those myths for solo and small firms like yours. Before discussing each myth, the author, Nick Tasler, reminds readers that the essence of strategic planning is as much about planning what *not* to do, as to deciding what to do ... Read More
Size Matters
August 14th, 2014
The most common exit strategies for retiring solo practitioners and small law firm owners typically include recruiting a successor, merging with another law firm, or selling the practice. All of these options have advantages and disadvantages. Continue reading this post at www.myshingle.com Read More
Planning for the Unexpected
May 19th, 2014
A frequent complaint of solo practitioners is that since they are alone and in charge, it is difficult to get away for a vacation. But somehow, most seem to manage by finding another lawyer to cover for them should there be an emergency type of situation. That’s easy to do because the vacation is planned. But what if you are taken away from your practice for something that is not planned? What if you are incapacitated or even die from an accident? Do you have another lawyer to cover for you under these circumstances? Continue reading at www.myshingle.com Read More
Too Busy? When to Hire Help
August 16th, 2013
Most solos are all-to-familiar with the “feast or famine” roller coaster. Either you have too much work to comfortably handle on your own, or you are wondering how you are going to pay the bills. Today, I’d like to talk a little bit about a number of ways to successfully deal with the “feast” option. First of all, don’t panic. Too much work is a good problem to have. Put your situation into perspective. “Feast” is a much better problem for a solo to have than “famine.” You just need a plan. One way to handle the problem of too much work is to turn some of it down. You now have the luxury of becoming more selective about the work that you do or the clients that you work with. There’s a reason why successful lawyers tend to be happier lawyers. They not only make more money, but they can also be pickier about the matters and the clients that they accept. Look before you leap What if you are lucky and all of your work is work that you want to do for clients you enjoy? Don’t automatically decide to hire your first employee – an administrative assistant, a paralegal or another lawyer. Do some research first. Do you have a clear picture of the work that you will be delegating to someone else? Do you really know if there is enough work to keep that person busy full time? Take a step back and determine the exact tasks that could be delegated to someone else. Keep track of everything that you do over the course of a few days. I suspect you’ll be surprised to discover how you actually spend your time. The best use of your time is generally going to be practicing law, especially if you bill by the hour. After taking this inventory, assign the tasks to one of two categories: tasks related to office administration and tasks related to your actual caseload. Office administration can be easily delegated When it comes to administrative tasks, there are lots of options. You can hire college students, law students, virtual assistants or a colleague’s administrative assistant who wants to work some extra hours. These people will usually work for a relatively low hourly rate, keeping your overhead low. Caseload work requires more caution When business is good, solos often make the mistake of pursuing one of two romanticized visions. The first is hiring a young associate who can be groomed into a future partner. The second is merging with another solo and adding an ampersand to the firm’s name. Both visions often lead to trouble. Young associates can be fickle On its face, the “young associate” option is very appealing. You can leverage the associate’s time and make more money. According to law firm economics, the easiest way to increase profits is by leverage. You bill out an associate’s time at a level where the total revenue exceeds the associate’s salary and overhead. Those extra dollars all go to the firm’s bottom line. In reality, it usually takes much more time and effort to train and mentor the associate than you anticipated. But perhaps the biggest risk in this strategy is that the romantic dream of bequeathing the practice to your protégé can turn into a nightmare. How? When your so-called protégé decides that he or she wants to be the boss and opens his or her own law firm. To add insult to injury, you can bet that the protégé will attempt to steal some of your clients in the process. Solos must be carefully vetted While merging with another solo can minimize the training/mentoring problems, you can’t leverage this person as much because they’ll require a higher salary. And, do you really want to hire an experienced lawyer who has enough extra time to assist you with your caseload? I’d rather join forces with someone who has a robust book of business of their own. But that won’t solve your “busyness” problem. Contract lawyers are a better solution The solo attorney with too much work should consider hiring a part-time contract lawyer. With this alternative, you are not over-committed. If you don’t like the performance of one contract lawyer, you can easily try another. A good paralegal is even better Good paralegals or legal assistants can be worth their weight in gold. A well-trained and bright paralegal can do many of the tasks that a lawyer does. The beauty of this solution is two-fold. First, a paralegal’s time can be leveraged just as (or even more) profitably than another lawyer of any experience level. Second, a paralegal or legal assistant is less likely to jump ship and compete against you. A paralegal can go work for a competitor, but it’s unlikely that your clients would follow. Carefully consider your options When faced with a “feast” of too much work, don’t panic or rush into making a full-time hire. Take some time. Determine what you need, how often you need it, and which option of meeting that need will be most profitable. Originally appeared on Lawyerist.com’s law firm hiring & staffing portal Read More
Categories: Practice Management