Finding Buyers for Your Law Practice
November 11th, 2019
There are a variety of ways to find buyers. Some attorneys try to do it on their own. From a DIY perspective, usually the best ways to get the word out that you’re looking for a buyer are through networking and advertising. Others who don’t want to take the time and effort to find buyers on their own rely on consultants and brokers. Besides saving time, using outside experts provides other advantages from the DIY method. They include:
Read More
Read More
Categories: Selling Your Practice
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
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
Read More
Categories: Selling Your Practice
A Few Quick Tips When Implementing a Strategic Plan
July 8th, 2019
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
Read More
Categories: Business Development
Strategic Planning in Times of Crises: You’re Doing It Wrong, but Does It Matter?
April 9th, 2019
Most definitions of strategic planning focus on the idea that an organization needs to step back to look forward so it can determine its future goals for success. According to one definition, strategic planning involves “envisioning a desired future and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.” Another definition is “the development of an organization's purpose and goals, beyond the immediate future, and actions to achieve those goals.”
Read More
Read More
Never Forget the Value of Your Firm’s Staff
January 4th, 2019
A sole owner of a small law firm recently hired me to create a strategic plan and a succession plan. During our initial conversations, I asked questions to discern more about the firm and its culture. The owner went out of his way to tell me that he values and respects everyone, including staff—not just the lawyers. I responded, “That’s great!”
Read More
Read More
Debunking the Biggest Rainmaking Myth
November 5th, 2018
“I can never be successful at rainmaking because I’m an introvert.” Does this sound like you? I have one word in response to this common refrain from lawyers: Bulls***. Quite frankly, this is a myth that provides an easy excuse to avoid doing what all attorneys know they need to do: get out of the office to create and develop relationships with potential client and referral sources. So, simply put, you can be successful at rainmaking even if you’re an introvert. Here’s how.
Read More
Read More
Categories: Practice Management
Be a Joiner: Networking for Success as a Lawyer
September 6th, 2018
Like most attorney business development coaches, I’m a big fan of one-on-one networking. It’s in this setting that you’ll have the best opportunity to develop a genuine relationship—one that will hopefully lead to new business.
Read More
Read More
Compensating Retiring Lawyers for Client Transition Efforts
May 10th, 2018
A key aspect of any law firm succession plan is keeping the firm’s best clients when the rainmakers are gone. As more Boomers retire or start their winding down efforts, concerns about client retention and proper compensation are at the forefront of succession plan conversations.
Read More
Read More
Should a Solo Join a Bigger Law Firm? Is Bigger Better?
March 30th, 2018
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
Read More
How to Approach Difficult Conversations About Succession Planning
February 8th, 2018
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
Read More
Categories: Retirement/Succession
Succession Planning Scenarios for Solos & Small Law Firm Owners
September 13th, 2017
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
Read More
Want to Avoid Ethics Complaints? Follow These Three Service Tenets for Satisfied Clients
April 7th, 2017
Unhappy clients often choose to file ethics complaints against their poor-performing lawyers. What leads to their unhappiness? It may come as a surprise, but most ethics complaints are not about incompetence. Instead, most complaints revolve around basic customer service expectations. They involve issues that, even without specific ethics rules in place, would make any reasonable person agree the lawyer should be disciplined.
Read More
Read More
Categories: Legal Marketing Ethics
Email Networking Invitations: What Should You Say?
January 13th, 2017
Have you set your New Year’s resolutions for business yet? If yes, I hope that improved networking is on your list. And if no, make 2017 the year that you finally “up” your networking game.
Read More
Read More
A Rule of Thumb for Valuing a Law Practice Is Not to Use the Rule of Thumb
December 7th, 2016
Solo practitioners and small law firm owners wanting to know what their practices are worth frequently rely on the “rule of thumb” valuation method.
Read More
Read More
Categories: Selling Your Practice
Put Networking into Perspective
May 6th, 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
Read More
Achieving New Year’s Resolutions and Law Firm Strategic Planning Goals
January 14th, 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
Read More
Is Ohio Gagging Lawyers Speaking at Seminars?
October 16th, 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
Read More
Networking for Job Security
August 10th, 2015
Job security is on the radar screens of most lawyers. Many lawyers, however, perceive that their jobs are very secure, when in reality they are not. Due to a false sense of security, these lawyers often neglect the networking they should be doing. Three scenarios demonstrate this concept of a false sense of job security. The Lawyer In Denial The lawyer with no clients of his or her own is very vulnerable. It does not matter if you work for a behemoth on Wall Street or a three-person firm in the boonies. If you do not have your own clients, you will never have genuine job security. I have met many minders and grinders who delude themselves regarding job security since a paycheck keeps coming. Of course, the paycheck keeps coming only because…
Read More
Read More
Don’t Answer Your Phone!
June 29th, 2015
All time management experts will tell you that it is a huge time waster to let phone calls (and emails) interrupt a work task. But there’s an even better reason: A potential client will instantly think that you are a responsive lawyer. Although this may sound counterintuitive, you will impress potential clients by ignoring their initial phone call and then calling them back promptly (usually within a few hours). This is true whether you answer your own phone or have a receptionist do it for you
Read More
Read More