Blog

Fearing Retirement? Don’t Worry, Be Happy!

Last month, I went out to dinner with some friends. One friend announced to the group that,  after working for a large telecommunications company for more than 25 years, he was being offered an opportunity to retire early with some very nice incentives. He further informed us that he had intended to retire within the next year. So, the offer was not going to change his planned retirement date in any significant manner.  ... Read More

Debunking the Biggest Rainmaking Myth

“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
Categories: Practice Management

What Happens to Your Website if You Sell Your Practice?

If your firm is like many solo and small law firms, a significant portion of your firm’s value derives from the amount of business your website generates. When selling a law firm—be it an actual sale or a transition to another firm as “of counsel”—it is therefore critical that the buying firm retains the benefit of the seller’s previous website traffic. ... Read More

Be a Joiner: Networking for Success as a Lawyer

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

Failing Health Causes Failed Succession

More lawyers are working well into their 70s. Indeed, I am no longer surprised when I meet lawyers still practicing in their 80s. What’s behind this growing trend of aging attorneys? ... Read More

Should My Associate Be My Successor?

As a small law firm owner thinking about retirement, you are likely looking to your own associate to be your successor. This decision is not one to enter lightly, however. Before you make anything official, you need to consider whether your associate has the talent and the skills to pull it off. Just because the associate handles files well has no bearing on whether they can successfully operate a law firm. ... Read More

Ethical Billing Practices to Keep Your Clients Happy

You’ve heard it from me and others; the key to satisfied clients is managing client expectations. And fees are perhaps the single client service area where lawyers fall short the most when managing expectations. Failure to manage fee expectations will not only lead to an unhappy client, it could also subject you to possible discipline. Remember, Rule 1.5 of the Model Rules of Professional Conduct (Fees and Division of Fees), states in relevant part: ... Read More
Categories: Practice Management

Compensating Retiring Lawyers for Client Transition Efforts

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

Closing versus Selling a Law Practice: Why Not Get Money for Your Efforts?

Are you a solo lawyer or small-firm owner facing retirement? Then, like most Boomer lawyers out there, you’re contemplating the option of selling your law practice. ... Read More

Should a Solo Join a Bigger Law Firm? Is Bigger Better?

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

So, You Want to Be a Managing Partner? Make Sure You Embody These Qualities First.

Whenever someone I know becomes a firm’s managing partner, I always express my congratulations and condolences. Yes, it certainly is a feather in one’s cap to be the Big Cheese at a law firm. But, let’s be frank; it’s a tough job. Ask any managing partner and they’ll often tell you that practicing law is far easier than managing a law firm. ... Read More
Categories: Practice Management

How to Approach Difficult Conversations About Succession Planning

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

Solos and Small Firm Owners: Don’t Delay Your Succession Planning

Succession is perhaps the most significant long-term challenge facing soon-to-be-retired, baby-boomer solo practitioners and small law firm owners. This is understandable, as a variety of psychological and emotional factors stack the odds against you laying the foundation for a smooth transition. ... Read More

How to Know If & When the Time Is Right to Switch or Tweak Practice Areas

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

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

Succession Planning Scenarios for Solos & Small Law Firm Owners

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

How to Retain Clients When a Lawyer Retires: Plan for the Skill Gap

A critical component of a law firm’s succession plan is to figure out how to retain the firm’s best clients when senior lawyers retire. Most law firms quickly jump to determine who in the firm is either ready to step up or ready to undertake proper mentoring and training to step up in the future. Before making this determination, however, it is important to ask several questions. ... Read More

The ‘Keep It Simple, Stupid’ Marketing Plan

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

Preparing Your Practice for Sale? Don’t Do Stupid S**t.

Soon-to-be retired solo practitioners and small law firm owners who are thinking of selling their law firms frequently ask, “Is there anything special or unique that I should do now to maximize my practice’s value?” Whenever I hear that question, I can’t help but think of President Obama’s remark about how to best manage world affairs: “Don’t do stupid s**t.” That advice holds true for lawyers contemplating selling their practice. ... Read More

10 Questions to Answer When Creating Your Law Firm Strategic Marketing Plan

When putting together your law firm’s marketing plan as part of your business development and strategic planning efforts, don’t fall into the trap of simply doing what you did last year. Sure, that may be enough to keep the lights on for another year. But, don’t you want to achieve more for your firm? ... Read More
I found it very helpful to have Roy’s “bird’s-eye view” of my immigration practice and current career prospects. When we started, I knew I needed a change. I didn’t know if that was a completely new career, adding a new practice ar…" Read the rest
– Solo Practitioner, St. Paul, MN

For More Information

Fill out our online form
closeClose