I am a partner in a large law firm and have a seven figure book of business. The competition today is brutal for corporate clients. I can no longer rely on getting clients simply from internal referrals or based on my firm’s reputation. I need…"
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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.
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:
Roy S. Ginsburg, J.D.
“My goal is to help lawyers become more successful and satisfied in their careers.”
I have spent more than 35 years practicing law in both private practice and as in-house counsel, and currently run a successful part-time solo practice. I…