The first third of the year is behind us and it’s an opportune time to analyze your law firm’s financial performance and make changes to grow revenue and improve profitability. Your financial reports should be complete through the end of April, and four months of results are enough to identify potential changes in course. This […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-1026400680-scaled.jpg17092560Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2022-05-09 19:54:552022-05-09 22:39:51May—A Good Month to Adjust Your Law Firm’s Marketing Plan
On March 9, President Joe Biden signed a new Executive Order (the “Executive Order”) calling for a renewed focus on the quickly evolving world of cryptocurrency. The Executive Order sets priorities for the U.S. Government, including creating a digital currency authorized by the U.S. Government. While many bitcoin purists might argue that government involvement has […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-1328513560-scaled.jpg17072560Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2022-03-31 20:47:172022-06-17 20:40:28President Biden’s New Executive Order on Cryptocurrency is Good for Law Firms
On February 25, 2022, an open session of the California State Bar’s Closing The Justice Gap Working Group (“CTJG” or “Working Group”) took place that could pause the short-term prospects of allowing non-lawyers to own and invest in law firms. Specifically, the Working Group made three potentially game-changing decisions. First, and most importantly, the Working […]
https://rainmakingforlawyers.com/wp-content/uploads/thumbnail_iStock-179275748.jpeg8531280Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2022-03-08 19:37:452022-03-08 19:40:45CA Legislature Puts the Brakes on Ownership of Law Firms by Non-Lawyers
With all the changes impacting law firms right now, it would be easy to overlook an important regulatory development that recently took place. In November, the Florida Bar Association’s Board of Governors unanimously voted down proposals to test nonlawyer ownership and fee sharing in legal practices. The decision represents a sharp deviation from the trend […]
Despite some highly publicized news about the decline of California, it continues to have by far the largest number of residents in the country, and along with Texas and Florida accounts for over a quarter of the total U.S. population. Los Angeles maintained a real GDP of approximately $726 billion in 2019, with Orange County […]
On September 8, the American Bar Association (ABA) addressed lawyers’ ethical obligations as investors in firms with nonlawyer owners. Formal Opinion 499, issued by the Standing Committee on Ethics and Professional Responsibility, permits attorneys throughout the country to act as passive investors in Alternative Business Structures (ABS) that may not be allowed within a given […]
As we approach Labor Day, law firm managing partners should re-evaluate the connection between compensation structure and firm culture. This is a good time to review financial data, identify patterns, and, if appropriate, negotiate a new compensation plan to implement for next year. Perhaps there’s not much cross-marketing going on at your firm. Perhaps partners […]
There have been numerous media reports describing how certain advocacy groups have been trying to pressure Supreme Court Justice Stephen Breyer to retire now, while the Democratic Party has nominal control of the Senate. The groups trying to convince Breyer to step aside have used a variety of strategies, all of which have proved futile. […]
https://rainmakingforlawyers.com/wp-content/uploads/image001.jpg6831024Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2021-08-10 15:01:422021-09-08 03:30:17What Law Firms Can Learn From Efforts to Pressure Justice Breyer
At the end of 2021, managing partners will sum up their law firms’ revenues to determine areas of focus for the next fiscal year, but there’s something individual lawyers can be doing now to make this data even more useful. Right now, halfway through the year, ask your people to project revenues on their own […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-1315132767-1024x637-1.jpg6371024Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2021-06-30 21:48:322021-09-08 03:31:53Why Your Firm’s Lawyers Should Make Revenue Projections Right Now
As managing partners and practice group leaders weigh the costs and benefits of returning to their offices, they should take advantage of the next six months to modernize their business plans. Three areas in particular are especially ripe for new approaches right now – real estate, practice area mix, and talent acquisition. Lawyers are creatures […]
https://rainmakingforlawyers.com/wp-content/uploads/iStock-1218263945-1024x683-1.jpg6831024Gideon Grunfeldhttps://rainmakingforlawyers.com/wp-content/uploads/rainmaking_for_lawyers-300x113.pngGideon Grunfeld2021-06-17 21:47:212021-09-08 03:34:21The Boutique Firm Business Plan for 2021
May—A Good Month to Adjust Your Law Firm’s Marketing Plan
/0 Comments/in Law Firm, Law Firm Budgeting, Marketing /by Gideon GrunfeldThe first third of the year is behind us and it’s an opportune time to analyze your law firm’s financial performance and make changes to grow revenue and improve profitability. Your financial reports should be complete through the end of April, and four months of results are enough to identify potential changes in course. This […]
President Biden’s New Executive Order on Cryptocurrency is Good for Law Firms
/0 Comments/in Law Firm Strategy, Practice Areas, Regulatory, technology /by Gideon GrunfeldOn March 9, President Joe Biden signed a new Executive Order (the “Executive Order”) calling for a renewed focus on the quickly evolving world of cryptocurrency. The Executive Order sets priorities for the U.S. Government, including creating a digital currency authorized by the U.S. Government. While many bitcoin purists might argue that government involvement has […]
CA Legislature Puts the Brakes on Ownership of Law Firms by Non-Lawyers
/0 Comments/in Industry Trends, Legal Profession, Regulatory /by Gideon GrunfeldOn February 25, 2022, an open session of the California State Bar’s Closing The Justice Gap Working Group (“CTJG” or “Working Group”) took place that could pause the short-term prospects of allowing non-lawyers to own and invest in law firms. Specifically, the Working Group made three potentially game-changing decisions. First, and most importantly, the Working […]
Florida Bucks the Trend Toward Nonlawyer Ownership
/0 Comments/in Regulatory /by Gideon GrunfeldWith all the changes impacting law firms right now, it would be easy to overlook an important regulatory development that recently took place. In November, the Florida Bar Association’s Board of Governors unanimously voted down proposals to test nonlawyer ownership and fee sharing in legal practices. The decision represents a sharp deviation from the trend […]
California Counties Represent Growing Markets for Law Firms
/0 Comments/in Business Development /by Gideon GrunfeldDespite some highly publicized news about the decline of California, it continues to have by far the largest number of residents in the country, and along with Texas and Florida accounts for over a quarter of the total U.S. population. Los Angeles maintained a real GDP of approximately $726 billion in 2019, with Orange County […]
ABA Ethics Opinion Allows Passive Investment in Out-of-State ABS
/0 Comments/in Regulatory /by Gideon GrunfeldOn September 8, the American Bar Association (ABA) addressed lawyers’ ethical obligations as investors in firms with nonlawyer owners. Formal Opinion 499, issued by the Standing Committee on Ethics and Professional Responsibility, permits attorneys throughout the country to act as passive investors in Alternative Business Structures (ABS) that may not be allowed within a given […]
Law Firm Compensation & Culture
/0 Comments/in Law Firm Compensation, Law Firm Management /by Gideon GrunfeldAs we approach Labor Day, law firm managing partners should re-evaluate the connection between compensation structure and firm culture. This is a good time to review financial data, identify patterns, and, if appropriate, negotiate a new compensation plan to implement for next year. Perhaps there’s not much cross-marketing going on at your firm. Perhaps partners […]
What Law Firms Can Learn From Efforts to Pressure Justice Breyer
/0 Comments/in Succession Planning /by Gideon GrunfeldThere have been numerous media reports describing how certain advocacy groups have been trying to pressure Supreme Court Justice Stephen Breyer to retire now, while the Democratic Party has nominal control of the Senate. The groups trying to convince Breyer to step aside have used a variety of strategies, all of which have proved futile. […]
Why Your Firm’s Lawyers Should Make Revenue Projections Right Now
/0 Comments/in Law firm Staffing /by Gideon GrunfeldAt the end of 2021, managing partners will sum up their law firms’ revenues to determine areas of focus for the next fiscal year, but there’s something individual lawyers can be doing now to make this data even more useful. Right now, halfway through the year, ask your people to project revenues on their own […]
The Boutique Firm Business Plan for 2021
/0 Comments/in Law firm Staffing /by Gideon GrunfeldAs managing partners and practice group leaders weigh the costs and benefits of returning to their offices, they should take advantage of the next six months to modernize their business plans. Three areas in particular are especially ripe for new approaches right now – real estate, practice area mix, and talent acquisition. Lawyers are creatures […]