Many green dollar symbols

The 3-Step Process to Useful Revenue Projections

We’ve written before about maintaining cash flow in a crisis and how projecting revenues is vital to the planning process. While this isn’t a concern limited to economic hard times, the uncertainty caused by the pandemic dramatically increases the importance of establishing and implementing a sound system for estimating future revenues. Establishing a process for […]

Turbulent Ocean

Troubling Signs for Non-Equity Partners

The legal services industry, along with much of the country, is coming to terms with the reality that COVID-19 is not the short, temporary interruption many had hoped. We are beginning to see law firms make more permanent adjustments. Headlines in publications like the American Lawyer are already highlighting the acquisition of stars in hot […]

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Is This the Time to Pursue Antitrust Litigation?

Even the biggest law geeks tend to have a MEGO (my eyes glaze over) moment when they hear about antitrust law. To be sure, antitrust law can be daunting. It has its own jargon, and litigating an antitrust case is at the intersection of complicated law and sometimes even more technical economic analysis. As a former antitrust lawyer who […]

caution tape

The Dangers of Excessive Optimism

People who see themselves as successful are especially susceptible to overconfidence. Business owners often fall into this category, knowing how optimism has served them well as entrepreneurs. But in uncertain times like these, it’s doubly important not to get carried away betting on best-case scenarios. In practical terms, this means that owners should plan for […]

sharing financials

Sharing Financial Information with Junior Lawyers

When you’re ready to elevate a junior lawyer to the partnership level, you’ll likely have to handle the delicate process of sharing financial information that this employee was not previously aware of. This is happening more often as more small and mid-sized firms are going through the succession planning process. Equity partners will increasingly need […]

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Common Mistakes for Lateral Partner Questionnaires

Most lawyers are understandably inexperienced in filling out LPQs. Many attorneys looking to make a lateral move from one firm to another haven’t interviewed in years or even decades, so they either have missed the move to LPQs entirely or have filled them out so infrequently that they make significant tactical and strategic errors. The most […]

bundles of US 100 dollar bills

Increase Your Firm’s Cash Reserves

As we reach the mid-point of the calendar year, law firms should be evaluating key financial metrics. It’s a great time to begin tax planning for the full year and to preview next year’s tax returns. Starting now gives owners time to adjust if too much or too little has been withheld. It also allows […]

Life in the Law

The Two Most Important Lessons Learned from 25 Years in the Law

I turned 55 this week. That still looks like a typo. And reaching this milestone – if it is one – reminded me of where I was 25 years ago. On my 30th birthday, I deposed a building contractor in connection with a pro bono lawsuit. I was a junior associate at the L.A. office […]

business men tug of war

California SB-939 Signals Potentially Major Changes in Real Estate Leasing

Businesses in California will have an opportunity to rehash traditionally long-term leases if Senate Bill 939 is passed. Applicable to commercial tenants who have experienced a decline in average monthly revenue equal to or exceeding 20% since government restrictions altered the economic landscape, many could qualify “to engage in good faith negotiations with [landlords] in […]

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The Role of Business Valuation in Law Firm Succession Planning

When owners look to pass their business into new hands, potential buyers focus on identifying future revenues, and the role of the existing firm in transitioning clients plays a major role in determining the firm’s valuation. This is one reason why small and mid-sized law firms often don’t retain the services of a business valuation […]