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 […]

Close up man hands using a calculator and laptop computer for calculating with finance paper, tax, accounting, Accountant concept.

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 […]

Fishes in group leadership concept.

COVID-19 Will Hasten the Decline of Small Law Firms

Everyone knows that “small businesses are the backbone of the U.S. economy.” This notion is so widespread that it obscures what has actually been happening over the last two decades. The Small Business Administration regularly promotes the idea that almost all jobs are created by small businesses. But the SBA defines small businesses as those that employ […]

Asian business man wear face mask and he is being fired because of economic downturn due to the covid-19 spread all over the world

The Plight of Law Firm Marketing Departments

We’ve begun to see a disturbing trend in professional services as organizations respond to the economic impact of the coronavirus. Faced with an uncertain future and looking to cut costs wherever possible, some firms are trimming their marketing departments as a way to reduce expenses. We are aware of at least one Am Law 200 […]

What You Need

Marketing: Professionals Must Define Needs

If you’re waiting for potential clients to voice a need right now, you may be waiting a while. And they’ll be losing out in the meantime. Even under the best of circumstances, clients are often shortsighted or mistaken about what is in their self-interest. As a professional, you are likely more attuned to the consequences […]

Time for Humility

This Is a Time for Humility

The decisions made by human beings are subject to numerous logical flaws and idiosyncrasies. Unfortunately, COVID-19 and our individual and collective responses to it require us to make prudent decisions despite our flawed reasoning. There is a lot of research showing that we tend to underestimate risks associated with low-probability but catastrophic events. For example, humans […]

Covid-19 Presents Lobbying Opportunities for Law Firms

COVID-19 Presents Lobbying Opportunities for Law Firms

The rapid expansion of law likely to follow the COVID-19 crisis presents a unique opportunity for smaller firms and solo practitioners to get involved in lobbying efforts. While larger and more established firms have a head start when it comes to decades-old regulations, the establishment of new legislative schemes provides a chance for even footing. […]

Don't Neglect your VIP list

Don’t Neglect Your VIP List

In the hustle of your daily work, it’s far too easy to let important networking activities fall by the wayside. It’s even easier to ignore key networking responsibilities when you are isolated at home and justifiably preoccupied with health concerns, family care, and the general state of affairs. But now more than ever, it is […]