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How to Lateral Without a Book of Business

Many attorneys are laboring under the misconception that without a $750,000 book of business, they don’t have the option to move laterally to another firm. Fortunately, there is no absolute bar to making that kind of transition with a smaller or even non-existent book of business. Below, we outline the real relationship between your book of […]

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Avoiding Common Errors In Compensating Law Firm Associates

Many lawyers practicing now came up through the ranks in a time when the norm was to compensate associates with a third of the revenues they brought in through billable hours (another third going to employee benefits and overhead and the remaining third going to the firm’s profits). In today’s market, using this rule almost […]

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How to Talk to Your Law Firm Partners About Succession Planning

This decade will see an unprecedented increase in the inter-generational transfer of law firm ownership. This a demographic reality that is directly tied to the aging population of law firm owners and equity partners. Many firms perceive the need for succession planning but don’t know how to begin an internal conversation about it within the partnership. […]

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The Biggest Change to the Legal Profession Lawyers Might Be Missing

The makeup of a task force assembled last year by the State Bar of California is a cause for concern for many of the bar’s members. Created to address potential regulatory changes that could improve the accessibility of legal services, the group includes a number of tech industry insiders who stand to benefit financially from […]

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New ABA Ethics Opinion Further Strengthens Rainmakers

A new opinion from the ABA’s Standing Committee on Ethics and Professional Responsibility outlines recommended behaviors for firms and attorneys when lawyers decide to move on from their firms.  Published December fourth, the piece emphasizes the power of the client and encourages all parties to cooperate to serve the client’s best interests. “Clients are not […]

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The Most Common Mistake Made By Managing Partners

For most of their careers, lawyers are encouraged to bill more hours, and they’re rewarded financially and otherwise for doing so. But as a managing partner, billing so many hours likely means not spending enough time overseeing your practice. While this can be a confusing shift, the managerial duties neglected in pursuit of hourly fees […]

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What Not to Do When You’re Not Busy Enough

When lawyers and other professionals are used to being busy, it can be especially challenging when they hit a slow patch. Two sub-optimal responses tend to repeat themselves. 1. Overcompensating You know the feeling. You haven’t worked out for weeks or months. You feel bad about it so you tell yourself that you will get […]

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What’s Surprising About Millennials in Large Law Firms

A recent survey conducted by Major, Lindsey, and Africa and the American Lawyer explores attitudes of millennials at large law firms. The unspoken premise of such surveys seems to be that generations of workers are different enough such that we need to really know what makes them tick. I’m old enough to remember when my cohort, Generation […]

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Five Common Misconceptions About Selling Your Law Practice

If you are thinking of walking away from your practice and want to get paid for it, you are not alone.  More lawyers are looking to sell their practices.  This is especially true in consumer-facing areas such as family law, immigration, and estate planning.  Too many lawyers harbor misconceptions that hinder their ability to take […]

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Five Mistakes to Avoid When Sending Your Law Firm’s First Bill to a New Client

The first invoice a law firm sends to a new client sets the tone for the attorney-client relationship. When handled strategically, the first bill sets the stage for a long and lucrative relationship. But too many law firms are tone deaf to the nuances of client communications with a new client. Here are five common […]