Sometimes it’s simply about the money. In a recent survey, 36 percent of lawyers said they would be most enticed to make a lateral job change to another law firm by higher earnings potential. Work-life balance ranked second as an ...

Tagged with: Business of Law

Alexander A. Bove Jr. and Melissa Langa BridgeTower Media Newswires A first generation business owner experiences immense pride in taking a moment here and there to observe what the owner has built for his or her family and the business’s ...

Tagged with: Business of Law

While the practice of law is the primary business of attorneys, some attorneys are now seeing the benefits of learning the practices of businesses. To that end, law firms that serve business clients are increasingly encouraging their attorneys to get ...

Tagged with: Business of Law

Donald Trump’s (most) recent fly-by-the-seat-of-your-pants moment is a great example of why no one should employ the tactic in a professional setting. In this month’s “Trump’s Abortion Flub Shows Risks of ‘Winging It’ on Policy,” The Associated Press discusses how ...

Tagged with: Business of Law

I received a call from a lawyer wanting to know what percentage of his gross revenue should be allocated to rent and whether his percentage was in line with other law firms. I cited one study that put the average at 9 percent, but his comeback was that another consultant said the average was 12 percent. Such generic numbers totally miss the point on two levels. First, they allow lawyers to think that they need not try to do better than the average. And second, they obscure the point that the cost of office space is a statement about the law firm itself, raising issues that should be addressed in a strategic plan.

Tagged with: Business of Law Coach's Corner Practice Management

Every law firm is, or should be, a team, with lawyers, staff and support personnel committed to a team effort for providing the best possible service and work product for the benefit of clients. Involving everyone in the office so that they feel a sense of inclusiveness, understanding their roles and looking forward to exercising them, creates a better and more successful firm. At too many law firms, unfortunately, this does not exist.

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Clients clamor for alternatives to hourly rate billing because they want lawyers to have an incentive stake in the outcome of a matter. This is the case with contingency fees, where lawyers get a flat percentage of the value earned for the client. Contingency fees are often used in litigation, from personal injury cases to high-stakes corporate disputes.

Tagged with: Business of Law Coach's Corner Practice Management

Couplings, like metaphors, create mental pictures that help us to better understand concepts. How about "Love and marriage go together like a horse and carriage?" Well, that was in an earlier era. Oops, showing my age again. Perhaps that's appropriate for having turned another year older and wiser. Then we have billing and collecting. They go together. Can't have one without the other.

Tagged with: Business of Law Coach's Corner Practice Management

By ED POLL, Special to Lawyers Weekly [email protected]   Lawyers interested in growing their practice are well advised to seek practitioners who want to sell and harvest their legacy. I’ve negotiated such deals, and it always strikes me as odd ...

Tagged with: Business of Law Coach's Corner Practice Management

A business plan can be simple or complex. Simple is better. Years ago, my dad and I created a business plan for our food-processing company. In essence, it was a set of goals, what we thought farmers could grow for us (raw material) and what we thought we could sell (finished product). We did this informally and used it as a basis for creating contracts with the farmers.

Tagged with: Business of Law Coach's Corner Practice Management