By Brenda Barnes bio It's a common problem for law firm managers: lost sleep over those gnawing concerns about what they "don't know" about their practice and what they could be doing better. These are some of the top sleep deprivers affecting our clients: Growing the top line of business and keeping the competitive edge Making sure they have the right people in the … [Read more...] about How law firm managers can get a better night’s sleep
succession planning
Compliance and conduct rules for selling a law practice
By Brenda A. Barnes Selling the practice is one of the possible routes to law firm succession. For a law office administrator helping create a succession plan, here are some things to consider: According to ABA Rule 1.17 Sale of Law Practice, “A lawyer or a law firm may sell or purchase a law practice or an area of law practice, including goodwill, if the following … [Read more...] about Compliance and conduct rules for selling a law practice
What is your law practice worth to sell?
Whether you are looking at retiring and selling your law practice or purchasing one, you first need to have it valuated by a professional, says Ron Seigneur, a former legal administrator and partner in Seigneur Gustafson Certified Public Accountants in Lakewood, CO. Seigneur says there are three types of potential buyers for a law practice: Entrepreneurial buyers often … [Read more...] about What is your law practice worth to sell?
Do compensation plans drive succession planning results?
By Brenda A. Barnes bio Compensation—or lack thereof—drives many, if not most, succession plans. The most obvious reason for a succession plan is to compensate principals fairly for the firm they've built with their entrepreneurial spirit, including the physical assets and intellectual property they own, and for the money they've invested in their businesses. How to … [Read more...] about Do compensation plans drive succession planning results?
10 traits to look for in your firm’s next partner
By Bianca Moreiras bio Think you've found the perfect candidate for your firm's next partner? Before you make the offer, make sure the candidate has these 10 traits. 1. Honesty We would hope that all attorneys are honest; however, even stretching the truth when keeping timesheets is an act of dishonesty. Missing deadlines and making excuses perhaps is an oversight … [Read more...] about 10 traits to look for in your firm’s next partner
Use multi-generational teams to build engagement
By Jordan Furlong bio Based on reactions to a report I wrote and linked to last month, law firm leaders seem to share a widespread challenge with their Millennial lawyers. Firms are trying hard to engage their associates and junior partners in the larger affairs of the firm, to connect and coax them into leadership and business development roles, but with only … [Read more...] about Use multi-generational teams to build engagement