Law Practice Management, Lawyer Coaching, Legal Consulting, Law Firm Retreats : LawBiz Blog : Ed Poll

The Ohio Bar adopted a new rule of professional conduct, Rule 1.17, that allows the sale of a law practice as of February 1, 2007.

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I was recently reminded of Lily Tomlin's sentiment.  One of the greatest attributes of the legal profession, aside from its being a loving, caring profession, is that we continue to learn new things every day! I suppose that's one reason to call it a "practice."

But, when we continue to learn, we also know that there is a lot still to learn. This tends to impact one's self-esteem. In talking with several psychologists and organizational development experts, poor self-esteem is one of the greatest challenges to lawyers.

Recognizing that this is a lifelong journey may take the pressure off of current feelings about one's skills and self-esteem. That, also, may make one more sensitive to clients' needs and less aggressive with opposing counsel. Civility (a major Bar initiative) comes with self-confidence, which also tends to reduce costs for clients.

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Yesterday, I attended the West Regional NCAA basketball game between UCLA and Texas A & M. I also watched the Stanford / Marquette game that preceded the West Regional UCLA game. Both games were about as rough and close as basketball games can be. Both games featured some of the best college athletes playing today. One lesson to be learned from these young athletes is that the game is not over until over ... UCLA, for example, had mental toughness to stay in the game despite playing one of their worst games of the year. As a biased UCLA fan, I do not believe their performance was influenced that much by their opposition, notwithstanding that their opposition was excellent.

For me, this is reminiscent of the discussion I had recently with a client who asked me to do a profitability analysis of her firm  She and her partner believed that the expenses of their small firm were too high My review of the data indicated that there were areas where reductions or revised characterization would be relevant. For example, several capital expenditures could be removed from the expense side of the profit and loss statement and recast as assets; a management fee could be removed or recast as a draw by one of the partners because such a fee is inappropriate for a small firm. However, the real focus for this firm should be on increasing its revenue. That would have the most dramatic impact on the performance of the firm. Recasting the expenses would not change the cash flow of the firm, but would help generate the mental toughness confidence that they are not in terrible shape, that they could succeed, and provide the  mental toughness to continue seeking the appropriate client base to generate increased revenue.

Looking at the relevant data helps remove the fear of failure, engender confidence that small changes in one's own behavior can have large impact on one's success, and bring the realization that success is just around the corner.

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Lisa Solomon is tech savvy. I learn from her everytime we're together.

We went to dinner while in Chicago this last week and she took several photographs. Here are two of them that are listed on Facebook, one of the sprouting social networks. One should be careful what is placed on internet boards such as this ... This entry is sedate and trustworthy. This is the first posting for me, excluding our Airstream trailer,  of photos on this site. 

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On a listserv recently, a lawyer requested comments about his proposed letter to his clients. He wants to "shout from the highest roof" (from an old Doris Day film) to his clients that he plans to maintain his current fee structure, that he will NOT raise his fee rates.  I responded as follows:

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At its annual technology fest in Chicago, the American Bar Association's Law Practice Management Section once again displays its value to the legal profession ... and its skill in throwing a great party.

As I walked around the Hilton Hotel, the new site for the show, I met many folks that I have known for years and some new folks as well. It is in these walks around the Exhibit Hall and elsewhere at the Show that I learn the most.

Once again, though, I realize that it's the people you know that is the most important element to growing one's business ... Competence is presumed. But, when people like and trust you, they will help you grow, they will teach you valuable lessons about your business ... and they make it a joy to attend conferences such as this.  And, if they happen to be customers/clients of you, they will be loyal to you, you will be able to count on their business for your firm's growth.

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