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Category Archives: Cash Flow – Finances

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Health Insurance – Supreme Court

Posted in Cash Flow - Finances, In The News
By a 6-3 vote, the U.S. Supreme Court validated the health insurance concept and Congressional intent to cover millions of people not previously covered. It’s fascinating, if not tragic, how politics continues to rule court decisions … the details of this individual case, I’m sure, will be played out in great detail in media today… Continue Reading

Managing teams of skilled professionals gathered on the fly

Posted in Cash Flow - Finances, Coaching, In The News, Services, Technology
Years ago, seeking to address an RFP (request for proposal) of a large prospective client, I assembled a team of skilled specialists. I was flattered that they all said “yes” to joining me, knowing only me and the prospective client. None of us, individually, could have met the client’s needs. We trusted one another enough… Continue Reading

This is Not the time to walk away from your client

Posted in Cash Flow - Finances, Coaching, In The News, Management, Personal Thoughts, Services
From 2000 to 2007, over 42,000 legal malpractice lawsuits were reported to liability (malpractice) insurers, according to the American Bar Association Standing Committee on Lawyers Professional Liability. This committee segregated 21 root causes of negligence across all practice areas. Only one such root cause accounted for over 10% of the total claims. “… This root… Continue Reading

Even Lawyers Can Be Taxed

Posted in Cash Flow - Finances, In The News
In 2009, the voters of the city of San Francisco approved proposition Q. The net effect of this initiative was to tax the payroll of partnerships, including lawyers, hedge fund managers and doctors. The California Supreme Court recently denied review of a lower court’s decision that this is a legitimate tax voted on by the… Continue Reading

“Selling” is an essential for all professionals

Posted in Cash Flow - Finances, Management, Marketing, Services
“Marketing” is no longer only for the rarefied equity partner. Quinn Emanuel, a major law firm, announced it will require Associates and Of Counsel attorneys to actively participate in at least one marketing effort during the year. There is skepticism among marketing personnel, and even lawyers, how effective such a requirement will be. It would… Continue Reading

Increasing price of legal services and technology as the antidote

Posted in Cash Flow - Finances, In The News, Management, Marketing, Technology
The number of new lawyers admitted to the bar was lower in 2014 than in 2013; in addition, law school admissions were considerably lower than in previous years. That suggests there will be fewer lawyers ready and able to fill the ranks of the Baby Boomers as they increasingly leave the practice. Prices to consumers… Continue Reading

The more things change, the more they stay the same.

Posted in Cash Flow - Finances, In The News, Management, Personal Thoughts, Technology
Just today, in reviewing materials preparatory to moving my office after 25 years at one location, I reviewed the June 6, 1983 issue of Time magazine. Two articles were of particular significance. One was the cover article about “…stress, seeking cures for modern anxieties…” The other was about education, “…have degree, will travel.” “The class… Continue Reading

Follow the Money … Act Based on the Evidence

Posted in Cash Flow - Finances, In The News, Management, Uncategorized
Jerry Maguire said “Follow the Money. A former labor union leader said “Follow the bank account, not the budget, to see how much money is really available to offer union members-employees. Why is it, then, that some politicians are attacking the Affordable Care Act, originally a Republican proposal, and many economists are saying there is… Continue Reading

Value of Human Assets vs. Value of Capital Assets

Posted in Cash Flow - Finances, In The News, Management, Personal Thoughts, Technology, Uncategorized
John Claassen, in a “guest column” in the February 4, 2015 edition of the Los Angeles Daily Journal entitled “PROTECT THE VALUE OF HUMAN ASSETS,” quoted Bill Gates’ opposition to increasing the federal minimum wage as follows: “If you raise the minimum wage, you are encouraging labor substitution, and you’re going to go buy machinery… Continue Reading

LawBiz® Registry Offers Easy Way to Buy and Sell Law Practices

Posted in Articles, Books, Buying & Selling a Practice, Cash Flow - Finances, In The News, Press Releases, Technology
Lawyers from around the country continue to call me, asking for information on how to sell their practices. In response,we recently opened our LawBiz® Registry.  Visit the archives  for articles about buying and selling law practices and  other ways to monetize the goodwill that you have spent so many years to build. In addition, you may… Continue Reading

7 Easy Steps to Getting Paid

Posted in Cash Flow - Finances, Uncategorized
You’ve worked hard to address the challenges brought to you by your client.  You’ve put other matters aside to deal with his or her crisis.  You‘ve achieved their desired results.  And now, they’ve become a slow payer or non-payer.  Why?  What could you have done to prevent this, to know from the very beginning that… Continue Reading

Are you cheating yourself?

Posted in Cash Flow - Finances, Coaching, Management
The business cycle consists of three elements:  marketing to get the new client and retain the old client; production to produce and deliver the legal service, advice and/or documents; and finance to collect your billings and operate your firm.  The first two tend to be the focus of most lawyers.  Billings and collections tend to… Continue Reading


Posted in Cash Flow - Finances, Management, Personal Thoughts
In yesterday’s news, the Oakland A’s (the best team at this point of the season) announced trades that brought them 2 outstanding pitchers. Why did they do this? After reading Moneyball, you will know why. Teams’ trade activities highlight the two seasons of baseball, the first that will end in a few days and the… Continue Reading

Retirement at different times

Posted in Cash Flow - Finances
In Life After Law: What Will You Do for the Next 6,000 Days? I focused on the options available to the lawyer in the last phase of his / her career and how to prepare for a profitable exit strategy.  What I did not address, however, is the lawyer whose spouse is working and may… Continue Reading

MyCase adds to its integration

Posted in Cash Flow - Finances, Management
MyCase legal practice management software has announced an integration with the popular accounting software QuickBooks. This is an important integration, as it allows law firms to have full synchronicity between their practice management and accounting software systems. The integration comes at no additional cost to MyCase customers. For at least 15 years, I have been preaching "integration"… Continue Reading

Pricing contract lawyers

Posted in Cash Flow - Finances, Management
Are contract lawyers an expense or a fee item?  This issue has been litigated before and, according to my reading, has been resolved in favor of the law firm. The law firm is entitled to engage contract or temporary lawyers for one price and charge the client a higher price. One rationale for this is… Continue Reading