LawBiz® Blog

LawBiz® Blog

Your Practical Guide to Profit ™.

Tag Archives: Cash Flow

Digital estate plan

Posted in Management, Technology
I’ve talked about a lawyer having an estate plan. I’ve talked about creating an estate plan for your law practice; this is an idea first generated by Ellen Peck, retired judge of the California State Bar Trial Court. Now, there is another estate plan to prepare: Digital. What are you going to do with all … Continue Reading

Legal services just got more expensive

Posted in Marketing
Not bad enough that legal services are already expensive, but court closures resulting from budget cutbacks will make legal services of all kinds even more expensive. Alternative methods of dispute resolution will need to be engaged.  This is like a bad heart, needing new arteries created from exercise. But, we don’t know yet what the … Continue Reading

Are you sure you have malpractice coverage?

Posted in Management
Fee suit exclusions seem to be the latest insurance ploy to cheat unsuspecting lawyers. An engagement agreement is designed to be a "two way street." The lawyer promises to do certain things… address the needs (and wants?) of the client; represent the client to address the challenge being faced by the client, whether it be … Continue Reading

Graduates vs. Big Law — The First Lawsuit Starts

Posted in Management
I was wondering how long it would take?  Sarah Martinez, a recent law school grad, broke the ice. She has sued Howard, Rice, Nemerovski, Canady, Falk & Rabkin in San Francisco Superior Court for extending her an offer of employment, deferring it and now reneging, saying it didn’t have the resources to hire anyone in … Continue Reading

Opening a Law Office

Posted in Management, Marketing
The California Guide to Opening and Managing a Law Office has just arrived! It’s a 600 page power packed treatise that evey sole practitioner should review. It, along with the ABA’s Flying Solo, is uniquely designed to raise issues that need answers for success. Disclaimer: I’m responsible for two of the volume’s chapters. There are … Continue Reading

Expense reduction or investment advance

Posted in Management, Marketing
One of my law firm clients has a lawyer who is what I would call a "reluctant marketer."  This lawyer is a great lawyer, a "worker-bee," but not a great rainmaker. The managing partner considered engaging a coach to help the lawyer improve his skills within his comfort zone. Why is this important? Because the … Continue Reading

Layoffs abound at law firms

Posted in Management
The American Lawyer brought us the "AmLaw 100," and more. Some blame Steven Brill, creator, for lawyers focusing on the business side of the practice. That would be an interesting discussion. But, whatever one thinks about Brill, The American Lawyer has done it again. This time, on the negative side of the practice of law, … Continue Reading

Law is a Business

Posted in Management, Marketing
The Business of Law® is not a generic term. In 1995, lawyers did not think they were in a business, let alone a service business. And I was successful in my application to register this as my mark. It has been my mark for more than 10 years. Today, lawyers in the large law firms … Continue Reading

Law firm strategic planning & the Flying Wallendas

Posted in Management
Allison Shields asks a fascinating question, "What do the Flying Wallendas have to do with strategic planning?" This was in response to my blog post reflecting an earlier conversion among Allison, Aviva Cuyler and me. And I agree wholeheartedly with Allison’s conclusion:  "If your firm hasn’t started the strategic planning process, now is as good … Continue Reading

Law Firm Marketing During Crisis & Chaos

Posted in Management, Marketing
During an economic crisis, yes, some call it a depression, Heather Milligan has some cogent ideas to market your practice: What are your clients’ key industry pubs reporting on today? Understand how the financial markets impact their companies. If your clients/referral sources are at risk, call and see how you can be of service to … Continue Reading

Virtual world is real

Posted in Management, Technology
Is the Virtual World real? It apparently has more “life” than I knew. Even the IRS is involved, recently ruling that independent, virtual contractors were, in reality, part-time employees for whom taxes needed to be withheld.  What impact will this have on other “virtual businesses?”  What impact will this ruling have on “virtual assistants?” Are … Continue Reading

Never say no to a prospective client

Posted in Management, Marketing
Alan Weiss, The Million Dollar Consultant® asked the following questions:  “What do you do when you have a great deal of work and still more requests? In other words, what do you do with an embarrassment of riches to ensure that you retain as much business as possible?&rdquo… Continue Reading

The Future of the Law Firm

Posted in Management, Marketing
A recently released report from the Eversheds international law firm discusses some conclusions for the future of the legal profession. One of the elements not really addressed in my reading of the release was the disconnect between lawyers and their clients in large corporate enterprises. Why should this be the case? Why should lawyers and … Continue Reading

Strategic planning is key to success

Posted in Management
Adam Smith echoes my philosophy — and discusses the importance of the intake procedure. Collecting Your Fee from Intake to Invoice further echoes the importance of the intake process. I maintain that you can tell at the beginning, from the intake interview, whether you will get paid at the end!… Continue Reading

Law Firm Fees & Compensation

Posted in Management, Marketing, Press Releases
Michael Brychel, Senior Legal Auditor at Stuart Maue, headquartered in St. Louis, Missouri, writes an interesting review of our newest publication, Law Firm Fees & Compensation: Value & Growth Dynamics. He says, "For those who accept the premise that “law firms ARE businesses – get over it” this book will be an effective jump start … Continue Reading

Legal Fees: Could you afford you?

Posted in Marketing, Personal Thoughts
Last week-end, I was attending a Vintage Airstream rally in Albuquerque, New Mexico, as mentioned in a previous post. Because our “new” vintage Airstream is still being built and our “old” vintage Airstream was totaled from our December accident, we could not stay at the rally, but had sleeping quarters about 10 miles away, a … Continue Reading