LawBiz® Blog

LawBiz® Blog

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Tag Archives: Law

LawBiz® Legal Pad: Tips for Increased Revenue

Posted in Videos
Ed offers 5 ways to increase your law firm’s revenue. 1. Emphasize collections. 2. Hire lateral lawyers to meet specific demands, a new practice area, a new need. 3. Leverage technology. 4. Create a cooperative compensation model that emphasizes the law firm as an institution. 5. Outsource functions that are better done by others. Delegate… Continue Reading

Legal demographics are changing

Posted in Management
An ABA task force recently found that  only 56% of recent law school graduates achieve full-time employment as an attorney within twelve months of graduation, over the last five years, applicants to law schools have declined by roughly 50% from approximately 100,000 to approximately 50,000 per year. This will have a dramatic impact on the … Continue Reading

Retirement postponed

Posted in Buying & Selling a Practice
The recent Depression (2008, not 1932) has dashed the hopes and expectations of many lawyers. A recent survey reported by USA Today in its March 7, 2014 edition says that 58% of those between the ages of 54 and 64 years of age will retire later than the originally planned. Postponement generally comes from a reduction … Continue Reading

Law Firm Mergers: Two Blinding Glimpses of the Obvious

Posted in Management
The Wall Street Journal carried a column on November 11, 2013, “Big Law Mergers Questioned," that contained two blinding glimpses of the obvious – one explicit, one implicit.  The explicit one was straightforward, yet seemed to elude the understanding of the writer:  that in pursuing mergers to create ever-bigger organizations, law firms are simply following … Continue Reading

Ageism comes to the legal profession

Posted in Management
Most people will agree that there are too many lawyers, an oversupply. (Parenthetically, I disagree; it seems to me that there is a dislocation between the supply and the demand for legal services, a situation that the organized bar has never been able to reconcile with successfully.) But I digress. Assuming, for the moment, that … Continue Reading

LawBiz® Legal Pad: Tips for Increased Revenue

Posted in Videos
Ed offers 5 ways to increase your law firm’s revenue. 1. Emphasize collections. 2. Hire lateral lawyers to meet specific demands, a new practice area, a new need. 3. Leverage technology. 4. Create a cooperative compensation model that emphasizes the law firm as an institution. 5. Outsource functions that are better done by others. Delegate… Continue Reading

Virtual lawyers in trouble?

Posted in Management, Technology
Virtual veterinarian faces a legal test in Texas. He moved his practice online and talked to distressed pet owners by email and telephone. He charged a flat fee, generally, and recommended treatment options. The Texas State Board of Veterinary Medical Examiners suspended his license for violating the state law that prevents veterinarians from setting up … Continue Reading

Lawyers for sale

Posted in Cash Flow - Finances, Management, Marketing
In today’s Wall Street Journal, the writer suggests that high priced lawyers are for sale, that is, that clients are pushing back and demanding lower fees irrespective of the stated hourly rates of their lawyers. The reporter’s perspective is skewed only to the larger law firms, “Big Law.”  Small firm and sole practitioners have always … Continue Reading

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