LawBiz® Blog

LawBiz® Blog

Your Practical Guide to Profit ™.

Tag Archives: Cash

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

Selected retirement statistics

Posted in Life After Law
The Wall Street Journal, October 28, 2013, published some interesting statistics; To meet basic retirement needs, one needs to save 8 to 11 times salary by the age of 67; if your annual income is $100,000, you should have saved a minimum of $800,000 by the time of retirement. There are a number of “disconnects”… Continue Reading

Who Is “Worthy” of Being Helped?

Posted in Coaching, Management
In a recent article, the writer describes a twist in medical fees. A specialist, in this case a cardiologist, is charging a premium retainer fee for accessibility. That’s access, not treatment! The levels of service created by the cardiologist are $7,500 per year for “concierge” service, $1,800 for “premier” status, and $500 for “select” status.… Continue Reading

Are your fees reasonable?

Posted in Management, Marketing
MyCase features my guest blog post suggesting that there is plenty of work for those lawyers willing to be realistic both in the nature of the clients they serve and the fees they charge. While you’re at their web site, check out their software. It has been reviewed by many and is well – regarded.… 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

“Caveat Emptor” Is No Way to Practice Law

Posted in Management, Marketing
In the Opinion section of today’s Wall Street Journal, two fellows from the Brookings Institute espouse their philosophy for deregulating the legal profession:  Let anyone practice law; whether they’ve gone through law school or not, and allow anyone to own a law firm. These are not new ideas, but the assertion that these ideas are… Continue Reading

The Business of Law® confirmed again

Posted in Management, Marketing
Once again, it is confirmed that law practice is a business. As I’ve been saying since I received the registered mark for The Business of Law®,  law practice is a business. Yes, it’s a profession AND also a business, a service business.  Dewey & LeBoeuf confirms this.  This large, national law firm has just retained outside… 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

Managing Partners are few and far between

Posted in Management
Bob Denney says "… “70% of the managing partners [or CEOs] do not have a job description and most partners do not know what their MP does. In addition, in firms of more than 100 lawyers, only 10% have full-time managing partners.” No wonder that in 1995, the USPO concurred with me that "The Business… Continue Reading

Value billing in health care: Back to the future for law?

Posted in Management
Insurance companies hire lawyers as in-house counsel at reduced (wholesale) rates, pay lawyers in accordance with insurance policies for their insureds, and otherwise have a dramatic influence over the billing practices in the legal community. Wasn’t it insurance companies in or about the 1960s that demanded lawyers submit bills that showed the time expended in… Continue Reading

Think for yourself – Work your ideas, not others

Posted in Management
Today, I had a discussion with a very bright individual who is seeking new office quarters. He was having difficulty with the math, so he thought. He was seeking to understand the interplay between basic rent, common area charges (charges for maintenance, taxes, etc. that the landlord assesses at the end of each lease year… Continue Reading

Malpractice Insurance Report

Posted in Personal Thoughts
In the recent California Lawyer’s Annual Professional Liability Insurance Report, the writer quotes the ABA. Their study shows that 44,000 claims were lodged against insured lawyers nationally within the study’s three year period. Of this group, “…(s)olos and smaller firms were sued the most: 70 percent of all insurance claims were brought against lawyers in… Continue Reading

Twitter and money – an oxymoron?

Posted in Technology
Can you imagine that Twitter, WITHOUT any revenue stream, is valued at $1Billion! Wow. Not many employees and no revenue stream … and no prospects in sight to get revenue. Just think what your law firm, with a decent revenue stream, might be worth? What is the difference? And why isn’t your firm worth $1B?… Continue Reading

The End of Lawyers?

Posted in Management
Richard Susskind has written a book suggesting that lawyers may become obsolete unless we make some dramatic changes.   I see nothing unusual about his conclusion … that legal work will be unbundled and that the work that is more mundane and routine will be systematized and perhaps even automated. Technology advances provide us with… Continue Reading

Without credit, we won’t get out of our morass

Posted in Personal Thoughts
Our economy is in the doldrums … or better said, we’re experiencing a depression. Signs abound. From unemployment exceeding 10% and more in some areas, to now thousands of lawyers and staff terminated from the large firms. Who knows how many more there are in small firms … One large firm managing partner cited an… Continue Reading