Articles

Creating your personal income statement

Money is a good topic for the beginnging of 2006! And, particularly, it’s important to know if/how much you personally contribute to the health of your law firm. See my latest article in the December 2005 edition of the ABA’s Law Practice Management Magazine. Can your firm afford to keep you?

This edition is an outstanding resource that addresses various aspects of running a law practice successfully.


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M & A already!

It’s only the first day of the new year, and I received notice of more large firm mergers! What does that portend for the rest of the year?

“A British trade publication reports that St. Louis law firm Bryan Cave LLP is in merger talks with Cleveland-based Squire, Sanders & Dempsey LLP. A deal would create one of the 10 largest U.S. law firms, with more than 1,500 lawyers.”

This seems to reflect the American dogma: Growth is good, stability is bad.

At the same time, however, this will cause change and change creates opportunities. Keep your antennae up for new opportunities for lateral hires of lawyers who become dissatisfied with the new structure and for clients who may prefer the more personal service of a “smaller” law firm.


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Demonstrating how we improve our clients’ lives: The goal for 2006

The Chief Marketing Officer for Intel said in the current issue (January 9, 2006) of Business Week, “I tell people they’re not just about making silicon. They’re helping people’s lives improve, and we need to let the world know that,” says Eric Kim.

The question then, is: What are you going to do in 2006 to change how you are perceived by your clients and your prospective clients? How are you going to communicate to your clients how you help improve their lives?


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Schiavo – A tale of incompetence and conflicts

The attorney for the parents of Florida’s famous Schiavo case is getting an award for distinction. Yet, the North Country Gazette details the incompetence and fraudulent conduct of both this attorney and judges involved in the case.

This is fascinating reading … and highlights areas of common sense that lawyers must address. Conflicts of interest and incompetence are not to be taken lightly! It is when one or both of these transgressions occur that clients justifiably sue lawyers, not because they’ve been charged too much!


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Legal Fees: Increasing Fees in 2006

December 27, 2005
Venice, CA

FOR IMMEDIATE RELEASE

Legal Fees: Increasing Fees in 2006

Lawyers have experienced a 5% to 10% increase in revenue during 2005, according to several recent studies. Much of this growth, says Edward Poll, a nationally recognized law firm management consultant and coach to lawyers, has come from increasing hourly rates or acquiring lateral partners rather than by attracting new clients. (more…)


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Averages don’t control

The question was asked: What percentage of revenue is normally spent on marketing? While some studies apppear to provide an answer to this question, I’m not enamored with studies that show averages of costs of operation in a law firm. I think they must be taken with a grain, a large grain, of salt. (more…)


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The Remote Control CEO

Another lesson can be learned by lawyers from industry: Empower your staff to make decisions. We’re talking about process, obviously, not legal advice. There is much in the running of a law office that paralegals and other staff can handle without the lawyer. This involves, among other things, the delegation of authority from the lawyer to the staff … without micro-managing the process. (more…)


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Make Hay When the Sun Shines

“The time to fix the roof is when the sun is shining … ” (from the Memphis Business Journal)

When business is good, that’s the time to market your services, the time to make sure that your target market know what you do and that you’re available to serve their needs and the time to shore up your infrastructure for additional work.

By the time it rains, and cash flow is tight, it’s too late — There seldom is an umbrella laying around.

It’s this philosophy, among others, that made Jack Welch an effective CEO for GE.


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