Articles

Mentoring Lawyers

I’ve talked about internships for lawyers. We’ve discussed articling in Canada. And now I find out that the State of Georgia has a mandatory mentoring program for brand new lawyers. Perhaps we’re not so far away from the internship process. On the other hand, since Georgia has been working this path for quite a few years and others have yet to follow, perhaps it’s still a pipe dream that even the current recession won’t make happen at either the law school or Bar level. It may still take the combination of law firms and client demands to create an effective post-law school education program for learning how to become a lawyer.


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What will be the value of your practice?

I met with an attorney today … he’s 61 … who is terrified that he now is solo and has never had to do anything in his career to attract clients. He was always part of a firm that delivered litigation clients to his doorstep. Now, he doesn’t have that … What can/should he do?

No matter what he does, the ultimate challenge for him will be on retirement, not that far away. Will he have developed any goodwill to be able to add more wealth to his capital for his heirs? The answer is: Maybe, but more likely not. That will be a crime after having been a very good lawyer for his entire career.

What are you doing to enhance the value of your practice? Do you have a succession plan? Does your law practice have an "estate plan?"


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To Thrive Takes Planning, Courage & Luck

Law practices sometime serve up challenges. With forethought (plan) and some courage (and, yes, good fortune), we can meet and overcome the challenges we face … and thrive. Here, at the Golden Gate Bridge, we had some challenges, from heavy fog on the Bridge to narrow passages to navigate on the Vista, returning to the highway under the Bridge. While the fit was snug, we did just fine. In this case, there was no plan, some courage and, yes, good fortune.

 

 

 

 

 

 

 

 

As in many instances, including the operation of your law firm, thriving is the intersection of preparation (hard work) and good fortune. We had that on this day. What are you doing in your practice to prepare for your future?


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Nixon Peabody fees are cut

Litigation fees charged by Nixon Peabody in a recent case won on behalf of its client were slashed by $400,000. Though still receiving more than $1,000,000, this is a substantial reduction! See my comment today at LawBiz Forum.


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We’re live!

Visit our new site! Like building a house, the completion date is often later than the due date …. But, this baby is well worth the wait. We’re excited and hope you will be also. Let us hear from you.  


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Think for yourself – Work your ideas, not others

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 to cover the cost of operating the building, paid pro rata by each tenant), and his actual cost of occupancy (total actual rent!).

I suggested that he walk away from this bottom down thinking. Instead, I suggested he look at the situation bottom up, and get his real estate broker involved to earn his keep.

First, figure out what you want to pay for monthly and/or annual rent. You can do this in a number of different ways. You can say that historically I’ve earned X% profit on Y number of revenue dollars; when I move into new quarters, I will earn more revenue because (better facilities, closer to prospective clients, larger space to hire more staff, etc.) and therefore, with the same percentage for occupancy cost, I can pay more …. and that number is $X.

Or you can say my revenue is likely to stay the same even after the move (or I’m not sure and I want to be conservative) …  and don’t want to pay more than the same rent I’m paying now. That number is $X.

With that number in mind, tell your broker to find you the space you require (with the specifications you want) for that amount. Don’t worry what words are used, whether base rent or common area charges, etc. The lease contract must state that the maximum annual rent will be $X.

If the broker says that you can find plenty of space for that amount, great; if he says you’re crazy, there is no space for that amount, then you have choices to make: Work harder, work smarter to earn more revenue/profit to pay the higher rent, reduce your profit and take-home pay, or join forces with another to share the space and cost of the space.

But, don’t let others dictate how you should think. Don’t let the system force you into a thinking pattern that will confuse you or prevent you from knowing what your cost of operation will be.

 


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