Articles

Bandit has a winner!

Congratulations to Anthony Bushnell of Minnesota! He submitted the winning caption, which you can see above. Anthony will receive a copy of The Business of Law (2nd edition) and a free ½ hour consulting session with me.

Thanks again to everyone who participated. There were many great captions, which made the decision tough.

Remember, The Business of Law, 2nd ed., along with all of my other books and products, are available for sale at our web site.


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When Leaving a Firm

https://youtube.com/watch?v=_qonFtSkV0U%26hl%3Den%26fs%3D1%26color1%3D0x2b405b%26color2%3D0x6b8ab6%26border%3D1


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Can dogs teach us about collaboration

I listened to a fascinating interview today about dogs seeing the future. Alexandra Horowitz’s “Inside of a Dog: What Dogs See, Smell, and Know” draws on that of an early-20th–century German biologist, Jakob von Uexküll, who proposed that “anyone who wants to understand the life of an animal must begin by considering what he called their umwelt . . . : their subjective or ‘self-world.’ ” Hard as we may try, a dog’s-eye view is not immediately accessible to us, however, for we reside within our own umwelt, our own self-world bubble, which clouds our vision.

While we mainly look at the present, the dog’s “olfactory window” onto the present is wider than our visual window, “including not just the scene currently happening, but also a snatch of the just-happened and the up-ahead. The present has a shadow of the past and a ring of the future about it.” Now that’s umwelt.

Ms. Horowitz challenges the alpha theory of training dogs. The idea that a dog owner must become the dominant member by using jerks or harsh words or other kinds of punishment, she writes, “is farther from what we know of the reality of wolf packs and closer to the timeworn fiction of the animal kingdom with humans at the pinnacle, exerting dominion over the rest. Wolves seem to learn from each other not by punishing each other but by observing each other. Dogs, too, are keen observers — of our reactions.”

My, oh my, is there a lesson of cooperation and collaboration here for lawyers? <g>


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Old files

Recently, the question was raised as to how much time clients’ old files must be retained … The long and short is, it depends.

There is a duty of safe-keeping for original documents. They can never be destroyed. Your best bet is to make arrangements for the client to retrieve these documents.

Another general mantra is that files can be destroyed when

  • it’s reasonable under the circumstances to do so
  • your jurisdiction has a definitive time provision, such as 10 years (few states do)
  • your client agrees to a destruction protocol in your engagement agreement

Here are some provisions to consider for the minimum time frame

  • passage of time for filing a malpractice action
  • passage of time for lawyer misconduct (is there such a statute of limitations?)
  • equal time to maintain client trust account documents
  • time equal to corporate and tax records

Bottom line, there generally is no minimum time provided for in the rules of general conduct or in the general rules concerning corporate governance. Lawyers are, generally, stuck with maintaining the clients’ files unless the can find the clients and persuade them to retrieve their material and / or create protocols in the initial agreement that the client accepts and signs.

Oh, and what happens to the lawyer who retires, sells his practice … or worse, dies in his boots? How can the estate of the lawyer protect his/her heirs? What can the lawyer do in advance to protect those loved ones who follow him, seeking to clean up and close his practice?


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Recruiting is taking a big hit

What are you doing about recruiting? Most of the larger firms have either delayed entry of those to whom they extended offers … by a few months, at least.  And some have outplaced these folks to public interest activities for a year with only a stipend.

More law schools are experiencing reduced recruiting efforts … And the real hurt will be felt by 1L students because of the blockage in 3L and 2L’s.

What do you see for the future recruiting efforts for your firm and for the industry?

And how does this phenomenon impact the recruiting of lateral associates/partners to smaller law firms?


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I’m Thinking

https://youtube.com/watch?v=8L89B7UbvMQ%26hl%3Den%26fs%3D1%26color1%3D0x2b405b%26color2%3D0x6b8ab6%26border%3D1


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Client security fund amended

The California Client Security Fund has been changed! Now, instead of $50,000, the amount available has been doubled to $100,000 …. AND … there is no "marriage penalty." That means that a husband and wife are considered as two applicants, raising the amount to $200,000 possible reimbursement from the state’s client security fund for a lawyer’s fraud.

Not sure, but do you know any other state that equals this amount.


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Selling Your Law Practice?

PRESS RELEASE – NEW PRODUCTS

FOR IMMEDIATE RELEASE
Contact: Derek McIver
Public Relations, Ictus Initiative
617.717.8294, Derek@IctusInitiative.com

NEW PRODUCTS FOR ATTORNEYS LOOKING TO LEAVE THE PRACTICE OF LAW
   
VENICE, CA. September 8, 2009 – LawBiz® Management, a leading provider of seminars and products on the Business of Law®, today announces the release of two new products. “Law Firm for Sale,” a 4-disc CD set and “Exit Strategy: Selling & Other Strategies to Leave the Practice of Law,” a 3-disc DVD set, are the latest offerings from LawBiz® Management and Ed Poll, JD, MBA, CMC that will help lawyers leave the legal profession, whether retiring, selling their firm, or otherwise moving on.

“Law Firm for Sale” and “Exit Strategy” present strategies that have been developed by Ed Poll over two decades of working in business and law as an executive, an attorney, and a consultant. These products will help attorneys make the best decisions that will maximize profitability and keep the best interests of clients in mind. In each, Poll discusses strategies to value and price a firm, to market its sale, and to consider ethical issues that might arise in the process.

“Over the next ten years over 400,000 lawyers are expected to retire,” comments Poll. “These attorneys need to have a succession plan that works not only for them, but for their clients and their firm. If they don’t, their life’s work might suffer once they’re gone.”

Click here to read more about this Law Firm for Sale: The Complete Audio Guide to Selling Your Practice.

About LawBiz® Management

In 1990, Ed Poll, J.D., M.B.A., CMC founded LawBiz® Management Company. A nationally recognized expert in law practice management, Poll is now committed to coaching, speaking, and training law firms across the country. He helps attorneys and law firms increase their profitability consulting with them on issues of internal operations, business development, and financial matters. Poll brings his clients a solid background in both law and business. He has 25 years experience as a practicing attorney and has served as CEO and COO for several manufacturing businesses.

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