Electronic and computer technology enable lawyers to do more and better work in less time, but this creates a new service dynamic where clients continually demand to pay less for what they increasingly see as a commoditized service.
Law firms must meet client needs through greater technology efficiencies. Not only does this seem obvious, it is an element necessary to maintain competence as required by the rules of professional conduct.
More efficient law firms that reduce client legal costs should gain new business that enhances revenue. However, the ability to increase billings while becoming more efficient depends on changing the billing system to embrace alternative fee arrangements. With greater reliance on contingent, fixed, capped or value fees where time is not the relevant issue to determine the fee; service to the client is the key metric of value to the client, not billable hours.
“I am really tired, and want to retire.” But, retirement is out of reach for many lawyers after their homes and retirement plans took heavy hits over the last few years. “Business purgatory” is how one phrased it.
Delays in retirement are now common, with 38% in one survey saying their retirement will be at least 5 years later than expected. The income stream for many lawyers comes from their law practice. Selling, closing or merging the practice are options, but none are likely to provide the same income stream the lawyer is accustomed to receiving.
Unless the lawyer is willing to adjust one’s life style, he will remain in practice, working to build up the practice further in order to reap the rewards needed to fund retirement.
Fact checking should be the backbone of every lawyer. I’m wondering why so many politicians, many of whom are lawyers, fail to fact check, or if they do fact check, fail to tell the full truth in their assertions.
Below is a list of "fact checkers" concerning recent assertions by politicians. Knowing that no political group is immune from "truth" distortions, we’ll see what the Dem list looks like after their convention. We’ll see if the distortions/lies are about the same issues.
Clint Eastwood says lawyers shouldn’t be president in reference to Obama, but Romney is a lawyer as well. And as a profession, lawyers have made the greatest contribution to this country. It’s truly sad when we as voters cannot rely as factual what is being said and then focus on the issues and values of each perspective. Can we get back to what is truly important?
I have been getting more calls from lawyers wanting to retire, wanting to sell their law practices. As a result, I started writing a new book. I just finished Life After Law: What Will You Do With the Rest of Your Life? It is being edited now and will be available for sale in October.
As a result, I’ve been giving a lot of thought to the definition of Goodwill, the primary asset a lawyer has to sell. And though it is not consistent with the accounting profession’s definition, I have come upon a new definition that I believe is more meaningful to the average lawyer, whether buying or selling:
Goodwill can be defined as legacy … it’s your legacy that you’re passing along to others … It’s your reputation, your phone number, your system and way of doing business, all the intangible elements that made you successful and provides you, the selling lawyer, with what to sell … The better is your reputation, the more value your law practice will have.
The ABA Journal has opened the nomination process for its annual Blawg 100, a list of the 100 best law-focused blogs on the Web.
The publication is requesting short submissions from people who have found that my blog, LawBiz Blog (www.lawbizblog.com) has provided valuable and timely information in my area, law practice management.
If you have enjoyed my blog postings over the past year (and prior years), I hope you will act as one of my “friends of court.” The process is quick and easy, and will take no more than a few moments of your time.
Simply click on the link below and fill out the short form. The deadline for submission is 7 p.m. ET on Friday, September 7th.
What’s the difference between a Successful Lawyer and a Challenged Lawyer? They’ve both got lessons to learn. Watch today as Ed teaches some of the most important ones.
Can one ever be rehabilitated from moral turpitude?
Remember Stephen Glass? He was the young journalist (in his 20’s) who lied and fabricated news stories. He was found out, disgraced and fired, never again to be hired as a journalist. A movie was made of his escapades, Shattered Glass. Fast forward through psychoanalysis, moving from New York to California, studying law, writing a successful book about journalism and “growing up.”
He went to law school, clerked for two federal judges, and interned in a law firm. He applied to the New York Bar, but withdrew his application when he learned that he would be rejected on moral turpitude grounds. He has now applied for admission to the California Bar. He worked for a California personal injury lawyer. Each of his employers has supported his application.
Despite his literary success, his scholastic achievement, and his apprenticeship in the law … and the passage of more than 10 years since his misdeeds, the State Bar of California opposes his admission to the Bar, as did New York. He pursued, however, and the matter is now before the California Supreme Court, after a 10 day confidential bar trial.
The real question is whether Glass is rehabilitated. If you defile one profession (journalism), are you forever tainted thereafter? Is our “penal” system meant for retribution or rehabilitation? We allow lawyers who have stolen from trust accounts because of alcoholism and drug addiction (diseases) to reenter the practice of law. Is there a different standard here? Not being privy to the trial testimony, one can only wonder why the Bar is so adamant in its position, given the support for Glass that is public.
We don’t have a really good definition of moral turpitude beyond platitudes; it’s on a case by case basis. And we don’t have a really good definition of rehabilitation; again, this is on a case by case basis. But, Glass’ experience in the legal community suggests that he has learned his lesson … a particularly important lesson when one is an officer of the court and the court relies on attorneys’ assertions representing clients.
Perhaps I am a bit cynical here. But, I wonder why the Bar is so harsh on Glass when we all can call out the names of lawyers who misquote case citations in briefs and otherwise misrepresent to the court in order to advance their position. Yet, these lawyers are seldom reprimanded, let alone disbarred. And in the field of sport, we know athletes “cheat” in order to better their chances of winning a race, often with impunity. Yet, here we have a person who has “paid a high price” for his cheating, has done what he could to rehabilitate himself, and yet is being denied the license of his new chosen profession.
Why is it that drunks and alcoholics can be considered rehabilitated even when they have stolen from their clients trust accounts or have been involved with terrible accidents, sometimes causing death to their victims? But, liars? Liars who have not caused anyone physical injury? With due respect to the Bar of which I am a member, Glass did not commit a heinous crime and should be given another chance.
