LawBiz® Legal Pad: The Second Season
Listen up, boomers! If you’re a lawyer preparing for retirement, this week’s vignette is for you.
http://www.youtube.com/watch?v=WAcX3r93jNw?rel=0
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Listen up, boomers! If you’re a lawyer preparing for retirement, this week’s vignette is for you.
http://www.youtube.com/watch?v=WAcX3r93jNw?rel=0
Whether it’s a recession or a depression we’re in, several lessons have surfaced we cannot ignore. This week, Ed ponders what we can learn from this crisis to ensure we’re on the right track for the future.
http://www.youtube.com/watch?v=IaIw0E7NBXQ?rel=0
Ed discusses two ways lawyers can lower the cost to clients without discounting the legal service.
http://www.youtube.com/watch?v=hVIFpXRidIU?rel=0
Ed examines the complexities of retainers and discusses their use within the legal profession.
http://www.youtube.com/watch?v=1Cr2iteaWjA?rel=0
So your clients aren’t paying the bills? In this clip, Ed looks not only at reasons why they aren’t but offers solutions to overcome this problem.
http://www.youtube.com/watch?v=xFdT2Xy6K74?rel=0
Ed speaks about the financing from a personal injury case.
Ed makes suggestions about what to consider when approaching the end of your lease.
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 your passwords, all your email accounts, all your accounts in social media and all your other accounts that reside in the internet?
Your virtual life doesn’t end just because you die. And in some arenas, the material you have on the internet cannot be removed or taken down. You may even have money residing in some of the internet residences such as PayPal, on-line gambling accounts, etc. Be sure to appoint or designate someone to be responsible for dealing with these issues. Be sure to write down all the accounts and passwords. And be sure to contact such companies as LinkedIn, Facebook, Google, etc. to comply with their policies.
There is little or no case law to date about planning for digital assets after death, and certainly no precedent of which I’m aware on this. But, for just that reason, it’s time to think about these issues.
Ed discusses the factors that influence collection success.
Client selection: you have to get the right client.
You must understand the wants and the needs of the client.
You have to get confirmation of the arrangement between you and the client in writing.
And, check the client’s credit.
For growth and expansion, there are two philosophies:
Trail your growth (conservative), or
Hire for the future (confident and assertive)
For troubled times, there are two philosophies:
Slow to hire
Quick to fire
Lawyers should do only two things:
Market for new business:
Only they know if they want to represent the prospect
Only they know if they’re competent to handle the matter
Lawyering
Only the lawyer is licensed by the state to practice
All else can and should be handled by others