An ABA task force recently found that only 56% of recent law school graduates achieve full-time employment as an attorney within twelve months of graduation, over the last five years, applicants to law schools have declined by roughly 50% from approximately 100,000 to approximately 50,000 per year.
This will have a dramatic impact on the availability of lawyers for the American public. And couple this statistic with the more than 400,000 lawyers who will retire in the next 10 years, and you will see a dramatic change in the legal landscape.
For those who complain that there are too many lawyers, this should satisfy their desire to thin the ranks of lawyers. For those who want to better serve those currently under-served Americans, this will add yet another challenge to the system. And for lawyers, the likelihood increases that the Bar will add yet another requirement of pro bono service and added cost to doing business as a lawyer.
What happens to your firm when you need to retire, or during unplanned circumstances such as death? In todays clip, Ed discusses the importance of succession planning, and gives some helpful tips to get you started.
No one can predict when a disaster will strike your law firm. Ed stresses the importance of having a solid plan for such situations, because “failing to plan is planning to fail.”
When you’re hiring another attorney, don’t think about how much bringing him or her on will COST. Instead, think about what revenues he or she will bring in. Take a look at this week’s clips for more…
Do you ever talk on the phone while you drive? In today’s clip, Ed warns law firms that they could be exposed to legal liability if one of their attorneys causes an accident while using his or her phone behind the wheel.
Communication is the single most important issue to consider when keeping your clients happy. From the initial conversation with your receptionist until the case is closed, Ed explains what you need to do in order to ensure that the client is satisfied with your communications with them.
This week, Ed discusses how written engagement agreements are a necessary part of an attorney-client relationship. Just weeks after the New York Times wrote about the hot issue of lawyer fees, Ed describes various ways that lawyers can collect fees.
