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LawBiz® TIPS – Week of October 7, 2014

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10,000 Baby Boomers retire every day. Employers now complain there are insufficient qualified workers to replace the retirees. This is the case with several of my clients seeking qualified lawyers and staff personnel. While compensation is an important issue in these cases, the real issue is their skill; too few have the skills being sought.

Look at your firm; what are you doing to train your employees to enhance existing skills and learn new ones for your firm to be seen as a leader in your practice niche? The few dollars spent here will be more than offset by the many benefits you will garner from their elevated skill levels.

I will be in Dallas-Ft. Worth (Grapevine area) this week. If you want to meet for breakfast or lunch, contact me by email.

Do you need to value/price your firm? See our 4 CD special below. You can also list your law firm for sale with us.

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lawbiz.com

Successful Legal Partnerships: A "Marriage" of (Conversing About) Means?

Fifty percent? More? Less? The actual divorce rate in our country is something of a mystery due to a poor job of collecting data until relatively recently. Suffice it to say, though, that divorce is prevalent, and the secrets of a happy marriage still seem, in general, universally locked.

However, one little key might have been discovered, and that key is money talk. According to Carolyn Bigda in "Money Talks as Way to Relationship Happiness," a 2014 chicagotribune.com article, "swapping credit scores and setting savings goals is one of the best ways to build attraction." A survey by Experian, a credit-reporting agency, found that for both married adults and single adults, financial compatibility was the second-most important factor that attracted them to their significant other. Furthermore, for a majority of both men and women (more women than men), a monthly discussion about money further increased the attractiveness quotient.

Law firm partnerships, especially in small firms where there are only two or three partners, have a lot of similarities to marital partnerships. Certainly, in both instances, there are people trying to get along, share space; plan activities; divide chores; and make decisions about d├ęcor and focus-and, perhaps especially, money.

How much money should be budgeted for rent, books, advertising, continuing education, etc.? How much should the firm charge? Why type of billing should the firm use? What tactics should the firm use for collection? What banking amenities should the firm try to negotiate with the banker? These are just a few of the money-related questions that partners need to answer among themselves.

Although money is often a topic that people shy away from, the results of the marriage / money talk survey illustrate that this should not be the case. Clearly, regular, honest discussions about finances are one of the keys to a successful marital partnership - and it seems obvious that such discussions would be one of the keys to a successful legal partnership, too.

Law Firm for Sale

The Complete Audio Guide to Selling Your Practice

Law Firm for Sale

$149
until Oct 31
(reg. $247)

To Order:
1-800-837-5880

or order online at lawbizstore.com.

4 CD Set:
Reveals insider information that is sure to go a long way to help achieve optimal results while transitioning out of the practice of law.

Throughout these 4 CDs, presented by Ed Poll, JD, MBA, CMC, listeners will learn about:

  • valuing and pricing a firm

  • marketing its sale

  • other post-sale considerations

Listen to an audio excerpt.

IN THIS ISSUE:

Successful Legal Partnerships: A "Marriage" of (Conversing About) Means?

Law Firm for Sale (4 CD Set) - 40% OFF!

Video: The Business Model

FEATURED VIDEO:
(Click image to view)

Ed Poll on YouTube

Video: The Business Model 

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New Life After Law Coaching Program

 

CLIENTS SAY:

"I requested that (my partners) allow me to take on the management of the firm and suggested the creation of a business plan... (Our practice) is a successful practice, but in dire need of a direction – and a business plan. They agreed to give me a shot and entertain a rough outline of my ideas. I was shocked when they agreed, but then horrified at the task before me. However, sitting on my shelf is "The Business of Law" that I purchased from you a few years ago. I began to read it and a whole new world has opened up for me. I just wanted to express my gratitude to you for writing the book... I am excited about the opportunity I have and just wanted to let you know that I appreciate all you do for the field."

CD
Pleasanton, CA


"I was an associate at a large national law firm and I felt "stuck," but I didn't know how to market myself to clients or to other firms. Ed's focus on the business side of the law firm provided a solid grounding for me to evaluate my current situation and a platform from which I could start growing my own practice. In many ways, working with Ed is like working with a therapist. Part of my coaching process with Ed has been getting to understand more thoroughly my strengths and weaknesses as both a marketer and as a lawyer. After working with Ed for six months, I was ready to market myself to other firms: I developed a clearly articulated set of objectives and Ed has gave me the tools that I needed to increase my exposure. Today, I am working for a law firm that provides better opportunities for my professional growth."

CH
San Francisco, CA

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Ed Poll, LawBiz® Management

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