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LawBiz® TIPS – Week of December 8, 2015

LawBiz(r) newsletter

Best wishes for a very happy and peaceful Chanukah.

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Putting the Fun Back in Work

Has work ceased to be fun for you?

If so, that is unfortunate. Work should be fun, and it is possible to make it so again.

To do this, think in terms of money. Money really can buy happiness. Some people may consider it crass to say this, but it is the simple truth. Although money alone certainly won't buy you happiness, the fact is that most people want to realize a profit at whatever business they are in.

I've received an increased number of calls from lawyers who want to sell their practice because they're no longer having fun. They're in their late 50s or early 60s, and they feel that now is the time to get out while they can, and they want to know the process. They want my assistance, and I work with them to help set up the practice so that it's a more viable practice for sale and so that we can optimize the dollars that we'll get from the sale of the practice.

But I want to suggest to you something different before you get to that point.

Getting to the point of selling the practice because you're no longer having fun means that for some time period of time, you have not been having fun. And, often, the practice of law is not fun for lawyers because it is not as profitable as they would like it to be. What I've found over the years of talking to many different lawyers is that when you are earning good money while helping clients—even if it's hard work (and, yes, I know it's hard work but everything worthwhile is hard work)—you are having more fun.

Thus, you should look at your cash flow statements, consider your marketing options, and rethink your practice focus to see if you can create a plan to earn more money.

And when you're earning the money—and thus having more fun—that is the time to think about selling your practice.



Putting the Fun Back in Work

Check out this month's special!

LawBiz® Registry: Buy or Sell Your Practice

Ed Poll on YouTube

Buy or Sell Your Practice 

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New Life After Law Coaching Program



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Ed Poll, LawBiz® Management   |   |   |   |


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