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LawBiz® TIPS – Week of July 30, 2013

LawBiz(r) newsletter

Today, when I'm writing this, I had the great pleasure of seeing the L.A. Dodgers win ... again ... over the Cincinnati Reds. It was an incredible effort by both teams and the final score, in the 11th inning, was 1 to 0. But, the best part of this day, was that both my kids and their families were with me ... 4 of 11 grandchildren and their parents ... can't get much better than that. I hope you're having a great day!

ABA Journal has just opened it's 100 best legal blog list.
This is an annual list, compiled on the basis of votes by readers, of the best blogs that lawyers should know about. If you enjoy my blawg, please follow this link to nominate it! Of course, you can also vote for other blog authors too, but please consider voting for mine, and let the editors know why you appreciate it!

Join me for breakfast in SF:
Don't forget to let me know if you will join me for breakfast in San Francisco the week after this. I'll look forward to seeing you at the ABA meeting on August 8th. Contact me at
Ed signature

The Most Feared Word...

As I was writing my new book, Life After Law: What Will You Do with the Next 6,000 Days?, it struck me that, so far as many lawyers are concerned, "retirement" is the most feared word in the English language. As one law firm partner explained it to me, retiring meant going from a "who's who" to "who's he?" For many lawyers their career is a large part of their identity. But once you stop practicing law you're no longer a lawyer, so what are you?

Actually, you can still be a "who's who" in retirement. By that I don't mean that the world still knows who you are but rather that you can get a better sense of who you are. Whether it's being on a non-profit board, working in the garden, or in my case, riding a bike, retirement opens a host of new options. Where do you want to go and what do you want to do? If we don't know the answers to these questions, we're going to be afraid to make the change from where we are.

Making a retirement plan is difficult, because the emphasis is on personal satisfaction, self-worth and well-being. All successful people are focused and passionate about what they do. If they want to pursue different interests, it is not that they wish to have a life of leisure - it reflects a greater desire to pursue their passion. When developing a retirement plan, decide what you want to do with your life once you leave practice - quit working completely, do community service, start a new career, or some other path. Leaving your current practice by retiring is an emotional process, and a successful transition will require all the traits that defined your success as a lawyer: motivation, acceptance of risk, resiliency and commitment. Each person's approach will be unique, and can change over time, so don't feel you've burned bridges to your past life.

Remember too that the income stream for many lawyers comes from their law practice. Options to retire on that income stream include selling, closing or merging the practice, but none of these is likely to provide the same income stream the lawyer is accustomed to receiving. In too many cases lawyers have not adequately thought this calculation through. If you have not, start doing so now - your ability to be a "who's who" at what you want to do depends on it.

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In this issue:

The Most Feared Word...

Secrets of The Business of Law® - 40% OFF!

Video: Charging for the Initial Consultation

Featured Video:
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Ed Poll on YouTube video

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What Clients Are Saying:

"Ed educated me on how to implement a plan for the management of my law offices, which I have set up in Santa Monica. With his help, I was able to conceive and put into effect a business plan which promises not only to simplify my business, but to make it more profitable as well. He readily pinpointed my needs and offered sage advice on what I could do to rectify the problems that I have been facing. For this, I am forever grateful and will highly recommend him to anyone who asks."

Santa Monica, CA

"I decided to "go solo" and start my own practice after being a senior associate at a large national law firm. I started in temporary office space with a secretary and one associate attorney. I retained Ed Poll to provide comprehensive consulting and guidance in establishing my permanent office. He knew from day one how to re-shape my thinking from being a day-to-day lawyer into being in charge of a business. Ed knew the right questions to make me answer. Ed has taught me virtually everything I know about formation, planning, and now management of a successful law firm. I would enthusiastically recommend Ed Poll for retention as a consultant in connection with any aspect of law practice management."

Los Angeles, CA

Ed Poll, LawBiz® Management   |   |   |
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