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LawBiz® TIPS – Week of August 16, 2016

Leap into Extra Planning Time

Planning is always a good use of any extra time you may have. And since this is a Leap Year, you have one whole extra day for planning purposes.

Business Planning
Planning is an ongoing process. With the extra day in the year, it might be time to reevaluate your plan. If a certain aspect of a plan is not working or needs some adjustment, change it. Even junking a strategic plan is acceptable when circumstances and assumptions warrant. However, a replacement strategy should be developed in its stead, not just a series of jumps from here to there.

Succession Planning
Another important part of business planning is the creation of a succession plan. Failure to plan for how clients will be taken care of as a lawyer approaches retirement age can, according to some authorities, be construed as a reckless disregard for client welfare—a true ethical violation regardless of the size of the firm.

In large firms, planning and structuring client service teams is perhaps the most effective way to begin the transitioning of client service responsibilities. In small firms and solo practices, planning options can include simply closing or selling the practice, grooming a successor by hiring an associate to learn the practice, or merging with or hiring a lateral with the option to sell the practice to him.

Work-Life Balance Goals
No discussion of goals would be complete without touching on work-life balance goals. Lawyers are always concerned about having enough client demand in the pipeline, but being overextended is just as great a worry.

All successful people work long hours and are focused and passionate about what they do. In the effort to excel, made more intense by the pressure of economics, trying too hard can cause problems for lawyers. However, successful lawyers can get past the distractions and stress, define what matters, and then put their focus on what they value most. Take the extra day this year to consider your work-life balance goals.

Do you need help making your next big plan for managing your law firm? Call or e-mail to schedule an appointment today.



Leap into Extra Planning Time

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LawBiz® Registry: Buy or Sell Your Practice

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"Ed helped me assess my situation and cut to the core issues that needed to be dealt with to improve it. Ed's no-nonsense approach to setting and achieving goals helped me get on track. I can recommend Ed to anyone who's ready to come to grips and take charge of their practice or career."

Horan, Lloyd Law Offices

"I wanted assistance from someone outside the firm: an expert who knew and understood the practice of law, business development and marketing, and law firm dynamics, ethics and politics. I needed someone who knew the practice of law to give me good and solid advice on how to raise my professional profile in the legal community and within the firm and to address challenges associated with working in a law firm environment. Through Ed's invaluable coaching and no-nonsense approach, he enabled me not only to stay employed at the firm, but to make partner and have a future with the firm. Since I began working with Ed, my family has noticed the positive effect on my confidence level, goals, and direction. My wife has been supportive of Ed since Day One."

Los Angeles, CA


Ed Poll, LawBiz® Management   |   |   |   |


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