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LawBiz® TIPS – Week of August 26, 2014

LawBiz(r) newsletter

Great to spend time with my daughter - to be introduced to one of the new, "hot" food trucks in the city and to just talk. What can be a better site than the kickoff rally for the UCLA football team?

Pep Rally: Ed Poll with his daughter

Ed signature

Financial Savvy: Make It a Priority

We should aspire to be more than average-perhaps in everything, but, in particular, in terms of financial savvy.

Law schools certainly do not devote enough attention to the practical side of being a lawyer. It's fine-wonderful, in fact-to graduate students with knowledge of the particulars of law. However, it's not so fine-the opposite of wonderful, in fact-if those same students become exceptional lawyers but can't manage to make a living because they don't know how to run a business.

A report issued by the Organization for Economic Cooperation and Development (OECD), noted a recent Associated Press (AP) story, found that American teens scored smack-dab in the middle of a group of countries in a test of money management. Out of the eighteen countries, the United States ranked ninth, with a below-average score. Shanghai, China, teens topped the chart with their financial intelligence.

Sample questions, which can be found on the OECD website at, include questions related to the understanding of invoices, graphs about stock prices, pay slips and monthly deposits, and interest rates on loans. In other words, all of the questions involve knowledge that any businessman needs.

The problem is that when teens go to law school, they often lack this basic knowledge. According to the AP story, only nineteen U.S. states require high schools to offer a personal finance course. So, what happens when these teens graduate from law school? How do they gain the knowledge of finance necessary to run a successful, profitable law firm?

It would be beneficial for all law schools to require a finance course that includes basics and more in-depth information. In addition, continuing legal education classes should include a generous choice of finance classes.

Lawyering is about more than the profession of law-it is about The Business of Law®, too.

Ed Poll's Life After Law

What Will You Do with the Next 6,000 Days?

Life After Law

until Sept 1
(reg. $49)

To Order:

or order online at


With an eye on balancing the professional and personal fronts, Ed guides readers through the steps:

  • Choosing retirement on your own terms

  • Guarding clients' welfare in the event of disability or death

  • Transferring client and rainmaking responsibilities

  • Charting an exit from a multi-partner firm

  • Strategizing the sale or closure of a practice

Plus, you'll find essential counsel on how to guard your retirement nest egg and create a fulfilling post-practice life! Learn more.


Financial Savvy:
Make It a Priority

Life After Law - 30% OFF!

Video: Why Marketing Matters for Lawyers,
Part 1

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Ed Poll on YouTube

Video: Why Marketing Matters for Lawyers, Part 1 

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New Life After Law Coaching Program



"Ed Poll created and presented your three-day workshop "Starting, Operating, Growing and Profiting from the Practice of Law" for our Law School, the Continuing Legal Education Committee and the Washington Law School Foundation. Ed's professional management skills and presentation talents provided our alumni and students with an outstanding program. The evaluations, both oral and written, were excellent and demonstrated that his audience agreed. One evaluator was particularly appreciative of the thought-provoking and interesting new concepts. Another said, "I have a much better understanding of what I'm to do -- I'm energized. Thank you!" Ed had a major impact on the future of our attendees; this is a unique quality and we are most appreciative of his efforts to create such an interesting and informative program. I enjoyed working with him and look forward to doing so again."

John F. Rapp
Director, CLE
Univ of Washington

"Ed Poll's efforts resulted in the success of our Mid Year CLE Program event. During the planning stages of this Mid Year Program, the Section's leadership indicated that if 75 lawyers attended the program, it would be considered a success. With our program attendance at over 100 attendees, the leadership clearly is very pleased with our efforts and want to continue bringing programs to the solo and small firm practitioner. We look forward to this challenge of making the Mid Year Program a regular event."

Lee S. Kolczun, Chair
Sole Practitioners and Small Firms Committee
American Bar Association


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