Some law firm partnership agreements call for the equal division of profits among partners. This is especially true for newly created firms and firms with two, three, or four partners. In my experience this most commonly occurs when two lawyers come together to start a new firm and decide to split revenues and/or profits evenly. […]
You are a subject-matter expert. One of the areas in which you are an expert might, for example, be litigating disputes between healthcare providers. But that is hardly the sum total of your expertise. Experienced healthcare litigators know quite a bit about how physicians groups operate and how doctors think and work. Almost every practicing […]
What kind of law firm are you building? Whether you are a sole practitioner or the managing partner of a 200 attorney firm, that’s the question you have to constantly answer. You have to create the future in advance. That’s the essence of leadership. And one of the singular tasks of law firm leaders is […]
When did you last talk to your banker? Do you even know them by name or are they one of countless vice presidents who work for Bank of America, Wells Fargo, or other enormous financial institution? Your banker needs to understand your business well enough so that they can move quickly to help you if […]
How much should law firms spend to ensure that their computer systems aren’t hacked, and that they maintain the confidentiality of their clients’ information? A recent survey of AmLaw 200 firms suggests that they spend a little less than 2 percent of their revenues on cybersecurity. This estimate is likely to overestimate their actual expenditures. […]
The cover story of the July/August 2015 issue of The Washington Lawyer magazine is entitled, “The Professional Development Imperative.” It’s a well-written piece that discusses the need for lawyers to undergo comprehensive professional development after they graduate from law school, and various options for obtaining that training. From the point of view of a law […]
Too many corporate law firms are missing a startlingly obvious message when a company hires a new General Counsel. When a new boss is on board your basic reaction could fall into one of two camps. You could subscribe to the theory that, “the more things change the more they stay the same.” This is […]
The organizational structure of law firms is changing rapidly. The traditional structure was pyramid shaped, with equity partners on the top, followed by a few of counsel, a select number of senior associates, more mid-level associates, and a generous smattering of junior associates, many of whom came from the firm’s summer associate program. Now law […]
As smaller law firms are taking a more conservative approach to hiring full-time attorneys, a new staffing trend has emerged that allows small and boutique firms to accept cases they otherwise may not be able to take due to lack of manpower or expertise. Rather than hiring an attorney to assist with the case–one that […]
Wedding vows and diamonds are supposed to be forever, but your membership in a bar association or other networking group probably shouldn’t be. Too many lawyers join a bar association early in their careers and dutifully attend events for years or even decades even if their membership in that association doesn’t yield any referral sources. […]