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Two-Person Law-Firm Partnerships Are Unusually Risky/0 Comments/in Law Firm Management /by Gideon Grunfeld
Forming a law firm partnership is the business equivalent of getting married. And with any partnership, it’s critical to choose the right partner. In a law firm, there is a risk that the person who has the title of partner or shareholder doesn’t possess the skills or temperament to be a good business owner. My […]
How Lawyers Should Determine the Amount of a Flat Fee/0 Comments/in Law Firm Finances /by Gideon Grunfeld
Most lawyers approach the process of quoting a flat fee in the wrong way. They often determine how much the flat fee should be based on an estimate of how many hours it would take to perform the work. Thus, for example, if a law firm believes that it will take 200 hours to represent […]
Leadership Language For Law Firm Partners/0 Comments/in Law Firm Management /by Gideon Grunfeld
The partnership structure of law firms creates specific communications challenges for law firm leaders. Some communications styles are more effective when leading a group of people over whom you have little absolute authority, and with whom you have to interact on an ongoing basis. Unlike some corporate structures, the people at the top of a […]
Successful Law Firms Do More Than One Thing At A Time/0 Comments/in Law Firm Management /by Gideon Grunfeld
Too many law firm partners and leaders confuse multi-tasking with multi-goaling and multi-achieving. Multitasking is trying to do more than one thing at a time, such as drafting a brief while listening in on a conference call. Research shows us that our brains don’t multitask well and that we are better off just doing one […]
How Much Should Law Firms Pay Associates For Making Rain?/0 Comments/in Law Firm Marketing, Law Firm Strategy /by Gideon Grunfeld
There seems to be a magical belief in certain law firms that emphasizing the importance of rainmaking is the same thing as actually increasing revenues. Nowhere is this conflation of intent and result more obvious than in discussions of how to pay associates for their successful rainmaking efforts. In the past few years increased attention […]
A Better Way For Law Firms to Use Job Descriptions/0 Comments/in Law Firm Personnel /by Gideon Grunfeld
Most small law firms don’t to use job descriptions as part of their hiring process, and many large firms use job descriptions badly. The primary advantage of creating a job description is that it forces the employer to articulate what they are looking for in a new hire. The process of creating a job description […]
How to Avoid the Most Common Fee Setting Mistake Made by Lawyers/0 Comments/in Attorney Fee Setting, Law Firm Finances /by Gideon Grunfeld
A lawyer recently asked me whether she should accept an offer from a potential client to take on for $50,000 a lawsuit against a large entity that has a substantial and experienced in-house law department. When stated in these terms, one answer should become increasingly obvious. You don’t have enough information to answer this question […]
Law Firm Strategic Planning 101: What Clients Do You Want to Serve?/0 Comments/in Law Firm Marketing, Law Firm Strategy /by Gideon Grunfeld
Too many lawyers mistakenly believe that the strategic core of their firm is defined by their substantive expertise. If you ask them what their firm does, they say things such as, “We are business litigators” or “family law specialists”. And if they are at a bar association event or other venue where other lawyers are […]
Five Strategies to get Lawyers to Submit Their Hours on Time/0 Comments/in Law Firm Finances /by Gideon Grunfeld
Leaders of firms that charge by the hour often complain that they can’t get their lawyers to submit their hours on time. This, in turn, causes the firm to delay when it sends out some of its invoices, and it may play a role in causing some lawyers to underreport hours. Here are five strategies […]
Law Firm Networking: What’s In It For Us/0 Comments/in Law Firm Networking, Law Firm Strategy /by Gideon Grunfeld
Ten years or so ago I attended my first sales training class. The speaker emphasized that it was critical to recognize that all sales prospects listen to the same radio station. Its call letters are WIIFM: What’s In It For Me? Since then dozens of speakers and articles have repeated either this exact example or […]