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Is This the Time to Pursue Antitrust Litigation?
/0 Comments/in Practice Areas /by Gideon GrunfeldEven the biggest law geeks tend to have a MEGO (my eyes glaze over) moment when they hear about antitrust law. To be sure, antitrust law can be daunting. It has its own jargon, and litigating an antitrust case is at the intersection of complicated law and sometimes even more technical economic analysis. As a former antitrust lawyer who […]
The Dangers of Excessive Optimism
/0 Comments/in Law Firm Management /by Gideon GrunfeldPeople who see themselves as successful are especially susceptible to overconfidence. Business owners often fall into this category, knowing how optimism has served them well as entrepreneurs. But in uncertain times like these, it’s doubly important not to get carried away betting on best-case scenarios. In practical terms, this means that owners should plan for […]
Sharing Financial Information with Junior Lawyers
/0 Comments/in Human Resources, Succession Planning /by Gideon GrunfeldWhen you’re ready to elevate a junior lawyer to the partnership level, you’ll likely have to handle the delicate process of sharing financial information that this employee was not previously aware of. This is happening more often as more small and mid-sized firms are going through the succession planning process. Equity partners will increasingly need […]
Common Mistakes for Lateral Partner Questionnaires
/0 Comments/in LPQ /by Gideon GrunfeldMost lawyers are understandably inexperienced in filling out LPQs. Many attorneys looking to make a lateral move from one firm to another haven’t interviewed in years or even decades, so they either have missed the move to LPQs entirely or have filled them out so infrequently that they make significant tactical and strategic errors. The most […]
Increase Your Firm’s Cash Reserves
/0 Comments/in Law Firm Management /by Gideon GrunfeldAs we reach the mid-point of the calendar year, law firms should be evaluating key financial metrics. It’s a great time to begin tax planning for the full year and to preview next year’s tax returns. Starting now gives owners time to adjust if too much or too little has been withheld. It also allows […]
The Two Most Important Lessons Learned from 25 Years in the Law
/0 Comments/in Law Firms, Strategic Planning, Succession Planning /by Gideon GrunfeldI turned 55 this week. That still looks like a typo. And reaching this milestone – if it is one – reminded me of where I was 25 years ago. On my 30th birthday, I deposed a building contractor in connection with a pro bono lawsuit. I was a junior associate at the L.A. office […]
California SB-939 Signals Potentially Major Changes in Real Estate Leasing
/0 Comments/in Law Firm Management /by Gideon GrunfeldBusinesses in California will have an opportunity to rehash traditionally long-term leases if Senate Bill 939 is passed. Applicable to commercial tenants who have experienced a decline in average monthly revenue equal to or exceeding 20% since government restrictions altered the economic landscape, many could qualify “to engage in good faith negotiations with [landlords] in […]
The Role of Business Valuation in Law Firm Succession Planning
/0 Comments/in Succession Planning /by Gideon GrunfeldWhen owners look to pass their business into new hands, potential buyers focus on identifying future revenues, and the role of the existing firm in transitioning clients plays a major role in determining the firm’s valuation. This is one reason why small and mid-sized law firms often don’t retain the services of a business valuation […]
COVID-19 Will Hasten the Decline of Small Law Firms
/0 Comments/in Mergers & Acquisitions, Succession Planning /by Gideon GrunfeldEveryone knows that “small businesses are the backbone of the U.S. economy.” This notion is so widespread that it obscures what has actually been happening over the last two decades. The Small Business Administration regularly promotes the idea that almost all jobs are created by small businesses. But the SBA defines small businesses as those that employ […]
The Plight of Law Firm Marketing Departments
/0 Comments/in Human Resources /by Gideon GrunfeldWe’ve begun to see a disturbing trend in professional services as organizations respond to the economic impact of the coronavirus. Faced with an uncertain future and looking to cut costs wherever possible, some firms are trimming their marketing departments as a way to reduce expenses. We are aware of at least one Am Law 200 […]