Articles

The market for buying and selling law firms continues to grow. Established firms and attorneys are looking for succession or sale due to attorney retirement, labor needs, and changing marketplace landscapes. Next generation law firms are seeking growth through acquisition of key attorney brands, client bases, proven revenues, and geographic expansion. There is even room…

Teamwork is a lesson we learn as children either through organized sports or impromptu games in the schoolyard. Often, as we get older and move through college and law school, our mindset shifts and we become more individually oriented. After years of pandemic, social isolation, and remote work, coming back to the office has been…

Pay down debt. As you approach retirement, you don’t want debt to stand in the way of your future. The snowball method of debt reduction allows you to see wins along your journey which keeps you inspired to move forward. Identify your smallest debt and pay it off as quickly as possible. Then take the…

Paid Time Off (PTO) is an important benefit that companies and businesses offer for employees but how can you make this incentive work for your firm as well?  PTO as part of the benefit plan has become a crucial part of incentive and hiring practices for firms. But according to a Harvard Business School study,…

What is the “striver’s curse”?  Arthur Brooks, in his book “Strength to Strength”, defines it as a curse affecting those who strive to be excellent at what they do, but often wind up “finding their inevitable decline terrifying, their successes unsatisfying, and their relationships lacking.”  Does this definition describe anyone you know? Many lawyers profess…

As Stratton Horres tells the story, he was approaching his 65th birthday and struggling with how to end his 41-year career in law, thirty of which were spent with his current law firm Wilson Elser in Dallas. Stratton listed to advice from a lawyer friend who advised him not to retire until he had something to…

Have you ever wished for a group of experts down the hall who were available anytime to answer any questions about building your law practice? With a virtual community, you have just that – a group of experts ready and willing to help. A virtual community is simply a group of folks with common interests…

What is a major health concern that experts cannot stop talking about, but individuals have trouble talking about? Mental health.  Though the stigma of mental health is diminishing it still makes many people uncomfortable. Post- pandemic mental health awareness has become much more prevalent as everyone was going through something: the stress of the lock…

In 2019, before the pandemic and the Great Resignation, I retired from Lawyers Mutual. I had been with the company for 20 years and loved my job. But I was ready for a break. I didn’t know what I would do on the other side of that break or how long the break would be.…

The legal profession can be demanding on everyone from attorneys to paralegals and office staff. Why are people choosing to leave the legal profession?  In my legal career, I have enjoyed the opportunity to work for firms, government entities, and companies in their legal department. This has allowed me to work with different attorneys in…

The market for buying and selling law firms continues to grow. The demand for information, data, and knowledge in this area is significant.  Fortunately, Tom Lenfestey with the Law Practice Exchange has compiled a first-of-its-kind, Law Firm Buying & Selling 2022 Trends Report. We’re going to talk with Tom about his findings. LMCS: Tom, why…

Often, when talking with lawyers about retirement, I’ve encouraged them to take a two-week “staycation.” Avoid the office and work for two weeks, but not while lounging on a Caribbean beach. Instead, stay home, deal with the mundane, and experience days with no plans or commitments. Then I took a sabbatical and I have new advice…