Articles

On November 28, 2023, Alex Murdaugh was sentenced to 27 years in South Carolina state prison for the confessed crimes of stealing millions of dollars over the course of a decade from clients, friends, and family. Murdaugh was convicted of murdering his wife and son in March, a crime in which he maintains his innocence.…

In July, 2023, Tom Lenfestey was interviewed on The Lawyer Millionaire Podcast, hosted by Darren Wurz, with Wurz Financial Services. Below are highlights from Tom’s interview. To listen to the full podcast, tune in here. DW: As I understand that you spent some time in private practice as an attorney before founding your firm, your company.…

The end of the year is barreling towards us – are you ready? If not, here are a few tips for tidying up the financial side of your law practice. Financial Management For many lawyers, financial management is the business area of practicing law that provides the most heartburn. It’s completely understandable. Hire financial advisors…

I’ve recently returned from the 2023 Clio Cloud Conference. This was the 11th conference and I started attending in year 3 – so it’s my 9th event. I am a raving fan of this conference and would encourage solo and small firm folks to attend whether you are a Clio user or not.  A highlight of the…

By Camille Stell The pandemic has spurred rapid changes in the legal workforce, and the trends we’re seeing are unlikely to dissipate any time soon. Compensation is no longer just about salary and bonus structure. To attract and retain top talent, organizations need to be mindful of the ways that the workforce wants to operate…

A recent survey from Natixis Investment Managers identified when Americans hope to stop working. The average age is 62, but the survey also showed that retirement plans varied by generation. Baby Boomers, who range in age from 57 to 75, indicate they plan to work longer with an average retirement age of 68.

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…