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Can you get personal on social media? Sure, as long as you behave in a professional manner. It goes without saying that the rules of professional conduct still apply. It seems obvious, like it’s common sense, right? It isn’t obvious to everyone. Professionalism isn’t always as obvious to everyone Have you seen this tweet? A well-known attorney with a sizable audience sends out this tweet. It seems to strike the right balance between personal and…
The competition is severe. There are approximately 1.5 million JD holders in the United States, with 1.34 million licensed to practice law. Of these, roughly 354,000 attorneys are solo practitioners. The market is flooded. The Bureau of Labor Statistics projects 43,800 new jobs from 2014 to 2024. They also project an additional 113,900 jobs due to retirements, deaths and additional vacancies for a total of 157,000 jobs. Here’s the problem. ABA-accredited law schools produced 43,832…
Is an MBA useful? To run your small law firm, it would be, right? Many pundits feel it isn’t. Their argument focuses on the fact that an MBA doesn’t teach you the real world strategies and tactics you need to build, grow and scale a successful business. They’re right, it doesn’t. So why run your small law firm as if you have an MBA? Isn’t that kind of self-defeating? It would be if that’s all…
How is a recurring payment plan a potential solution for your billing cycle? What’s the one billing problem that’s often ignored? The missed billing cycle. If you’re managing your firm know what I’m talking about. Lost income due to a missed billing cycle. This occurs for a variety of reasons. Law firms routinely forget to send invoices to clients. Or they forget to follow-up with those who don’t pay. Some firms bill at the end…
Cash-poor businesses. A postmortem analysis by CB Insights listed “ran out of cash” as the second most common reason for business failure. While it’s typically a problem for startups and new firms, it’s also a problem for established law firms. I’m talking about feast or famine. One minute your firm is awash with clients and projects. You’re scrambling to keep up with the demand, to serve your clients well. The next minute it feels like…
When it comes to technology, lawyers are risk-averse. At least, that’s the stereotype trotted out by legal technologists. But is this actually true? Are lawyers this resistant to technology, innovation and growth? Not at all. The evidence shows lawyers and law firms are innovating. Slowly but surely, law firms all […]…