Navigating one’s law firm partnership structure isn’t just about achieving a rank. For many lawyers, attaining the status (and accompanying ownership, profit potential, and prestige) that comes with becoming a partner is a lifelong career goal. However, capturing that dream isn’t always an easy feat—especially with the variability of law firm partnership models today.  While you may have a vision of what your partnership track may look like, the traditional structure is no longer the…
When you’re thinking about starting your own law firm or expanding your practice, have you thought about buying a law practice? It’s a good idea for lawyers to consider buying a law practice—it’s a smart way for lawyers to grow and diversify their practices.  But lawyers need to consider many factors before making a purchase. Research, ethical considerations, and valuation all contribute to whether buying a law practice is right for you.  In this…
Whether you’re in the early or later stages of your legal career, lawyer retirement is a natural part of the attorney’s journey. A solid lawyer retirement plan is necessary and beneficial for any lawyer’s future. We know that preparing for lawyer retirement is a challenging and complex task. But as with any legal matter you work on, having a plan can make the process smoother and more manageable. In the following post, we’ll guide you…
Running or starting a law practice is a complex task. But having a well-crafted law firm mission statement is essential—it’s a handy way to remind you of your ultimate vision. A mission statement also keeps you on track when you get lost and helps you decide which turn to take next. How can a simple statement be so powerful?  When you can clearly articulate your firm’s core mission, you establish a strong foundation and point…
Regularly engaging with informative, thought-provoking legal blogs is one of the best ways to stay on top of industry news, emerging legal trends, innovations in technology, and more.  As a lawyer, you have a lot of choice when it comes to law blogs. What you may not have is a lot of time to find the best ones. We’re here to help.  Below, you’ll find the best legal blogs to read in 2021, covering multiple…
A Chat with Tucker Cottingham, Founder and General Manager of Lawyaw With the announcement of Clio’s acquisition of Lawyaw, I had the chance to sit down with Tucker Cottingham—Founder and now General Manager of Lawyaw—to learn a little more about the acquisition, what “smart technology” is, and why it’s so important for legal professionals to adopt. (Interested in adding Lawyaw to your tech stack? Visit Lawyaw.com or email hello@lawyaw.com.) Carissa Tham (CT): Thanks…
As a law firm owner, you may consider selling a law practice for many reasons. And there’s a lot to consider to properly put a value on a business that you’ve built with your time, talent, and passion over the years. You may be thinking of pursuing a new career, moving, or retiring. Sometimes, putting a law practice for sale is the best choice for a law firm owner. But that doesn’t mean that…
Being a lawyer isn’t easy. From intaking new clients to juggling open legal cases and keeping up with administrative work, being a great lawyer requires careful management, patience, and dedication. The great news is: Chatbots for lawyers can help with all aspects of a lawyer’s day-to-day.  Typically, chatbots are best known as a precursor to a legal professional. A chatbot presents a client with a few questions so the chatbot can direct them to the…
As an attorney, no one expects you to be an accountant. But efficient, accurate accounting is still key to your firm’s success. The right accounting software—like QuickBooks for lawyers—can help.  QuickBooks is a useful accounting software for lawyers on its own. But its advantages multiply when you pair it with Clio Manage’s practice management software. The two tools can take care of everything from tracking revenue and expenses to billing clients—especially when you use them…
Law firm profit sharing formulas are a complex and often controversial topic. In fact, any discussion of law firm compensation models can turn contentious. Many legal professionals have their own opinions about “the best way” to do things, based on their own experiences. In addition, many firms operate using traditional, origination-based compensation systems and profit sharing formulas. These methods can cause problems such as burnout. Not to mention creating a toxic work environment. If employees…