You are currently browsing the Managing Partner Insights weblog archives for March, 2008.
March 3, 2008 by David Sorin.
Yes baby boomers, we are getting tired. We have practiced law for forty years or so and we want to slow down, even get out all together. Is our firm ready for that? If all baby boomers want to start cashing out, is the cash there? Can the firm survive?
What a dilemma for firm founders. They have put their heart and soul into building a successful law firm and when they want to retire and live out their lives in luxury or near luxury they may have to destroy their creation to be able to do it.
Hopefully, there is some planning going on somewhere. Baby boomers being the biggest age group in our nation’s history, are going to be retiring in droves over the next few years. Firms should have been preparing for this for years. Those that bought in will want to be bought out. How will we do it? When will we do it? Plan, plan, plan.
Posted in Firm Culture, Profitability, Financial Planning, People Management | No Comments »
March 3, 2008 by David Sorin.
How many times have we heard the above saying? It usually refers to lawyers who are a party in a lawsuit. But what about law firms that handle their own legal work? What about those firms that don’t do the things they advise their clients to do? Aren’t they just as foolish?
I can’t tell you how many law firms I have spoken with who do not have a policy and procedures manual. This is shocking to me. How many lawsuits do they have to hear about before they protect themselves?
How many law firms keep their corporate minutes up to date? Draft resolutions for shareholder or partner actions? Use their bylaws to govern their actions?
Like doctors, lawyers probably treat their clients better than they treat themselves. Law firms should probably have outside counsel review their documents. It could be done the way professional golfers keep score for each other.
Law firms need to operate like businesses and in a business-like fashion. Managing partners need to set the tone for firm behavior. No shortcuts, please.
Posted in Firm Culture, Strategic Planning | No Comments »