Proper planning is a key component of any successful law firm or attorney transition. It is also a key element to ensuring the long-term success and viability of any legal practice – big or small.
Basic planning is a must for any law firm to survive. We counsel our clients on how to set up, revise, fix, change, and run, law firm systems to function efficiently and productively. We counsel California law firms and attorneys on a wide variety of strategic business issues and transitions, including:
- partnership agreements and firm structure;
- law firm risk management;
- law firm compensation systems;
- law firm start-up planning;
- law firm succession planning;
- law firm dissolutions.
Advanced planning is necessary to thrive. It’s a good idea to run your law firm like a business but, for lots of reasons, law firms are not like many other businesses. For example, most lawyers in practice are focused primarily on practicing law—which is extremely demanding, time-consuming, and energy-consuming—rather than being focused exclusively on running the business. And lawyers are bound by detailed Rules of Professional Conduct, which might prevent the firm from doing many things that might otherwise maximize profits. Lawyers are often highly motivated professionals, which means that it is critical to incentivize the right things, and to dis-incentivize the wrong things. Lawyers are also, well, lawyers. For any firm that doesn’t manage these issues well, expect to hear about it.
To be competitive in today’s legal market, each aspect of the firm’s management has to be pointing in the right direction, working together. The partnership agreement, risk management, compliance systems, compensation systems, succession planning, and exit plans are all part of a whole, ideally, and should be viewed that way so that they are synchronized toward achieving the firm’s goals.
If your firm doesn’t meet that description, let’s talk.