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Much of the discussion around succession planning focuses on the mechanics and value of an exit.  Those issues are critical.  But there is another dimension of exit planning that receives far less attention and can be just as consequential.  That is the emotional side of leaving a practice. Lawyers are deeply identity-driven professionals.  For many of us, the practice of law is not just what we do.  It is who we are.  When it comes time to step back, that identity shift can

As we continue examining what makes a law firm truly valuable and how that value can be protected for an eventual transition, it becomes clear that pricing strategy plays an important role.  Succession planning depends on building a business model that is predictable, transferable, and appealing to a successor.  One way to support that goal is to reduce reliance on the traditional billable hour. Hourly billing ties a firm’s income directly to the personal output of its lawyer

As we continue exploring the elements that contribute to long-term law firm value, cybersecurity has become a central part of the conversation.  In earlier articles, we discussed technology adoption and digital value as factors that affect a firm’s marketability.  Cybersecurity is the natural extension of that theme.  It is not just a technical requirement.  It is an ethical obligation, a business imperative, and a succession issue. For many small and suburban firms, it can f

“Eat what you kill.” The phrase gets tossed around law firms as if it guarantees fairness and prosperity. The concept, that you’re rewarded purely for the business you bring in, has an undeniable appeal, especially to entrepreneurial lawyers. But when recruiters come calling with promises of higher compensation, better support, and fewer headaches, it’s worth pausing to ask what you’d be giving up. Over the years, I’ve been approached by multiple firms of varying sizes, some

The nonprofit landscape is tougher than ever. Funding is harder to secure, donor fatigue is real, and operational costs keep climbing. For many organizations, the pandemic shifted everything: some missions were accomplished, others became unsustainable, and some simply can't continue in this environment. If you're facing the reality that closing might be the right decision, you're not alone. It's a difficult choice, but sometimes it's the responsible one. The Two Steps Step 1

Why digital diligence is now an ethical obligation For most lawyers, cybersecurity sounds like an IT department problem. It is both a professional responsibility and a business continuity issue. Whether you are a solo practitioner with a laptop and cloud drive, or a partner supervising a team of associates, your ethical obligations under the Rules of Professional Conduct require that you understand and safeguard the digital environment in which you practice. Ethics: Competenc

As we have seen in our discussions of succession, the single biggest obstacle is often not money or clients, but people.  For suburban and small firms, the challenge of hiring quality lawyers is especially acute.  In many smaller markets, candidates are reluctant to leave the higher salaries and perceived prestige of large Manhattan or Westchester firms. Geography plays a role, too, as commuting to Rockland can be difficult.  As a result, small Rockland firms often find them

Before we can meaningfully talk about what a law firm is worth, or how to plan for a successful exit, we need to remind ourselves of the...

As we have explored in prior columns, when thinking about how to exit, lawyers nearing retirement should add the possibility of selling...

With my continuing focus on building my law firm’s value, I think it’s important to know how that value will be calculated. During our...