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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

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...

In my continuing search for ways to enhance the value of my firm to get the benefits both now and when I exit, another element that I am...

Can you sell your law firm?  Will anybody buy it?  How do you get the highest price? In previous columns, we have explored various ways...

In our continuing series about law firm exit planning, we have explored some alternatives already - - lateral firm movement and internal...

In our continuing discussion of law firm exit planning, we turn to the idea of internal successors. Having an internal successor could be...