Priceless assets: the true value of a practice lies in the talent of its legal staff
Article Abstract:
Many small or solo law practices have negligible market value as financial assets because highly personal goodwill is such a large part of their worth. What value they have consists of working capital, client lists, equipment, leases, accounts payable and receivable, and unbilled work in process. Often they cannot be sold by state law, so advance planning is vital to receiving any of their worth. A succession plan can help with bringing in a new partner, or a small firm can be merged into a larger one.
Publication Name: ABA Journal
Subject: Law
ISSN: 0747-0088
Year: 1995
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Working the percentages; by learning how to divide time between practicing law and managing a practice, anly lawyer can improve the chances for becoming a success
Article Abstract:
Effective time and personnel management are as important for sole practitioners and in small law firms as for larger ones. Strategic planning is key and it is important to delegate tasks which someone other than a lawyer can do. Important parts of client development include a computer data base of client information and calling each client periodically just to see how things are going. All systems should be kept in writing, and such records often provide the answer to questions about lost time.
Publication Name: ABA Journal
Subject: Law
ISSN: 0747-0088
Year: 1996
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Work now, pay later; for economic reasons, many lawyers now plan on retiring to a second career
Article Abstract:
Attorneys might be well advised to plan on a second career in view of reasons including longer lifespans, financial uncertainties and finding enough interesting activities to fill in a longer retirement. Attorneys have more opportunities for second careers than those in other lines of work. Private practitioners might shift to alternative dispute resolution, the corporate or the government areas. How much to save for retraining is detailed.
Publication Name: ABA Journal
Subject: Law
ISSN: 0747-0088
Year: 1996
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