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Author Archives: Ed Poll

A collection policy to avoid write-downs

A firm’s realization rate is fundamental to “The Business of Law.” Realization is simply the percentage of what is billed that is actually collected, and in today’s economy low realization remains the biggest financial problem for most lawyers. A 95 ...

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Positives and pitfalls of social media marketing

The use of social media — whether it includes blogging, a LinkedIn or Facebook page, a Twitter post, or any number of other new iterations — is perhaps the most effective, low-cost marketing channel for small and solo law firms ...

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A step-by-step process for introducing a successor

Transitioning out of a small legal practice is, above all, an issue of planning. If the practice is not sold or closed, the best alternative for the partner who owns the firm is to groom a successor to whom client ...

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We’ve learned lessons from the recession, right?

Before 2008, the world of the law was a wonderful place. Many large and even mid-sized law firms went their own merry ways, happily assuming that high associate salaries and partner draws, rising rates and the occasional leveraged merger with ...

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Overwhelmed? You won’t be if you take charge

“I’m so overwhelmed that I just don’t have time to take care of myself.” Those were the first and last words of a very short conversation I had recently with an obviously harried lawyer. Do you feel the same way? ...

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Managing by the book

Documenting policies and procedures can be a practical tool to help any law firm, even a small or virtual one, assess its operation against objective standards. That makes “The Business of Law” understandable — and makes the firm stronger as ...

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The law practice and the law office

While some aspects of legal practice have migrated to the Internet, whether through telecommuting or a true virtual practice, a physical office where trial conferences are held and strategy developed remains the best environment for the lawyer-client relationship in small ...

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Are you really in control of your client files?

Rule of Professional Conduct 1.15 states that lawyers have a professional duty to protect all documents relating to clients by requiring that client property and files be “appropriately safeguarded.” Failure to keep files safe and free from outside perusal is a failure in the duty to act competently in the best interests of a client. The rules and specific time periods for storing or destroying client files vary by jurisdiction.

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Small firms: Get ready for the coming boom

Are lawyers an endangered species? If you read the headlines, it’s easy to reach that conclusion. But there is a bright future for small, efficient law firms.

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