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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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LinkedIn has growing value for lawyers

LinkedIn is billed as the “professional” social network, which is why lawyers dipping their toes into social media for the first time often start with LinkedIn. The problem is that as far as social networks go, LinkedIn hasn’t always been ...

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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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Bad news bearers

A lost summary judgment motion. A lowball offer to settle. The denial of an appeal. Lawyers are constantly the bearers of bad news.

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The importance of simplicity in legal communications

My wife, Lita, and I recently returned from a safari adventure. The route was Seattle to Dubai, Dubai to Cape Town, Cape Town to Johannesburg, Johannesburg to Botswana, and Botswana to the Safari Camp Mombo. Thirty hours of flying time.

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Hidden dangers that could lead to malpractice

There are a number of all-too-well-known malpractice and grievance traps at a law firm: conflicts of interest, missed deadlines, lack of competency, confidentiality/fiduciary breaches, clerical errors, failure to document adequately and poor client relations. But other, hidden dangers could be ...

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The power of plus

For a long time now, the ampersand has served as the go-to symbol for linking a law firm’s name partners, but that time-honored standby is being usurped by what some say is a hipper icon.

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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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Trucking firm to pay $5M for fatal crash

A Dallas-based trucking company has agreed to pay $5 million to the widow and four children of Leroy Corbin, who was killed when a tractor trailer plowed into his car on an interstate outside Hagerstown, Md., early last year.

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