Strategies for Expanding into a New Practice Area
Many areas of law practice tend to cycle up and down over time. Savvy attorneys keep enough capital reserves to get them through the predictable lean times. The business volatility in recent years has some worried lawyers seeking to build up a practice in a different area of expertise. I wrote about ways to get experience that you don’t already have, but perhaps you dabble now and then in another area. Here are some tips on building up your visibility and expertise in a practice area you aren’t known for.
1. Choose an additional practice area that complements your existing practice.
Your credibility will be higher if there is some overlap between your new practice area and what you already have a reputation for. When real estate, securities or other transactional practices wane, some transactional lawyers step over into litigation involving similar subject matter expertise. To begin making such a transition, offer to consult on cases with trial lawyers you know. Many commercial litigators take on such a wide variety of cases that they don’t have your depth of expertise or awareness of the numerous laws that may impact the case they just took on. […]
Avoiding the Commoditization of Your Law Practice
My article in 2007 about some of the potential ramifications of law firms going public generated quite a number of reader responses. One email asked a question that intrigued me. The reader asked how he could keep his law practice from becoming commoditized. Both small and large law firms should be asking themselves that, because the tide has already turned toward the commoditization of many legal services.
What are commodity legal services? Generally, legal services that involve routine and predictable legal issues that can be systematized into forms and processes. […]
Ready, Set, Goal!
“History informs us of past mistakes from which we can learn without repeating them. It also inspires us and gives confidence and hope bred of victories already won.”
~ William Hastie (1904-1976)
Civil rights attorney, law school professor and first African-American federal judge
As we wrap up one year and begin the next, it’s a good idea to engage in a “Lessons Learned” process before we make plans. By analyzing the results we obtained, we can avoid repeating our mistakes and be blessed to repeat our successes. To get real value, it needs to be a thoughtful process covering all aspects of your life. From my years of experience in helping clients through such an analysis, I have identified a few guidelines that can help you.
1. Give yourself full credit.
First, take a look at what was successful. Allow yourself all due credit for your accomplishments, breakthroughs and wins, no matter their size. Don’t just look for cases you won or big deals closed. We tend to gloss over our small victories, even when they took real effort or perseverance to achieve. We rarely let ourselves live down a shortfall, however, so give equal time to your successes. If you finally got those files taken care of, or your office organized, include that accomplishment on your list. If you gained back 5 of the 10 pounds you lost last year, acknowledge yourself for keeping off 5 pounds. […]
Why GP Solos Need to Worry About a Modern British Invasion
In May 2007 Slater & Gordon, an Australian personal injury firm, became the first law firm to go public. At the time, I discussed some of the implications of publicly held law firms, including the commoditization of legal services. I also gave some tips on how you can reduce the risk that your law practice will become a mere commodity.
Revolution in the U.K.
In October 2007 the United Kingdom passed the Legal Services Act (“LSA”), which authorized alternative business structures (“ABS”) with non-lawyers in professional, management or ownership roles in law firms. One of the regulatory objectives of the legislation was to promote competition in the provision of legal services. The LSA became effective in 2011, and in 2012 the Solicitors Regulation Authority approved the first four ABS firms. One of them, Co-operative Legal Services, launched a fixed fee family law service, with the intent of bringing “a refreshingly different approach to family law” with an “easily accessible and affordable” range of services. It is a division of The Co-Operative Group, a retail giant in the UK with 4800 retail outlets and 7 million members. So I guess you could say it is now the Costco of legal services. […]
Security in the Cloud: How to Protect Your Law Practice Business Data
Security in the Cloud: How to Protect Your Law Practice Business Data
Cloud this, cloud that—no doubt you’ve been inundated with the tech industry’s message that the cloud is where it’s at these days. Just under 90 percent of small businesses use cloud-based services to store, share and back up data, according to a recent survey by Rackspace Hosting, Manchester Business School and Vanson Bourne. Cloud everything has become increasingly popular with any business, especially for Law firms that can’t afford a basement full of servers or finds an IT department impractical for other reasons.
But how secure is the cloud? Security levels vary from one provider to the next, but one thing most decision-makers may not know is how much control they do have over their own cloud security. […]
Unexpected Resource for Client Effectiveness Tips
I seem to know a lot of attorneys with special needs children. One of them described to me how he manages himself and his special needs child in situations that might increase her stress. As he described his process, it reminded me of how effective lawyers steer their clients through the twists and turns of the legal process.
In this time of economic turmoil and uncertain futures, today all lawyers have stressed out clients to deal with. See if this parent’s process for a special needs child might help you be more effective in managing both yourself, and those you advise, in stressful situations. […]