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There are certain times in life where it's essential to examine your wealth: When starting a law practice, when seeking money from a lender, when you merge or sell your law practice, and, if you're wise, when you make end-of-career choices.
Many lawyers who seek my counsel want to sell their practice and move to their "second season." My question to you: Have you thought recently about the goodwill of your practice, what you want to do in your future, about the legacy you want to leave and what you still need to do in order to achieve your goals? If not, take the time to do so.
I suggest that Life After Law: What Will You Do With the Next 6,000 Days? may provide a starting point.
If you are selling your firm, see our 4 CD special below. It will help you value/price your firm, market it for sale, and you will also learn about post-sale considerations. You can also list your law firm for sale with us.
lawbiz.com
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Will You Die Without a Will?
Intestate has more than four letters, but it's a bad word nonetheless. It means having no will. This is bad news for your potential heirs if you die, and it's certainly bad news for the future of your law practice.
Nobody wants to perceive himself as mortal, so thinking in terms of estate planning is something that people really don't want to do. How many lawyers die intestate? I'm not sure, but I would guess a fairly large number, especially if the lawyer population reflects the general population.
An article by Lisa Scherzer on finance.yahoo.com notes that according to a 2012 RocketLawyer.com survey, half of Americans with children don't have a will, and over 40 percent of people ages fifty-five to sixty-four have not bothered to have one drafted, either.
Fame does not necessarily make a person smarter in this regard. According to an article on legalzoom.com by Heleigh Bostwick, the following famous people died without a valid will: Jimi Hendrix, Bob Marley, Sonny Bono, Stieg Larson, Pablo Picasso, DJ AM, Steve McNair, Howard Hughes, and Abraham Lincoln.
I have personally experienced this can't-bear-to-think-of-being-mortal phenomenon in my practice. I represented a person who was very well known-an entertainer-and he also happened to be a lawyer. Even though he'd been legally trained, he died without a will.
Even managing partners and partners in larger firms somehow think that everything is always going to be OK. Somehow, all of us tend to think that we're always going to get along-until we don't.
With will-drafting software readily available, this situation is undoubtedly changing for the better-but not fast enough. And so the better part of wisdom is to look ahead and plan ahead; your business will then live on as your legacy.
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$149
until Oct 31
(reg. $247)
To Order:
1-800-837-5880
or order online at lawbizstore.com.
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4 CD Set:
Reveals insider information that is sure to go a long way to help achieve optimal results while transitioning out of the practice of law.
Throughout these 4 CDs, presented by Ed Poll, JD, MBA, CMC, listeners will learn about:
Listen to an audio excerpt.
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| FEATURED VIDEO:
(Click image to view)
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Video: The Lawyer-Banker Relationship
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CLIENTS SAY:
"Ed's command of the podium and his connection and interaction with the audience were outstanding. His skills enabled us to successfully implement a new culture into the organization without damaging our relationships with outside counsel."
LS
Torrance, CA
"When I had my own private practice as a solo practitioner, I wanted to run my office as efficiently and profitably as possible. I researched business coaches and discovered that most had "passive" models as their basis for coaching, i.e. they would promise all the things they would do for my practice without my having to invest time and energy into the process. I'm so glad I chose Ed Poll instead, for he had an "active" model, i.e. how much I got out of the coaching was directly dependent upon what I put into it. Over a period of six months, Ed conferenced with me and gave me weekly assignments for structuring my practice as well as giving me tips on how to work with clients from the initial interview through to the end of the case. After working with Ed, I didn't have a single outstanding account receivable over $500. The time I spent working with Ed was invaluable and I would recommend him to any attorneys interested in improving the quality and profitability of their practices."
JL
Los Angeles, CA
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