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I Need Your Help
You may have heard me talk about the 400,000 lawyers who will be retiring from the practice of law in the next 10 years. When the financial crisis first hit, I began to doubt that we would face so many retirements. But my phone continues to ring with people wanting to know how to sell their practice, how to value it (a requirement before selling), and then how to transition into the "second season" of their lives.
I still battle lawyers who are surprised to learn that they have anything of value to sell, but, yes Joe, "there is goodwill in them thar hills."
So, one night when I couldn't sleep, I came up with an idea, and I need your help to test it out. The following are the bare bones of the concept. Much is yet to be added to it if we go forward, but I want your ideas and your expression of interest to confirm my belief that this is a viable concept for me to proceed.
So here's the idea: My web site, devoted exclusively to a community of lawyers interested in buying, selling, or merging their law practice. Each lawyer would be entitled to create and post a listing describing the nature of his/her practice that is available for sale, or the nature of the practice desired to purchase or with which to merge.
There would also be a discussion board that I would monitor and participate in, giving suggestions and commentary as I think appropriate. I would also post articles and other resources, including portions of my books and other materials, for the further education and assistance of the members of this community.
In effect, this would be a multiple listing service, better than an analogous Craig's List because of the substantive content and focus by and for lawyers. The monthly fee would be modest and would continue automatically on a credit card only so long as you wanted to continue to participate.
I would be available to help on an individual basis, such as reviewing the description of the practice, etc. My services in this field such as valuation and consulting to sell a practice would be available, but not to be considered as part of the low monthly rate offered to the community - they would be negotiated separately, though at a reduced fee to any member of the community.
Please respond by email with your thoughts on this, or take our online poll.
Best wishes,
Ed Poll
lawbiz.com
lawbizblog.com
800-837-5880
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In this three disc set, law firm management expert Ed Poll presents selections from some of his most popular presentations that provide you with insightful strategies and the tactics you need to turn your practice around, earn the living you deserve, and find satisfaction and fulfillment in the career that you've worked so hard to build for yourself.
Ed believes that lawyers need to learn to think more like entrepreneurs and act more like business managers—two skills not taught in law school.
In the opening segment, Ed discusses the importance of a written business plan and shares with you how lawyers should approach this task so that you realize the benefits without doing more work than you need to. Smooth client relations and stellar client service are the focus of the second segment, so that the engagement is productive and mutually profitable. Ed tackles financial management in the final segment. He will help you sort out cash flow management, revenue, and overhead in the way that a small firm needs in order to understand these challenging aspects of managing a practice.
Click here to purchase the 3 CD set for only $79.00
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