Workplace Diversity In Law: Where Are We? Where Are We Headed?

Diversity in adversity.

Americans with disabilities represents about 20% of the population. As we celebrate the 30th anniversary of the Americans With Disabilities Act, much has changed.

Workplace Diversity In Law- Where Are We? Where Are We Headed?

Every challenge — every adversity — contains within it the seeds of opportunity and growth.

People with disabilities are by law, no longer denied access to jobs, schools or transportation. The COVID crisis has put millions of people out of work.

We’re all hurting right now.

After months into this pandemic, law firms are beginning to re-think the how business gets done. Although not ideal, many attorneys who can will continue to work from home. And that’s not likely to change any time soon.

No one wants to work in an environment that is unsafe.

“Every challenge — every adversity — contains within it the seeds of opportunity and growth. The coronavirus pandemic has created a cultural paradigm shift that has fully embraced technology. I’m always looking for the good in a bad situation. There are real opportunities for candidates with disabilities that firms simply have not considered.” – Shari Davidson, President of On Balance Search Consultants.

We are social beings. Working remotely has its challenges. It’s just not the same, we’re less connected.

There is no substitute for face-to-face interactions. From the boardroom to the courtroom, we are all impacted by the spontaneous interactions created from our body language. We all feed off of the buzz from the energy created in the office. You may not see it, but you feel it.

That said, many tasks and routine functions can be done more efficiently, remotely. Flex-jobs offer part-time-schedules with the benefit of working remotely.

Working remotely removes many barriers and obstacles for those with disabilities. Law firms can tap the best applicants who need to tele-commute.

The remote work experience has real benefits for both the employees and employers. For starters it improves work-life balance, it improves the bottom line and for many results in higher levels of productivity and job satisfaction.

Firms are no longer focusing on time spent in the office, but rather outcomes. The guiding principals have not changed, it’s always been about results.

“When placing a candidate, On Balance looks for opportunities regardless of physical or societal obstacles. There are real benefits to sourcing work remotely. Firms experience increased productivity, with less absenteeism and higher employee retention. Less office space is needed, which is a big savings.” – Shari Davidson.

Final Thoughts
Now more than ever, firms need to empower their attorneys by creating a work environment that works for everyone. Communication is critical.


About On Balance Search Consultants

On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm.

Contact us today. Call 516.731.4300 or visit our website at https://www.onbalancesearch.com.

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your unique circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

 

 

Diversity & Inclusion: Law Firm’s Stand In A Post Pandemic World


As the world pivots from this coronavirus pandemic, the legal community will be challenged to determine to what extent a diverse workplace will define itself.

Diversity & Inclusion

Attracting and retaining diverse talent foments successful outcomes.

The disruption of the business world has created opportunity to reset the table. A new world of possibilities is possible.

Representation
Since the great recession of 2008, there has been a decline in the percentage of women and African Americans represented in law.  And yet, the number of women enrolled in law school surpassed men since 2016, American Bar Association (ABA).

Women attorneys represent about 23% of the firm’s partners and 45% of associates. There are twice as many men who represent corporations’ general council, 69% compared to 31% women.

Women and lawyers of color face the constant threat of being minimized. Representation of minority women continues to be under-represented in law. Latina and African American women account for about 2.45% and 2.55% of law firm associates and 0.77% and 0.68% of law firm partners, respectively (ABA).

African Americans are also poorly represented in law. The most recent data from a diversity survey (Minority Corporate Council (MCC) reports that blacks account for just 2.1% of the firm and less are equity partners. Consider that 13.4% of the U.S. population is black. These numbers have not changed over the last decade.

Retention
Law firms are making a commitment to diversity and inclusion and that will continue. Caucasian women are making consistent advances in the law partner ranks, increasing from 17% to 20%.

Insights from the (MCC) diversity report, indicate that departures of lawyers of color from law firms has escalated. This disturbing truth underscores the inherent problem with how firms are furthering diversity. Lawyers of color find themselves in a culture that does not make them feel equal among colleagues.

“My job is and has always been about matching each candidate’s unique skill set with a firm that mutually benefits all parties.” – Shari Davidson, President of On Balance Search Consultants.

Diversity & Inclusion
There is a growing recognition for the need for diversity, but we still have not figured out how to address it. The problem persists due to due practices that further diminish those from diverse backgrounds.

It’s common place for firms to assign a diverse lawyer to a trial team solely for optics. No one wants to be on the team unless they are making real contributions.

“Our society is guilty of seeing only what they want to see, blind to what they don’t see, or will not defend what is unseen. Recently, the New York Bar has required attorney’s continuing legal education to include credits in ethics, diversity, inclusion and the elimination of bias.” Shari Davidson.

Inside and outside of the firm, women and lawyers of color are all too often acknowledged as the last person during the introductions for a meeting. Subtly demeaning individuals based on color or gender or race in the workplace is unacceptable. It’s offensive and disgusting.

Diversity and inclusion must be intentional and focused.
Will the legal community seize this moment to advance inclusion of diverse talent? Law firms need to be thoughtful about bringing on rising talent that adds to the overall vision and values of the practice.

Clearly communicating the firm’s commitment to diversity must prove by example that the path to success within the firm is on an equal footing for persons of color and women.

Leadership
The importance of diversity and inclusion must be a priority at every level of the firm. Be known as a firm that champions diversity and compensates their talent equitably.

 

About On Balance Search Consultants
On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises experienced attorneys at every stage of their career to take them to the next level. From making the lateral partner move to succession planning.

Shari takes a proactive approach to advising law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. On Balance Search identifies opportunities that exist today, not down the road.

Contact us today. Call 516.731.3400 or visit our website at https://www.onbalancesearch.com.

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

 

 

Ken Landau: Law You Should Know, Talks with Shari Davidson About Finding & Changing Jobs

Ken Landau is the host of the “Law You Should Know”. He talks with Shari Davidson, CPC, the President of On Balance Search Consultants, who offers advice on finding and changing jobs.

 

About Law You Should Know
Ken Landau’s show, “Law You Should Know” is broadcast by WHPC 90.3 FM from the Nassau Community College Radio Station.

Ken Landau is one of “Long Island’s Top Legal Eagles” (Personal Injury Law) designated by Long Island Pulse Magazine (2010, 2011, 2012, 2013). He is a two-time recipient of President’s Award, Nassau County Bar Association. Past Dean, Nassau Academy of Law.

About On Balance Search
On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises experienced attorneys at every stage of their career to take them to the next level. From making the lateral partner move to succession planning.

Shari takes a proactive approach to advising law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. On Balance Search identifies opportunities that exist today, not down the road.

Contact us today. Call 516.731.3400 or visit our website at https://www.onbalancesearch.com.

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

 

Confessions of a Legal Recruiter: Come Out Of The COVID-19 Crisis With New Opportunities

Our lives have been turned inside out by this deadly coronavirus. Losing your head in a crisis is a good way to become the crisis.

Come Out Of The COVID-19 Crisis With New Opportunities

Confessions of a Legal Recruiter is an ongoing series of articles to advise experienced attorneys at every stage of their career to take them to the next level. From making the lateral partner move to succession planning.

Don’t let COVID-19 derail your career goals. There’s always an opportunity with crisis.

“It’s crazy out there right now and the near future looks pretty scary. Let’s take this time to come out of this crisis with new opportunities and options for your career. Put yourself in a position to take advantage of this situation as we kick start this new wild ride into the next decade.” — Shari Davidson, President On Balance Search Consultants.

Sometimes we all need a crisis in our lives to kickstart our goals in life:

Anticipate. Think ahead. What obstacles do you foresee in the near future?

Relationships. Relationships change over time, consider severing ties or at least distancing yourself from those who aren’t making a positive difference in your career.

What is your emotional investment? Is the work you are doing challenging? Are you content or complacent? Are you happy? Don’t become disengaged and disillusioned.

Take Action. Find a legal recruiter who has a track record of success but more importantly has a solid reputation for integrity.

  • Assess your firm’s workplace culture, policies, practices, benefits, etc.
  • Are your career needs and wants defined according to your goals?
  • Evaluate your worth at the firm and assess if the best options are putting your skills out there to secure a better position at a new law firm.

This is a crippling time of uncertainty. Fear and paranoia are pervasive right now. Change your mindset, don’t view this crisis as a paralyzing event. Spend this time wisely and focus on where you can move into a new opportunity that is perfect for you.

 

About On Balance Search

On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises experienced attorneys at every stage of their career to take them to the next level. From making the lateral partner move to succession planning.

Shari takes a proactive approach to advising law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. On Balance Search identifies opportunities that exist today, not down the road.

Contact us today. Call 516.731.3400 or visit our website at https://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

Confessions of a Legal Recruiter: New Trends Create New Demands For Legal Services

New Trends Create New Demands For Legal Services

One thing for sure is that the demand for legal services will continue to grow. Several new trends in the legal industry have emerged. Are you ready for these changes?

Confessions of a Legal Recruiter: New Trends Create New Demands For Legal Services

Confessions of a Legal Recruiter: New Trends Create New Demands For Legal Services

A number of important changes are occurring in the legal marketplace today. Those who can adapt and capitalize on these opportunities will continue to profit into the new decade. How will these trends impact the way you practice law?

Mergers and Acquisitions
Business law remains driven by many factors. One such factor companies are engaged in is mergers and acquisitions. This area of law will continue to experience continued growth for the foreseeable future.

Social Networking
Social networking is shaping how law firms recruit attorneys as well as support their cases and interact with clients. Social channels such as LinkedIn, Facebook, Twitter, and YouTube are helping lawyers: brand, advertise, and further career goals.

Gone are the days of attending endless events every week. Now let’s be clear, nothing beats nor will ever replace face-to-face networking. Social media extends your message to your prime prospects, amplifies what the firm specializes in, making the process of business development more efficient and effective. Learn how to leverage social media.

Bitcoin
No one knows for sure if the recent wave of initial coin offerings (ICOs) of Bitcoin cryptocurrency is just a flash in the pan or the new way forward. But what we do know is that the Security Exchange Commission (SEC) is an increasing number of cryptocurrency-related securities lawsuits are being filed.

Cybersecurity: Compliance, Privacy and Security
As data breaches continue to proliferate, state legislatures across the country have strengthened their existing privacy statutes with an increased focus on consumer protection.

Breaches are the new normal, consequently there will be more data breach class action lawsuits. This will also result in legal counsel to best advise clients in this area of compliance, privacy and data security.

Cannabis: New Rules, Risks and Opportunities
The state-by-state legalization of marijuana for medical and recreational use has created a complicated legal landscape. And with it, new demands for legal counsel to advise cannabis clients and ancillary businesses that are impacted by the cannabis industry.

Changing state laws, risks and uncertainty regarding cannabis will continue. The long-term need for expert legal counsel is certain.

Trusts & Estates: New Rules Affecting Health Care
New Medicare rules will impact preventative care. As a result, some families will drop insurance making healthcare more expensive for everyone. The cost of healthcare shapes how families plan trusts and estates. This further complicates and creates the need for expert legal counsel to best plan for the future.

How will these new areas of law affect your practice? Where do you see opportunity? What are your concerns?


About On Balance Search

On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises experienced attorneys at every stage of their career to take them to the next level. From making the lateral partner move to succession planning.

Shari takes a proactive approach to advising law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. On Balance Search identifies opportunities that exist today, not down the road.

Contact us today. Call 516.731.3400 or visit our website at https://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media

Confessions of a Legal Recruiter: Disillusioned, Disgruntled, Discontent?

Confessions of a Legal Recruiter

Confessions of a Legal Recruiter

 

Didn’t get the bonus you were hoping for? Reached a dead end. Unhappy with your overall compensation, workload, colleagues? Time to take a deep breath and thoughtfully consider your career options.

“Let’s be very clear, this is a business decision. Don’t let emotions rule your decision to move on. Going nowhere, then it’s time to go,” – Shari Davidson, President On Balance Search Consultants.

Stagnated, feeling stuck? Frustrated? Want to throw in the towel? Have the firm’s revenues stalled? Is there infighting in the firm? A toxic working environment? Has the firm has gotten too big — not big enough?

Leaving is a big decision, don’t jump before you ask yourself:

  • Can this relationship be saved?
  • Is there opportunity for advancement that you have overlooked?
  • Are you ‘all in’? Are you giving this job your best efforts?
  • Do you want your boss’ job?
  • What would it take for you to stay at the firm?
  • Are there other areas of your life that may be the real problem? Are you eating right, exercising, and getting enough sleep?

No? Then it’s time to move on.

  1. You need to be the master of your destiny. Take control of the situation immediately.
  2. Write down why you want to leave the firm and all the things that are important to you.List your reasons: compensation, politics, relationships, issues with partners, and then ask yourself if you can right this ship.
  3. Don’t’ lose your edge, don’t let this crisis distract you from giving your clients your best work. Keep all your relationships intact.
  4. Get involved with a networking group and explore new opportunities in the marketplace.

Whether you stay or go, you need to be decisive and take action. What are your goals? Talk to a legal recruiter. Headhunters know the right people. They intimately know the law firms’ culture, leadership style and working environment.

Communication and follow through is key. Keep in touch with recruiter who can evaluate your plans and strategies. Don’t waste anyone’s time. Be upfront about your situation. Know what you want and be available to discuss opportunities.

Again, before you do anything, re-read your contract and review all the provisions pertaining to ending your commitments, including:

  • Non-Compete Agreements
  • Notice Requirements
  • Benefits

Stepping out of your comfort zone and diving in the market may take time, most of the time it’s grueling. That said, with proper preparation and planning it will pay dividends, and improve your health and happiness in the long run.

 

 

 

 

About On Balance Search

On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises experienced attorneys at every stage of their career to take them to the next level. From making the lateral partner move to succession planning.

Shari takes a proactive approach to advising law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. On Balance Search identifies opportunities that exist today, not down the road.

Contact us today. Call 516.731.3400 or visit our website at https://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

Clients That Go Dark: Not Feeling The Love

One of the most annoying things for an attorney applying for a position is going through the process and then hearing nothing from them. Not a phone call, a note, email. You thought the interview went well and then — nothing.

And candidates are going dark as well. You get them in the door, an offer is made and then suddenly they go dark. No return call, no note — silence.

Clients That Go Dark: Not Feeling The Love

Not feeling the love. There are many reasons why a client may go dark.

 

“Whenever you don’t hear back from the client, most likely, somewhere along the line something or someone has dropped the ball” — Shari Davidson, President On Balance Search Consultants.

There are many reasons why a client may go dark:

  • Law firms go through very formal processes when bringing on a new attorney and often this process can take a considerable amount of time. Not surprisingly law firms lose a lot of good candidates in the process.
  • Or the firm’s needs have changed overnight. Law firms will “go dark” and simply won’t comment or provide any reason for their decision.
  • Sometimes a better applicant comes along, and the firm has put your application on hold pending the offer given to the better prospect. Timing as they say, is everything.
  • Upon reviewing your application, issues arise that were not disclosed during the interview. Consequently, if you are not straight with your recruiter from the onset, you may run the risk of being shot down for not be more forthcoming.
  • On occasion, the firm reviewed your application and did not make you an offer but want to keep your file open for possible opportunities in the future.
  • If a firm is having internal problems which is a possibility, then you don’t want to work there anyway.

No matter what the reason is, communication is the key.  Lack of communication can actually hurt the law firm’s brand. Work with a legal recruiter, they can help keep all the participants in the know.

“Many candidates tell me that when they first started looking for a job fresh out of law school, that some firms treated them poorly during the interviewing process. Many will not work for those firms citing the lack of decency displayed. It’s the rule of 200. Everyone knows 200 people who they will tell or via social media share how they were mis-treated” — Shari Davidson, President On Balance Search Consultants.

Don’t go it alone. Looking for the right offer takes time, it takes effort, and you have to realize that it can be at times taxing on your ego. Ready to make the move, let’s talk.

 

 

About On Balance Search
On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises experienced attorneys at every stage of their career to take them to the next level. From making the lateral partner move to succession planning.

Shari takes a proactive approach to advising law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. On Balance Search identifies opportunities that exist today, not down the road.

Contact us today. Call 516.731.3400 or visit our website at https://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

Underfunded Pensions: Uncertain Retirement Future For Lawyers

Are law firms pension plans underfunded? The truth of the matter is that we simply don’t know.

Underfunded Pensions: Uncertain Retirement Future For Lawyers

In this new time of uncertainty, do you really know what your retirement plan looks like?

 

There haven’t been any reports of underfunded pension plans since 2012 (Wall Street Journal, Unfunded Pension Plans). But in this new time of uncertainty, do you really know what your retirement plan looks like? And more importantly, where are you with your retirement plans as we approach the new year?

Every law firm big and small is grappling with a whole host of succession issues. Managing partners trying to improve their financial standing my look to make the lateral move due to uncertainty surrounding their existing firm.

The financial fear is real, attorneys need to ensure that their succession plan is sound for their exit. Succession plans protect partners wealth in the event of un-expected life changing events.

A firm’s worth relies on growing the firm’s future earnings. Failure often results in a loss of legal talent and leadership within the firm as well as a loss of core clients. Defections can lead to firm’s turning out the lights and having to close the door with little to no compensation for those left out in the cold.

“Lawyers approaching retirement must have a succession plan in place to capitalize on their client relationships and market value to the firm. We advise clients on ways to cross pollinate these assets so that no money is left on the table” — Shari Davidson, President On Balance Search Consultants.

Many small and midsize law firms need to structure a succession plan to ensure that their firms:

  • The leadership and management must be in place for the firm’s future success.
  • The firm must retain existing client and referral relationships and sources of business and revenue for the firm.

Succession planning involves evaluating different aspects of the firm and identifying systems, processes and policies that need improvement in order to position your firm or practice succession regardless of your exit strategy. Options for succession typically include:

  • Selling or merging the practice.
  • Internal transitioning.
  • Practice continuation with other firms.
  • Turn out the lights and close the doors.

Small firms face real challenges to ensure a successful succession:

  • Identifying another attorney in the firm to move into a partnership position.
  • Locating colleagues to sell the practice.
  • Locating merger candidates.
  • Effecting the sale or merger of the practice.
  • Proper wind-down of the practice if the practitioner decides to simply “close the doors” (employees, client files, etc.).

The key is to start early and not wait until the last minute. You need to put in place your succession / exit plan as soon as possible so that your family, employees and clients are not left in the dark if something should happen to you.

 

About On Balance Search
On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises experienced attorneys at every stage of their ca-reer to take them to the next level. From making the lateral partner move to succession planning.

Shari takes a proactive approach to advising law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. On Balance Search identifies opportunities that exist today, not down the road.

Contact us today. Call 516.731.3400 or visit our website at https://www.onbal-ancesearch.com

Please note that the content of this blog does not constitute legal advice and is only in-tended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

Trick Or Treat! Are We In A Recession Or Is It Time To Think About Succession?

Halloween is just around the corner, and markets are giving all of us plenty of things to fear. Trade Wars, Brexit, and wonky leading indicators like an Inverted Yield Curve? No good thriller ends without a few twists and turns to keep us up at night.

Unemployment is holding at record lows. We have low inflation and slow but steady growth. So, what does the future foretell? Will it bring tricks or treats? Many predict the US economy to enter a recession in the coming year.

Notwithstanding what are you doing to protect your firm’s future? Are you well positioned to kick back and enjoy retirement in the next five to ten years?

Recession or Succession? On Balance Search

Succession planning involves developing a concrete plan to transfer ownership and control of the firm in a seamless transition. Failing to develop strategic plan may put you and your firm at risk, seriously endangering your retirement.

Do you have an exit plan in place? Don’t put your retirement in jeopardy, talk to an advisor who can help structure options for your next move.

“Developing a solid understanding of the most significant challenges your firm is likely to face over the next 5 to 10 years will help you realize your goals and reap the rewards or your years of hard work” — Shari Davidson, President of On Balance Search Consultants.

ANALYSIS PARALYSIS

Many attorneys see the value of a succession planning, but simply put it off. Ask yourself . . .

  • What are you doing to protect your firm’s assets or your book of business?
  • Do you have an Internal / External Succession Plan in place?
  • Are you undervaluing your worth? Should you join forces with another firm and double your net worth overnight?
  • What keeps you up at night? When will you be able to kick back and enjoy the good life?

Recession or not, there are good reasons to consider your next move now and not later. As experts and pundits argue about whether there is a recession coming or not, start taking steps to ensure you are well positioned no matter what happens next.

“On Balance Search Consultants understand the challenges associated with thinking about the next stage of your career in law. You have options, don’t leave any money at the table. We will ensure your firm will continue to thrive no matter what the business climate.” — Shari Davidson.

 

About On Balance Search

On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises experienced attorneys at every stage of their career to take them to the next level. From making the lateral partner move to succession planning.

Shari takes a proactive approach to advising law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. On Balance Search identifies opportunities that exist today, not down the road.

Contact us today. Call 516.731.3400 or visit our website at https://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

Confessions of A Legal Recruiter: Don’t Let Fear Get In The Way Of Future Planning

FEAR Factor Attorney Breakdown . . . False Evidence Appearing Real

F … False
E … Evidence
A … Appearing
R … Real

Fear is something we all feel as a natural response to physical danger. For an attorney is not realizing that your future is a risk due to your being numb to the warning signs.

F.E.A.R. is an acronym for False Evidence Appearing Real. It appears real, even though it may have no real substance. Arising when we feel threatened or undermined, which makes us cling to the known and familiar. Such fear creates paranoia, worry, nervous disorders, and apprehension.

Confessions of a Legal Recruiter 250 x 970

 

Case Study 1

Senior Divorce Attorney with 30 years’ experience who has built a successful practice with $1 million in billings loses 80% of his business. The trusted associate jumps ship and takes the firm’s book with him. The Senior Attorney ignored the signs and chose not to do anything.

Now the Senior Attorney needs to find a replacement and will end up retiring several years later.

Case Study 2

Two Senior Partners with 3 associates of a successful T&E Practice losses large percentage of their billings to stay at status quo.

After the first of the year, one associate left and took many of their clients. Within, the next month or so, the next two associates departed with more clients. Between 75-90% of their business walked out their door.

The two Senior Attorneys now need to decide what they are going to do.

  1. Close shop or 2. Start over again.

In Case Study 1 & 2, the senior partners ignore the signs. Instead of creating an internal or external succession plan, they ignored the subject entirely. In both cases, the associates did not know where he/she stood within the firm. Much less understand that they were the Senior Attorneys the retirement plan.

Case Study 3

Two, Senior Attorneys (Personal Injury) both with 55 plus years of combined experience seize the day and opt for an early exit plan and double their net worth overnight.

Two successful attorneys, Senior Associate and staff opt to join forces by merging their practices. As a result, both double their net worth overnight and strengthen their firm that will ensure an early retirement down the road. The Senior Associate decided to relocate. Good thing.

These attorneys did not put all faith in the Senior Associate taking over their practice. One Senior Attorney is now retired, enjoying his passion for fly fishing while his portfolio produces continued profits. The other is still working and can take advantage of retirement when he is ready.

F.E.A.R. is an illusion. Something we fabricate in our own minds and pretend is real. It’s a fairy tale we tell ourselves that keeps us from doing what we really want.

False evidence appearing real.

Hiding your head in the sand, and not making a decision is still a decision. Make the decision to plan for your retirement. Don’t leave money on the table.

 

 

About On Balance Search Consultants

On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises experienced attorneys at every stage of their career to take them to the next level. From making the lateral partner move to succession planning.

Shari takes a proactive approach to advising law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. On Balance Search identifies opportunities that exist today, not down the road.

Contact us today. Call 516.731.3400 or visit our website at https://www.onbalancesearch.com

Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.