New Law: Firms Offer Attractive Compensation for Going Virtual

During this pandemic the legal industry has pivoted to working remotely, embracing and investing in technology to Zoom with clients and co-workers. Most agree that remote and flexible work arrangements will continue for lawyers for years to come.

Virtual law firms have been around from years, but now there are many lawyers who have adjusted to working remotely and like the flexibility and lifestyle benefits it offers. The other attractive benefit work working for a virtual firm is the compensation. Without the overhead of an expensive office building and all the costs associated with real estate.

For a partner working for a traditional brick and mortar firm, a third of their book of business pays their salary, a third of the profit goes directly to the firm and the last third pays for the overhead to cover the rent, lights and utilities.

Virtual law firms pay partners up to 70 to 80%, of their book. Virtual law firms provide unique compensation structure that ultimately makes more money for the rainmaker than a traditional law firm.

Virtual firms have helped many senior partners at AmLaw firms overcome fears of making the move to the digital world leaving behind all the politics and the 9 to 5 world. Virtual firms benefit from being able to bring on top talent who prefers working remotely.

There are risks in joining a virtual firm. It’s all about your ability to bring in new business. Most find it difficult to create a sense of team online and networking in the virtual space has its limitations. Not everyone is well suited to work online, they have difficulty with new technologies, and many simply do better business face-to-face.

As we get past this pandemic the ‘New Law’ firm is here to stay. Law firms will offer a hybrid model of remote and in office work schedules. There are real savings that can’t be ignored from meeting remotely. Time and money rule the new normal.

Virtual firms are embracing cutting edge artificial intelligence to mange the process of law more efficiently and intelligently. No matter where law is practiced, technology is truly an investment that gives firms a competitive edge.

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 516.731.4300 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 specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.


COVID Crisis Law Jobs: Don’t Just Put Yourself Out There

Why did you put yourself on the market in the first place? Were you were passed over for a promotion? Or you just don’t fit in? Does the money change things? Will the issues of the past continue to be a problem?

During this pandemic … 
Don’t just put your toe in the water. Law school doesn’t prepare you for how to manage your career. They don’t teach you how to strategically position yourself in an ever-changing marketplace.

“Do your research. Dig into the company’s financial health to assess job security. Look at where its funding comes from, and make sure the projects you’ll be working on seem stable. Don’t lose sight of the long-term. Remember your career goals. Will this help you get there? Is the opportunity likely to come up again in the months to come?”

Rachel Feintzeig, Work Life Balance writer for the Wall Street Journal, Do You Dare Switch Jobs in the Coronavirus Economy.

Should I stay or should I go? 

Layoffs were commonplace in the legal industry during the Great Recession. For now, large firms are opting to cut pay, reduce hours, and furlough lawyers. Law firms specializing in family, housing, and criminal law have been hardest hit due to local government offices being closed. Many firms are asking for more lateral associates and staff.

Counteroffers are up. 

Interviewing and getting offers is not the way to negotiate a better compensation package. It’s a career killer. What you don’t want to do is create an environment of mistrust. You don’t want to put your career in jeopardy.

Your reputation at the firm will never be the same. There will always be a question of your loyalty. They simply will not trust you anymore.

“In my over twenty years as a legal recruiter, accepting the counteroffer results in being pushed out the door 85 to 90% of the time. The candidate is either let go for someone less expensive, or the promises made did not pan out. About 3- 6 months after the counteroffer is accepted, I get a call.” – Shari Davidson, President of On Balance Search Consultants.

Accepting a counteroffer is likely to damage your relationship with your current firm. Think about it, you just told your firm you are leaving and are now only staying because they threw some money at you.

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 516.731.4300 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 specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

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.

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 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 516.731.4300 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 specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

Smart Rainmakers Just Don’t Network at the Bar Association

Time is simply something none of us have. Therefore, you need to work smart. The sum total of your efforts must bring in new business. Make sure you are connecting with the right people, who can help you. Constantly assess what is working, and what is not.

Organizations are a great way to build new relationships that can bring in new business. An obvious choice is the Bar Association. “As a legal recruiter, I cringe every time when I hear this. Is the only place you are networking? Why you ask? Why would you put yourself in the mix with your peers to slug it out to win new business when you can find more fulfilling and better ways to make it rain?” — Shari Davidson, On Balance Search Consultants.

How do you choose a group? What is your practice area and who are your clients? Ask yourself where and who you should network with before you join a group.

Follow these steps to ensure you pick the right group:

I. CLEARLY DEFINE YOUR BUSINESS VALUES

A great place to start is your mission statement. Don’t have a business plan? Get one. Clarifying your mission will help you see the natural connection between your organization and a potential new partner.

II. DETERMINE THE CRITERIA FOR THE POTENTIAL NEW GROUP

Consider criteria such as the size of the organization, the age of the organization and whether the type of group:

Non-Compete Groups

Referral groups like BNI and Gotham offer non-compete exclusivity. Being the only lawyer in the group can be advantageous. But don’t just jump in, consider who is in the group first? If the group is a bunch of Mary Kay Representatives or Landscapers, this may not be a good source of new business for you.

Professional Groups 

Consider partnering with other trusted providers such as Attorney Accountant Networking Groups (AANG). These groups, as well as CPA and Insurance firms, Architects, Engineers, and yes, Bar Associations may have sub committees that don’t only have attorneys in them. Like, WE CARE Fund, (the nationally recognized charitable arm of the Nassau County Bar Association) may also generate a steady stream of new clients.

Hybrid Groups

USA 500 club is a professional networking group of attorneys’, CPA’s and trusted advisors who sit at the Board table of corporations. Join this group.

Industry Associations 

What are the new trends in legal work? Get creative. Research associations that match up with your practice area of law. Consider women’s groups or new burgeoning fields such as cybersecurity. Consider verticals that require your expertise. Build-outs in construction need attorneys well versed in mapping out the legal commercial legalese for everything from airports, dams and tunnels. Other verticals to consider are hotels, restaurants, strip malls or sports complexes. Your competitors are not going to be working these niche industries. Stand out and become the leading authority in these fields of law.

Personal Social Groups

Let your interests and passions guide you. Perhaps you are an avid bowler, cyclist or runner. Do you have a passion for art, history, or horses? These networks may prove to be a major new source of business. Political organizations can be a good place, just remember this can also backfire. Let’s face it, everything is political. Steer clear of politics.

Charitable Organizations 

Shari Davidson, ” As a member of the American Heart Association Charitable Estates Committee, I routinely interface with attorneys, CPA’s, insurance agents and many other trusted advisors on the council. Groups like this are a great place to align your brand or firm, and can be a fulfilling experience leading to forging new friendships and new business.”

There are so many reasons why you should put yourself within a powerful network that has, “the resources, tools, and experience to help the professional community … creating an impactful win-win for all.” said Ed Rodbro, Sr. Advisor Charitable Estate Planning for the American Heart Association.

Start building strong relationships and establish yourself as an expert in your field of law. Working with a charity can become a fulfilling way to further the mission of your organization while helping your community.

III. SELECT AN ORGANIZATION WHOSE VALUES ARE CONSISTENT WITH YOUR OWN

Ask yourself if you like the organization’s board members? Do you feel comfortable working with them? If an organization makes you feel uneasy, then trust your gut. Move on.

Don’t waste time and money getting to know a group that can’t help you. Look at the metrics, trends, and risk mitigation when assessing where to source new business. There is more to networking than securing the mailing list from the business chamber.

Nurturing relationships takes time, set yourself up for success. Get to know one or two contacts at an event. Don’t try and get everyone’s business card. Take an interest in who you meet, learn more about what they do, what’s important to them and make sure you remember them. Invariably you’re going to meet up with that person again. Leverage these new relationships.

Keep a small notepad with you or use an app on your smartphone to take notes. Ideas will pop into your head when chatting with a friend or networking at an event. Write it down, that way you won’t forget. You are a resource and expert in your field, you often are asked for your assessment and opinion on an issue. Make a note. You are now well on your way to penning that new article or writing a that book you’ve been talking about.

Once you’ve selected the right groups to network with, you’ve got to make the most of your time to bring in the business.

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 516.731.4300 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 specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

Collaborate With Powerful Professionals To Grow Your Book Of Business

You’ve got to network with the right group of people, who can help grow your business. Once you’ve selected the right groups to network with, you’ve got to make the most of your time.

Now that you’ve decided on the organizations you will network with, let’s talk about how to best leverage these powerful new connections. Be honest about your skill set. You have got to bring it when you’re out there networking. Better be prepared.

Consistently work on improving your skill set and at the same time get out there to further new relationships:

  1. Actively listen to your network by being more emotionally intelligent.
  2. Measure up. Understand who is your audience and what moves them.
  3. Follow the money. Assess the relationship’s potential for success. Will this connection lead to new leads or help you achieve your business goals? If not, move on! And be polite. You never know if that relationship may one day turn into a big payday.
  4. Nurture the relationship. How can you help them with their business or on a personal level?
  5. Prioritize. Determine which relationships have the potential to yield more business. Spend more time with those who will bring in the most business. Reciprocal relationships tend to the most profitable. Continuously look for new ways look for ways to further existing relationships that make money.

“There is nothing better than face-to-face networking. Having said that, integrating social media networking into your game plan, helps save time and can make meetings so much more successful,” said Shari Davidson. LinkedIn is a great digital channel to research and connect with other professionals.

  • Establish yourself as an authority in your chosen field and create credibility as a leader in the category, by regularly blogging.
  • Research new business prospects and your competition.
  • Follow companies and industry leaders.
  • Join powerful LinkedIn groups and start nurturing new relationships.

Mind Your Manners 

Think about what you’re saying. Never post anything that you cannot defend or that may be potentially damaging to your reputation. And don’t just post about things that no one gives a hoot about.

Substance and style. Less is typically more. On or off-line, carefully craft and curate your content. It’s not how much you post or share. It’s all about creating a substantive conversation with your core stakeholders. Be smart, savvy and strategic about what you say and who you talk to.

Actions speak louder than words. 

There are ways that things get done, and there are simply things one should never say or do.

Know the do’s and don’ts . . . 

  • Arrive on time.
  • Dress appropriately.
  • While networking never eat or drink alone and don’t order before your guest arrives.
  • Provide your mobile phone to keep in contact leading up to meet-ups.
  • Remember to thank people for taking the time, for offering their insights and for returning your phone calls.
  • Never “slam” your competitors, instead keep the conversation positive and focused on furthering the relationship.
  • Let them do the talking, listen and thoughtfully contribute to the conversation. Less is more.

And never, never, never, have more than two drinks. Many professionals don’t drink at all. Eat before you go to a party or networking event. Most of the time the food is either detrimental to your diet plan, or you’ll be spending precious time waiting to get some food.

Make the most of your time and start building that powerful network that will bring in more business. Make it rain!

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 516.731.4300 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 specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

The effects of hiring the wrong people are appreciable and costly.

Lasting relationships are tied to a shared sense of competitiveness, purpose, and culture. Many top lawyers are looking to make the move. Why, because they just don’t fit in anymore.

Culture embodies everything from the way people get on, to the core values the firm was founded on. It’s difficult to put your finger on it, but you know when something isn’t right. When the culture and the values match-up, everyone wins. When it becomes fractured, it get’s messy.

Every firm has their corporate culture, one day you’re at the top, the next day you’re not a team player. The culture within the firm may have shifted during the last merger or acquisition, and now you’re being rejected because you don’t share that passion.

Values are threaded throughout all aspects of the practice, woven into the relationship system as a whole, and reflective of these values.

Hire the wrong candidate, and you’ll likely know within a few weeks. When you get down to hammering out a deal, it becomes much more than what the firm is offering.

Work with your recruiter to find candidates whose values mirrors your firm’s culture. The best recruiters:

  • Are creative problem solvers. They find solutions.
  • Trustworthy and have an excellent reputation.
  • Connected to the players and knows what the word on the street is.

What makes your firm different from any other law firm? Why would a candidate want to work for you over other firms? Law firms want to know what is unique about a candidate and how they can further their business goals. In turn, law firms need to sell why you should work for them.

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 516.731.4300 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 specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

Confessions of a Legal Recruiter: Secrets to Landing a Successful Partnership

Landing a Successful Partnership

Law firms are looking for attorneys who can hit the ground running. The best legal recruiters can help guide you to identify law firms that are a good fit for your practice and lifestyle.

Things to consider prior to switching firm…

Define Your Value Proposition

  • What is your mission?
  • Who are your clients?
  • Clearly communicate your abilities.
  • What do you need to continue to develop your book of business?
    (platform, practice niches, geographic locations, marketing etc.)

Identify with your recruiter firms that will support and grow your practice. 

  • First and foremost, when considering and being considered by a law firm, think about how compatible you are? Beyond revenue.
  • Learn about the law firm’s culture, will you be happy here?
  • How will your skills and niche further the goals of the firm? And vice versa.
  • Develop a one-sheet — what you can bring to new law firm and why?
  • Work closely with your legal recruiter to come up with creative solutions to securing the best offer from the law firm.

Understand the Needs of your Future Law Firm

Often times a law firm is looking for a specific skillset, a specialist who will complement their footing in that particular practice of law. It’s a two-way street, both you and the new law firm should benefit. The bottom line is how you are going make or save them money. It’s all about the ROI.

  • How do you plan on making or saving money for the firm?
  • Leverage your worth. Learn as much as you can about the interested firm — before and during the process.
  • Understand how far a law firm is prepared to go to acquire your area of expertise.
  • Focus on the value of the entire deal: responsibilities, location, travel, and flexibility in work hours, opportunities for partnership and perks.

Confessions of a Legal Recruiter: Final Thoughts

Rainmaking is all about building relationships, and lawyers should keep in mind that developing a solid network and book is never ending. Attorney’s need to strategically nurture business relationships:

  • From inside their firm
  • Past and current clients
  • Personal and professional contacts
  • And focus on an industry or geographic location

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 516.731.4300 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 specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

What Legal Recruiters are Looking For: GRIT

Law Recruiters are looking for more than just good lawyers these days. You won a few trials, so what? Do you really have what it takes to be a part of your dream firm? If you have that winning way, yeah you know it, you got Grit.

What is Grit?
Grit is integrity . Grit is passion. Grit is staying past the end of the workday to make sure you know every line of your opening. It is something that goes beyond your knowledge of law and your performance in it. Grit can be defined as the reliability and mindset of a lawyer. This mindset can be broken down into a few key characteristics.

Mastering the interview — let’s get down to the nitty gritty.

InteGRITy
Being honest, not only with yourself, but also with whom you work with and for. Sometimes it means working for little reward but knowing that you’ve done the right thing and the best you could.

Loyalty is another important part of integrity. This is why confidentiality is so important, not only for clients, but for other firms as well. Even if you have had a bad experience with a previous employer or a competitor in the past, a lawyer with integrity never speaks ill of another.

Passion
A Gritty lawyer shows passion. Passion not only in what you know, but also in what you don’t: in what you hope to learn. This passion should come across in your interviews. It will show your potential employer your Grit and willingness to learn and grow as an individual and a lawyer. Your passion is your work. And you put your all at every point.

Perseverance
The field of law can be riddled with ups and downs. It is a Gritty lawyer that takes the downs, the mistakes and the failures in stride. You can show your Grit by learning from these mistakes and allowing them to point out where you may be able to improve. A lawyer with Grit will always finds room to grow.

Talk about your Grit during your interviews, demonstrate how your Grit turned the case around (reference, What not to say during an interview). Showing your inteGRITy will make you shine in the employer’s eyes.

The Ability to Lead
Leadership is not only being able to assemble people and results effectively. It can also be classified as a certain type of Grit. Your Grit makes you a natural born leader. You need to be able to take charge and responsibility. Do you draw upon your Grit to voice flaws in your partner’s case, knowing it may be a political risk?

Grit is what all the top law recruiters are looking for.

To learn more about how to get your career back on track, schedule an appointment with On Balance Search.

Integrity. Perseverance. Passion. Do you have Grit?


Law Recruiters are looking for more than just good lawyers these days. You won a few trials, so what? Do you really have what it takes to be a part of your dream firm? If you have that winning way, yeah you know it, you got Grit.

What is Grit?
Grit is integrity. Grit is passion. Grit is staying past the end of the workday to make sure you know every line of your opening. It is something that goes beyond your knowledge of law and your performance in it. Grit can be defined as the reliability and mindset of a lawyer. This mindset can be broken down into a few key characteristics.

Mastering the interview — let’s get down to the nitty gritty.

InteGRITy
Being honest, not only with yourself, but also with whom you work with and for. Sometimes it means working for little reward but knowing that you’ve done the right thing and the best you could.

Loyalty is another important part of integrity. This is why confidentiality is so important, not only for clients, but for other firms as well. Even if you have had a bad experience with a previous employer or a competitor in the past, a lawyer with integrity never speaks ill of another.

Passion
A Gritty lawyer shows passion. Passion not only in what you know, but also in what you don’t: in what you hope to learn. This passion should come across in your interviews. It will show your potential employer your Grit and willingness to learn and grow as an individual and a lawyer. Your passion is your work. And you put your all at every point.

Perseverance
The field of law can be riddled with ups and downs. It is a Gritty lawyer that takes the downs, the mistakes and the failures in stride. You can show your Grit by learning from these mistakes and allowing them to point out where you may be able to improve. A lawyer with Grit will always finds room to grow.

Talk about your Grit during your interviews, demonstrate how your Grit turned the case around (reference, What not to say during an interview). Showing your inteGRITy will make you shine in the employer’s eyes.

The Ability to Lead
Leadership is not only being able to assemble people and results effectively. It can also be classified as a certain type of Grit. Your Grit makes you a natural born leader. You need to be able to take charge and responsibility. Do you draw upon your Grit to voice flaws in your partner’s case, knowing it may be a political risk?

Grit is what all the top law recruiters are looking for.

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 516.731.4300 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 specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.

Confessions of a Legal Recruiter: Succession Planning for Solos and Small Firms

Most Solo Practitioners have spent years developing a growing and successful practice. Start planning your retirement now, take steps to create value. Establish benchmarks for revenue for future goals. Look for people internally and externally who fit the firm’s succession future image.

Confessions of a Legal Recruiter: Law Firm Business Development Strategic Plan
Succession Planning for Solos and Small Firms

In developing your succession plan, you’ll need to consider what you plan on doing with your practice or your book of business. Should you take on a younger partner? Sell the practice? Time is a critical factor, don’t wait.

Succession planning is a process. The most challenging task will be to Identify a successor or where to take your book of business. A clearly developed transition plan must address management responsibilities and an orderly plan for the transition of client relationships.

“You’d be surprised how many rainmakers put off planning their succession plan or wait till it’s too late to achieve this goal. Often many don’t groom a successor for the firm. As a strategic consultant I help attorneys monetize their book of business as they wind down from the daily practice into retirement,” – Shari Davidson, President of On Balance Search Consultants.

The success of a succession plan is based on how much time you have and how much time you’ll need. Decisions must be based on what is best for you and or your firm.

1. Start by establishing the firms identity and value. Assigning the firm’s successor is critical, the leadership must be a good fit for the existing client base and future growth of the practice. A successful succession involves identifying or developing one or more effective leaders.

2. Transitioning clients can be a challenge. Relationships are built on trust, you cannot simply turn over a client’s business to another attorney. Make sure the client is happy with the new leadership or they will jump ship.

3. Compensation. Every practice has their unique circumstances that must be carefully crafted when establishing compensation. Get it right and everyone wins.

Running out time, follow these three options:

1. Shut the doors down. Understand you will be leaving money on the table.

2. Time is money. If time permits, groom a successor

3. Talk to a succession advisor to strategically create the retirement plan you desire.

The process can take anywhere from a few months to a few years. It took years to build your business, and it will take time to successfully execute a succession plan. A transactional lawyer can successfully wind down a practice in three to six months. A trial lawyer may be tied into existing cases for two or three years.

Ultimately it gets down to what strategy best meets your needs. Nothing is ever routine, recognize that this process takes time. Be realistic. Understand what the value of the firm is today and what you can reasonably expect in the future. Is your client base of value to another practice?

Perhaps your priorities have changed, or you’re being forced into retirement. You’ve got options, take your active book and work with a succession planner to set the stage for the next move in your career.

“My firm helps identify the best solution in the marketplace. We evaluate your options based on your practice area as well as the market trends, and then align the needs and desires to the best solution,” Shari Davidson, succession advisor.

Succession planning is not an event, it’s a process. A well-planned succession works towards grow-ing the firm’s worth and at the same time developing an exit strategy that will allow your clients to continue to be well represented.

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 516.731.4300 or visit our website at https://www.onbalancesearch.com.

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