A recent article by Bruce Stachenfeld over at Above the Law reminded me of my biggest pet peeve regarding law firm financial performance: misleading law firm profit margin figures. Bruce correctly points out that “profit margin is a dangerous statistic to use in comparing law firm profitability” because it “can be completely manipulated by two factors: [t]he titles that a firm gives to its lawyers; and [t]he leverage in the system.” Essentially, for a given number of associates, the more partners a firm has, the higher its profit margin (%) will be. The reason for this is that typically all partner compensation is included as profit. This is a mistake. Keep reading to learn why this is a problem and to learn how to calculate law firm profitability the right way.
Ed. Note: This is a guest post by Fred J. Cohen, Esq.
Most couples get married thinking that it will last forever and a day, but the reality is that more than half of first marriages end in divorce, while second and third marriages fare even worse. Let’s face it: divorce is never easy, and these proceedings often become contentious, particularly when it comes to dividing the marital property. These questions can become even more complicated when one or both spouses own a business. It takes dedication and perseverance to build a successful business and a divorce can undermine years of hard work and sacrifice, especially in cases where a spouse may be entitled to a significant percentage of the business. There are steps you can take, however, to protect your business assets.
I participated in a public-defender internship during my last of year of law school. Looking back, the experience was easily one of the most valuable and eye-opening of my legal career. I’d like to encourage today’s law students, even those not interested in a career in criminal law, to spend time defending indigent criminal defendants. So I’m proud to announce that I’m offering a $1,000 scholarship for law students. It will be awarded annually to a law student who has participated in a public defender program. Keep reading to learn more about this scholarship opportunity for law students.
Picking a practice group is an incredibly important decision for any young attorney. Your practice group will dictate the substance of your day-to-day duties at your firm. But, your initial choice also has the potential to set the course for your entire career. Inertia in the workplace is powerful. Spend a few years doing real estate work and people are going to start thinking of you as a real estate attorney. Once people think of you as a real estate attorney, you’re likely to have a difficult time switching to a significantly different practice area. Or even more generally, it’s difficult to switch from litigation to corporate even if you’ve only been practicing for a year.
One factor that I suspect junior attorneys frequently overlook are the billing rates associated with a particular practice group. [Read more…]
E-cigarette explosions have sadly become more and more common. An e-cig explosion can cause devastating damage to both body and property. If your e-cigarette exploded and you’ve been injured, I highly recommend that you obtain an e-cigarette explosion lawyer. Keep reading to find out why you may need to file an e-cigarette explosion lawsuit: