I co-wrote this article with Charlotte Neser for Law UK. You can find it here: https://www.law-uk.com/comment/the-emperor-has-no-clothes-improving-the-model-for-partner-exits
Author: Murray Gottheil
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The Principle of Equal Theft
I used to advise clients who were involved in shareholder disputes. I would always ask whether the shareholders had been less than angelic in their dealings with each other and the tax department. Although businesspeople tend not to judge people who only steal from the tax department to be all that bad, for the sake of simplicity I will refer to both shareholders who steal from each other, and shareholders who steal from the tax department, as crooks.
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Free Agents in the Law Firm
The other day I wrote about a financial planner who is doing his small part to improve the lives of the financially oppressed by helping lawyers who, despite making seven figures, are still somehow struggling to get by.
[This article was not written by Murray Gottheil. It was written by a law firm associate somewhere in a Commonwealth country who would like to become a partner in a law firm, and so has decided that it would not be a good idea to publish it under his own name.]
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Poor Little Rich Lawyer
There is a financial consultant who posts on LinkedIn, presumably to let people know what he does and how he can help. He apparently specializes in developing wealth strategies for lawyers. I enjoy reading his posts. They are succinct, well-written, and tell interesting stories about lawyers who earn a great deal of money but require help organizing their financial affairs to ensure that they can one day enjoy their retirement.
I was doing annual minutes for my teeny tiny corporation today, and I got to thinking:
- As a corporate lawyer for forty years, I was responsible for many thousands of sets of annual minutes being prepared, at a few hundred dollars a pop.
- As a retired owner of a small corporation, I don’t know how excited I would be about paying a lawyer or law clerk a few hundred dollars for doing my annual minutes.
I sometimes speak to young lawyers who are being burned on their accounts receivable. I gently explain to them that it is their own damn fault, and they should do better.
“You keep using that word. I do not think it means what you think it means” ~ from the movie The Princess Bride.
In a recent post on LinkedIn, the author explained that she checks her work email every day while on vacation, and that doing so allows her to relax.
Others chimed in to say they take a similar approach. One person said, “I can’t imagine a total disconnect ever…”
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Nickle and Diming Our Clients
Clients do not like being nickeled and dimed. They can get their heads around paying $750 an hour, but charging them for photocopies annoys them.
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Losing Our Heads Over AI
This Article resides on the Appara Website. Click here to read it: