Law Practice Management - Page 3 of 5

Category: Law Practice Management

October 15, 2018 • Cyber-Liability, Law Practice Management, Professional Liability Matters

Data Breach and Insider Trading

Attorneys practicing in mergers and acquisitions are familiar with the sensitive nature of their work and the potential for abuse of the information obtained. In addition to being restrained from trading on that information themselves, they must take extensive precautions to ensure that they do not allow that information to slip to friends, family members, or colleagues. Unfortunately, one cannot assume that others won’t use that information to make trades that could ensnare both the attorney and firm in extensive criminal and civil litigation, regardless of intent. Accordingly, both formal and informal mechanisms are put in place to keep potential inside information from those who are not required to have it in their work.

August 6, 2018 • Law Practice Management, Professional Liability Matters

Lawyers on a Short Leash: Bar Admission Restrictions

Unlike most licensed professions, the practice of law can significantly restrict an attorney’s geographic mobility. If an attorney wishes to move to another state, it typically requires at least one year of planning before the move is possible. This may include studying for and successfully taking the new state’s bar examination, re-taking the Multistate Professional Responsibility Exam, and going through another character and fitness review. However, the Uniform Bar Examination is now used in the majority of states and there appears to be significant momentum toward a more relaxed approach to attorney licensing. While a recent decision by the Ohio Board of Commissioners on Character and Fitness may appear to be a halt on this new trend, it will likely also serve as one of UBE proponents’ key examples of an arguably archaic system that must be changed.

May 2, 2017 • Law Practice Management, Legal Malpractice, Professional Liability Matters

Don’t Be a Halfway Law Partner

It is not uncommon for attorneys to join forces to defray costs. This often means sharing office space, support staff, and equipment. Some attorneys take this a step further, advertising themselves as a partnership even if their practices remain separate. Such arrangements should be made with caution, however, as they may lead to vicarious liability among the so-called partners.

March 30, 2017 • Law Practice Management, Professional Liability Matters

Lawyers ≠ Partnering with Non-Lawyers

Law firm financing has become an increasingly complex and interesting aspect of the legal business. From personal injury litigation loans, to the financing of the Gawker lawsuit by a Silicon Valley billionaire, it appears many want to get a piece of a lawsuit these days. However, the Second Circuit recently affirmed a district court ruling that law firms are still forbidden fruit for third-party financiers.

March 22, 2017 • Ethics, Law Practice Management, Professional Liability Matters

Ethics of Law Firm Dissolutions

All good things must come to an end. Professional firms are no exception. There are many reasons that a professional firm may close its doors; however, regardless of the cause, professionals must remain cognizant of their ethical duties to third-parties and clients throughout the dissolution process.

February 14, 2017 • Law Practice Management, Professional Liability Matters

Lawyers are Stressed Out

Running a professional practice can be stressful. To be successful, professionals often must work long hours, under tight time constraints, and respond to the needs of demanding clients, while simultaneously working to manage their business and market themselves to new clients. For many professionals, the challenge of working in a professional practice is part of the reward. However, for others, the work can at times be overwhelming. Statistically, an alarming percentage of the legal profession is stressed and, unfortunately, many are depressed.

January 26, 2017 • Ethics, Law Practice Management, Professional Liability Matters

No Office? No Right to Practice

Many attorneys are licensed to practice in multiple states. By extending one’s practice across several jurisdictions, lawyers can expand the scope of services offered to their clients and increase their appeal. However, in order to provide this service, lawyers must comply with certain laws requiring that the attorney maintain a physical office within the state in order to practice there.

December 13, 2016 • Law Practice Management, Professional Liability Matters

Is the Unfinished Business Doctrine Finished?

Many professionals do not end their careers where they started. Professionals are on the move. The vast majority of professionals are impacted by the transition of a colleague from one firm to another. In fact, with the increase in online media covering the legal industry in particular, news of partner transitions is readily available. In a recent California case, a trustee of a bankrupt law firm has taken the position that the dissolved firm should retain all ongoing legal fees from cases started at the firm. This could have significant impact on how professionals transition their practice.

November 23, 2016 • Law Practice Management, Professional Liability Matters

“Trust me, I’m a lawyer”

Attorneys are people too. In the midst of negotiating/litigating on behalf of clients, attorneys also manage their own day-to-day lives. Attorneys sign leases, enter into contracts, negotiate with vendors and otherwise engage in discussions that are personal in nature. It may be tempting for attorneys to seek leverage by boasting their title as “esquire” or to disclose the attorney’s affiliation with a particular law firm. But, to do so may trigger legal and ethical implications.

April 12, 2016 • Law Practice Management, Legal Malpractice, Professional Liability Matters

Guilty by Law Office Association

It’s not uncommon for small or solo attorneys to join together with others to share in operating and overhead costs of running a law firm. Attorneys can sometimes share office space, personnel and equipment yet run completely different practices independent of each other. However, what happens when one attorney is sued? Can any of the other attorneys also be held liable? Of course not, right? Well, according to a decision out of Tennessee it’s not entirely out of the question.