is your law practice splitting? ease the transition with law practice software
DESCRIPTION
It’s not uncommon for a larger law firm to separate into two smaller firms. This can be done to focus on a more specialized area of law, or when a partner decides to open his or her own firm. It’s vitally important to handle the split correctly and law management software can be a key tool in this process.TRANSCRIPT
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Is Your Law Practice Splitting? Ease The Transition With Law
Practice SoftwarePresented by:LexisNexis
http://www.lexisnexis.com
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Splitting Firmsn It’s not uncommon for a larger law firm to separate into
two smaller firms.
n This can be done to focus on a more specialized area of law, or when a partner decides to open his or her own firm.
n It’s vitally important to handle the split correctly and law management software can be a key tool in this process.
![Page 3: Is Your Law Practice Splitting? Ease The Transition With Law Practice Software](https://reader033.vdocuments.mx/reader033/viewer/2022052622/558c5ef8d8b42a130c8b46c0/html5/thumbnails/3.jpg)
Things To Consider With Law Management Softwaren Only one office can keep the license for the legal
practice software.
n The other firm will likely wish to stick with familiar office applications and will need to purchase its own license.
n Should this cost be the burden of the new office or should both firms split the cost?
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Things To Consider With Law Management Softwaren Law management software can’t be the only
consideration.
n Who owns the information held within the software?
n Will the database be split, held by one company or copied to both?
n Many legal practice software applications let you create more than one database so firms can switch between old and new databases.
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Legal And Financial Issuesn Law firms should spell out all details related to the split.
n This can include how clients will be divided and how to handle conflicts of interest.
n Some firms may be tempted to handle this themselves, however, it’s a good idea to get outside counsel to help.
n This will help ensure everything is spelled out and a firm that specializes in business agreements may be able to point out something you haven’t thought of.
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Legal And Financial Issuesn Finances can be complicated.
n Some clients don’t pay in a timely manner, which means earnings can come in even after the split.
n Setting up a separate account that can handle joint costs and earnings is a great way to handle this.
n Legal practice software can be vital in keeping these joint assets separate from each firm’s individual assets.
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Communication With Employeesn Expect some anxiety from employees before, during and
after the split.
n Some will worry that they will lose their jobs while others will be concerned that they won’t be supported in their positions.
n Assure employees that they’ll have job security, but if this isn’t possible try to hire a recruitment firm to help them find other positions.
n The best way to eliminate worries is to be honest and keep the communication lines open throughout the split.
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Communication With Clientsn Clients should also be informed of the split well in
advance.
n You don’t want clients to hear about the split from a competing firm.
n Define the role of each firm and let clients know who their contact will be.
n Use your law management software to create accurate client lists to ensure that you don’t forget to notify someone, even if they haven’t been an active client in a while.
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Finishing The Transition
n The transition can be difficult, even if it brings positive changes.
n Think ahead, plan carefully and use legal practice software to smooth out any kinks that may arise during your split.
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About LexisNexis
n LexisNexis is a leading provider of content-enabled workflow solutions designed specifically for professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets.
n The company can customize its products to the needs of the modern law firm and offers unique features that generic software solutions cannot.