Is Your Law Practice Splitting? Ease The Transition With Law Practice Software

Is Your Law Practice Splitting? Ease The Transition With Law

Practice SoftwarePresented by:LexisNexis

http://www.lexisnexis.com

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.

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?

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.

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.

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.

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.

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.

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.

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.