In the legal profession, success is not solely about winning cases but also about building a sustainable practice that endures the test of time. Douglas J. Wood, a veteran entertainment and media lawyer, underscores this in his latest book, From Dawn to Dusk. Wood shares valuable insights on the importance of strategic planning for lawyers and offers advice on navigating the emotional and practical challenges of transitioning out of active practice. His reflections provide a roadmap for legal professionals aiming to build a thriving practice and smoothly transition into retirement.

Wood emphasizes the critical role that a well-structured business plan plays in the success of a legal practice. Drawing from his personal journey, he highlights how he adopted basic business principles early in his career, focusing on creating a detailed, written plan with specific, measurable goals. According to Wood, lawyers often overlook the necessity of such planning, choosing instead to rely on their legal expertise alone. However, by integrating business strategies into their practice, lawyers can significantly enhance their chances of long-term success. Wood’s approach demonstrates that a solid business plan is not just an option but a necessity for those who wish to thrive in the competitive legal landscape.

As lawyers progress in their careers, they inevitably face the challenge of transitioning out of active practice. Wood candidly discusses the emotional strain associated with this process, particularly the sense of irrelevancy that can emerge as one nears retirement. He stresses the importance of having a transition plan in place, one that allows lawyers to gradually step back while ensuring their clients are well taken care of by other attorneys. This transition, Wood argues, should not be left to chance; instead, it should be a carefully managed process that begins years before retirement. His advice serves as a reminder that, just as in the early stages of a career, strategic planning is crucial in the later stages as well.

One of the more pressing issues in today’s legal industry, according to Wood, is the generational gap exacerbated by the shift to remote work during the COVID-19 pandemic. This gap, he believes, threatens the traditional methods of mentoring and knowledge transfer within law firms. The remote working model has disrupted the interpersonal relationships that are essential for passing down wisdom from senior lawyers to younger associates. Wood warns that law firms must find ways to bridge this divide if they are to maintain a cohesive and effective workforce. His observations highlight the need for firms to adapt to the changing work environment while preserving the core elements of mentorship and collaboration that are vital to a firm’s success.

In essence, Wood’s insights offer a comprehensive guide for lawyers at every stage of their careers. From the importance of a well-structured business plan to the challenges of transitioning out of practice, his advice is both practical and deeply reflective of his own experiences. Moreover, his concerns about the generational gap in law firms serve as a timely reminder that the legal profession must evolve with the times while maintaining its foundational practices. For any lawyer looking to build a successful career and plan for a smooth retirement, Wood’s wisdom is invaluable.

Douglas J. Wood’s reflections on building a legal legacy are a testament to the power of strategic planning and foresight in the legal profession. His emphasis on business planning, career transitions, and the generational gap provides a roadmap for lawyers aiming to achieve long-term success and relevance. Wood’s insights serve as a reminder that a successful legal career is not just about winning cases but about building a practice that endures and evolves.

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Transcript

Continue Reading Transitioning Away from Your Multi-Million Dollar Practice: Douglas J. Wood

As Laura Leopard‘s team at Leopard Solutions was analyzing the 2021 law firm lateral movement data, a glaring statistic stood out. There were a lot of women attorneys leaving AmLaw200 firms, and were not coming back like their male counterparts were. As with any good data expert, Laura worked with her team to find out the reasoning behind this trend. The results of that study were released earlier this summer in Leopard Solution’s “Women Leaving Law” report.
We sit down with Laura to discuss statistics that show that some 64% of women lawyers who leave AmLaw200 firms don’t come back to those firms, some 60% of male attorneys don’t either. And while many might think that the reasons for women not returning are part of the “Shecession” of the pandemic, the survey shows that is not the primary reason. The actual reasons involve things like law firm culture, lack of lateral recruiting of women, uneven promotions, and lack of flexibility needed to retain women in the legal workforce.
The report does give eleven processes that law firms can implement to help recruit and retain women. We go through each of those, one by one to learn more.
AALL Crystal Ball Question
We have a familiar voice joining us this week as Bob Ambrogi answers our Crystal Ball Question and discusses the path he predicts state legal regulatory sandboxes are going to take over the next few years.

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Twitter: @gebauerm or @glambert
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Transcript

Continue Reading 11 Steps Law Firms Can Take to Stop “Women Leaving Law” – Laura Leopard (TGIR Ep. 170)

With Thanksgiving falling on a Thursday this year… wait, I’m being told that it does that every year… we decided to release a panel discussion that Greg moderated with the General Counsel from McDonald’s, Fannie Mae, Western Union, and Tyson Foods. The discussion ranges from where these GCs are expanding their search for talent, to truly increasing diversity both in their outside law firms as well as looking at their own diversity ranks, to retaining talent by improving the overall structure of the workplace.
Speakers
  • Desiree Ralls-Morrison, Executive Vice President, General Counsel and Corporate Secretary, McDonald’s
  • Terry Theologides, Executive Vice President, General Counsel, and Corporate Secretary, Fannie Mae
  • Caroline Tsai, Chief Legal Officer and Corporate Secretary, Western Union
  • Amy Tu, Executive Vice President, General Counsel, and Corporate Secretary, Tyson Foods
Special thanks to Reuters Events for allowing us to share this discussion with our listeners. Happy Thanksgiving Everyone!

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Contact Us
Twitter: @gebauerm or @glambert.
Voicemail: 713-487-7270
Email: geekinreviewpodcast@gmail.com.
Music: As always, the great music you hear on the podcast is from Jerry David DeCicca.
Transcript

Continue Reading The Geek in Review Ep. 138 – Cultivating and Retaining the Next Generation of Legal Talent