Joshua Lenon - Map It Out: Your Career in Law
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Transcript of Joshua Lenon - Map It Out: Your Career in Law
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Clio Cloud Conference 2014SEPTEMBER 22 – 23, 2014 · CHICAGO, ILLINOIS
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Mapping Your Legal Careerby Joshua Lenon
@JoshuaLenon
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Photo by Angelo Domini on Flickr under Creative Commons License
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Stages of Man
Photo by A. Currell on Flickr under Creative Commons License
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2010 2014
52,488
38,000
1L Law Students
1L Law Students2010 2014
37%
Becoming Top Heavy
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10%20%30%40%50%60%70%80%90%
100%
60+50+40+Under 40
Lawyer Ages
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Our profession is aging, seeking retirement, and there are fewer
replacements being trained
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Stages of Lawyer Career
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Learning to Crawl
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At the of 24, we expect students
to choose the next 40 years of their lives.
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Choosing a Field
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1. Think Long Term
2. Make a Plan
3. Talk to Practicing Lawyers
4. Talk to Your Professors
5. Listen to Yourself
Choosing a Field
6. Think Outside the Box
7. Quality of Life
8. Understand Your Personal Goals
9. Forget Finding the “Right” Answer
10. Your Answer Will Change
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Standing on Your Own
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All lawyers consider going solo
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Firm Size 2003 2007
Solo 4% 8%
Small Firm 23% 18%
21-100 13% 10%
101-250 8% 5%
251+ 20% 13%
After the JD Study
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Prepare for disruptions
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• Economic changes impact practice areas
• Internationalization continues to grow.
Disruptions
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Tech choices will impact you for decades
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Schofield's First Law of Computing
Never put data into a program unless you can
see exactly how to get it out
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Lenon’s Addendum
The passage of time makes almost every electronic file format
inaccessible.
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Lawyers have a duty to produce
electronic documents decades from now
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New York Records Retention
Lawyer’s need to produce on demand:
• Financial & Trust Records
• Client Files
• Original wills
• Files involving minors or those under a disability
• Select real estate files
• Family law matters involving future expenses
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Law Society of England & Wales
• Trusts
• Life of the trust, plus six years
• Wills
• Indefinitely
• 50 years from date of creation
• Even if revoked
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ISO Formats
• ISO 19005 – PDF
• Font embedded
• Encryption forbidden
• ISO/IEC 29500 – Office Open XML
• Created by Microsoft
• Based on XML architecture
• ISO/IEC 9075 – SQL
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Lawyers must evaluate software choices
based on exit options
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Walking with Help
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Elder lawyers are in a prime position
to help others stand.
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1. How to be a good mentor
2. Exiting gracefully & profitably
Elder Advocates
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• Look for Bar mentor programs
• Law schools (externships)
• Clio Co-Counsel
Mentorship
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Mentorship
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Mentoring provides exit opportunities
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Exiting
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Rule 1.17 Sale Of Law Practice
A lawyer or a law firm may sell or purchase a law practice, or an area of law practice, including good will, if the following conditions are satisfied:
(a) The seller ceases to engage in the private practice of law, or in the area of practice that has been sold in which the practice has been conducted;
(b) The entire practice, or the entire area of practice, is sold to one or more lawyers or law firms;
(c) The seller gives written notice to each of the seller's clients
Selling a Practice
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• Income
• Expenses
• Client Base
• Sources & use of capital
• Potential conflicts
Due Diligence
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Easy Due Diligence
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Stages of Lawyer Career
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Thank you for listening!