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banker clients with money to spend. I have seen that a lot." Both Trudell and Dangerfield say when lawyers do find themselves overwhelmed by their practice, they have enor- mous difficulty asking for help. In fact, by the time Trudell's lawyer-clients arrive at his office, they are exhausted, exas- perated, and require a lot more than legal advice. "I wish I had shares in Kleenex because when you break down a lawyer's wall, one that was built up because of shame and all the rest of it, their tears are pretty important and honest." He sends the vast majority of his lawyer-clients for therapy. "They are emotionally depressed or they see their lives col- lapsing. In some cases, they have been carrying on for so long without admitting that things are unravelling and they need help. When the collapse happens, the main reaction of most lawyers is relief." He adds: "In this profession, we are afraid to fail. We have large egos. We are supposed to be problem solvers. And yet not many of us learn how to run a business . . . when we move out into the world, we are not equipped." That's a point reiterated by Dangerfield, "Everybody who is called to the bar has to have a basic understanding of accounting rules and how to handle trust funds." Since lawyers practise in a wide variety of areas, not only in big firms, who should be responsible for teaching these basic business skills? Daniel Jutras, dean of the Faculty of Law at McGill University, acknowledges that universities have a fundamental role to play in preparing students for life in the business world. "It is frequently expressed that stu- dents graduate from law school without a basic understand- ing of financial information, commercial organizations, legal persons or institutions," says Jutras. "Most don't know how decisions are made in large or small organizations. They don't know how to navigate complex institutions or how to listen to what is being said. If you can't understand your own financial statements, how can you understand your client's financial statements? I think it is fair to say that these kinds of things are not currently within the soft conception of most law schools." Although many law students volunteer at a legal clinic or spend a semester working in the field, real- world experiences are not required to graduate. This means it is possible that students never learn how to competently deal with the public or even how to write a cheque or bal- ance a budget. Mayo Moran, dean of the University of Toronto's Faculty of Law, does not believe law school is the best place to teach future lawyers the basics of business. "What you need to know about running a business in a large firm or in a small firm is different than if you work in a public organization or a private organization. Our graduates go everywhere so we offer them many options [in university], but not every student who graduates knows how to run a law practice or a business." Moran believes because students go on to work in so many different areas of law, it is impossible to teach them one set of business basics. "If you go and work in a large firm, the business plan will be different than if you are a solo practitioner. I think these things are really important but it seems to me that ongoing legal education or the law society 1 2 3 4 5 6 10 7 8 9 GET A MENTOR All lawyers need someone they can talk to when they have issues or concerns regarding practice man- agement. He or she should know how to set up a diary, main- tain files, answer the phone in a timely manner, handle trust funds, and so on. Make sure you find this mentor early in your legal career and maintain one throughout. DON'T HIRE A YES MAN Surround yourself with people who know more than you do (billing, accounting, maintaining dockets, etc.) and listen and learn from them. BE PRUDENT WITH MONEY Ken Atlas believes his advice is the foundation for a lifetime of good business practices: "If you want to be rich, spend less than you earn." LEAN ON THE LAW SOCIETY Lawyers who practise on their own can't walk down the hall and ask someone for help. Where there is significant stress or financial issues, most law societies have a lawyers-at-risk program and it's free of charge. This service is often completely anonymous and can be available to a lawyer's family members. ADMIT YOUR MISTAKES William Trudell says the most important thing you can do when running a business is to admit when a mistake has been made and take steps to cor- rect it, preferably sooner rather than later. SEEK BUSINESS ADVICE Trudell believes not being able to establish and follow a basic business plan is like a doctor not being able to read his own X-rays. Both are essential to a successful practice. LEARN BUSINESS 101 If no one taught you the basics of business, take a management course; there are hundreds to choose from. LOOK AFTER YOURSELF Sometimes a lawyer's entire day is spent solving other people's problems and they don't get around to worrying about themselves. Says Trudell: "They think it will all fall into place and then they get a large bill." SMALL PROBLEMS LEAD TO BIG PROBLEMS If you are hav- ing trouble making ends meet, seek expert guidance and find a solution quickly. Avoiding the problem only leads to more bills and very poor decisions. ADMIT THAT YOU ARE HUMAN 'Nuff said. www.CANADIAN Lawyermag.com M A RCH 2011 35 10 TIPS FOR LAWYERS TO KEEP YOUR LAW PRACTICE F I NAN C IAL L Y VIAB L E