New Profit Center for Law Firms: Life Management?

While we as attorneys all aspire to be trusted advisors (or at least we should do!) one firm has demonstrated how to embrace this concept with great gusto. Texas A&M quarterback Johnny Manziel has hired a law firm to help him in the selection of an NFLPA certified contract advisor, as well as marketing, management and business professionals. Firm partners who were already the family’s personal lawyers will continue to oversee all business-related matters for Manziel and any Manziel-related company in the future,

Manziel said in a release,

ā€œIā€™m very grateful to Brad, Jeff and my parents for all their help in assembling a core of specialists who can guide me through the transition to professional sports and after…This allows me to focus on the hard work and training that I need to do to get ready for the NFL combine and upcoming draft. No one else can do that for me.ā€

It is common for savvy athletes, successful business owners as well as entertainment people to have a cadre of advisors, but interestingly enough most of the rest of us do not. If we are lucky, we may have an accountant, or even a financial planner, and use an attorney only when needed, like for a will or home purchase. What would happen if the parties coordinated their efforts? What would happen, say if your accountant, financial planner and attorney somehow were able to effectively communicate with each other on your behalf?

Wouldn’t it be interesting to know that you should fight that ticket in Court because your insurance rates may go sky-high if you do not?

We’ve seen this done in divorce proceedings, though oftentimes in an adversarial manner, but what if a law firm could be more involved in these matters…health directives, business advising…actually fulfilling the role of counsel?

I am not suggesting a revisit of service combinations, though I still believe that is going to happen, but as I read that the future of the practice is gloomy, that profits for 2014 will only rise 5% and that number is based on head-count reduction and unbridled optimism, maybe the answer is to see what other services we should be letting our clients know we can provide?

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