How Lawyers Can Explore Non-Legal Interests with Brendan Ward
Jun 26, 2024
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Brendan Ward, a practicing lawyer, shares his journey from solo practice to partnership, expanding into estate planning and real estate. He discusses setting up ancillary businesses, venturing into commercial real estate investments, and the limitations of wealth creation within law practice. The conversation also delves into the importance of tech tools in streamlining legal practice.
Transitioning from solo practice to partnership can lead to growth and overcoming fears in legal career.
Exploring ancillary businesses and real estate investments can diversify a lawyer's revenue streams.
Deep dives
Introduction to Legal Tech Non-Event
The Legal Tech Non-Event, hosted by Jared Kriya, focuses on bringing legal technology discussions directly to lawyers, especially those who find traditional conferences boring.
Diversifying Legal Practice
The podcast explores the theme of lawyers engaging in activities beyond traditional legal work, such as exploring business aspects of legal practice. Brendan Ward, co-founder of Cherry Tree Legal, shares his transition from a solo practitioner to starting a firm with a partner.
Incorporating Real Estate in Legal Practice
Brendan discusses his shift towards real estate work alongside estate planning and probate. The firm's strategy of using a title company associated with their practice offers insight into streamlining operations for real estate transactions.
Future Outlook on Legal Business Models
The conversation delves into the potential of non-lawyer ownership in law firms and the strategic positioning of legal businesses for future scalability and acquisition possibilities. Emphasis is placed on adapting to changing practices and leveraging technology for efficiency.
I talked with a practicing lawyer, who keeps himself busy with non-legal business interests. He explains how he does it, and how you can, too!
Episode Highlights 08:04 - Founding Cherry Tree Legal – Brendan’s journey from solo practice to partnership. 10:15 - Initiating Change – The spontaneous move to start a new firm. 17:51 - Overcoming Fear – Brendan’s acknowledgment of fear in solo practice and growth after partnership. 22:10 - Estate Planning and Real Estate Practice – Incorporating new areas of law. 27:57 - Setting Up Ancillary Businesses – The structure and reasons behind establishing a title company. 32:09 - Real Estate Investment – Diversifying into commercial real estate investments. 35:32 - Critique of Legal Market – Brendan’s insight on wealth creation limitations within law practice. 38:32 - Non-Lawyer Ownership in Law Firms – Discussing the potential and necessity for private equity in law firms. 50:33 - Importance of Tech in Law Practice – Tools and software Brendan uses to streamline his practice.