In the current environment of economic uncertainty, many lawyers in solo practice or at smaller firms either have seen their retirement assets and net worth reduced, or are worried about the prospect of facing such a reduction.

All companies do some type of planning: global multinationals typically have detailed written plans, while smaller companies usually have a "plan" in the head of the entrepreneur.

A little prevention can go an extremely long way

Invest your non-chargeable hours wisely.

While some of the tips listed below relate primarily to high-profile matters, a few are also worthy of consideration in preparation for any trial. Some may appear obvious — even to the point that you might doubt they could ever actually occur.

The iPad has dominated the market, but its competitors are coming on strong. It means more choice than ever for demanding professionals who know what they need.

The signs are clear. The world is definitely in a recession, even if the tsunami has not yet washed over Canada’s shores. So what can law firms do now to prepare for the hard times?

Since going solo doesn’t work for everyone, here are some questions to ask yourself to help determine whether it might be right for you.

What is the lowest value you would accept in settlement? Full or shared custody? Accept a plea bargain? How many times has a client looked at you and said, “Well, what do you think?” Or even worse, “We have decided to go with whatever you think.”

All lawyers are in business to serve clients. So long as the work being done for clients is profitable or can be used as a training ground for new lawyers, a case can be made for continuing to do it. The question to ask, however, is whether it is an adequate case. There are two scenarios in which lawyers are fully justified in walking away from potential or actual clients. Both scenarios come down to a matter of business judgment.