Golden Practices Blog

Stopping the Leak: Attrition in the Professions is Getting Ugly

The legal and accounting professions are leaking like sieves.

In law, there's an 85% attrition rate of professionals who are abandoning the entire profession in their first five years. The public accounting profession is not far behind (about 65-70%, we estimate).

Among those who stay in their firms, an alarming number express no desire to become owners or partners in the business.

VeraSage Institute operates as a non-profit organization that wants to stop this flow of great people out of what could be much more interesting and fulfilling professions. IF a few things are fixed. VeraSage, therefore, is offering its first ever program geared especially for those YOUNG PROFESSIONALS who are feeling discouraged about their choice of profession.

If you feel disenchanted and wonder whether you should leave accounting or law, you MUST go to this one-day session led by two amazing young leaders of Firms of the Future: Chris Marston and Brendon Harrex. (I've written about both guys before). A majority of other VeraSage fellows and founders--from all over the world--will be there as well including me.

VeraSage just posted registration details. Don't miss this OCT 22 event in easy-to-get-to Las Vegas.

The Future is Already Here...It's Just Unequally Distributed

For a profession to be truly innovative, it must not only do new things, it must stop doing old things. It is not possible to create tomorrow without first getting rid of yesterday.

You know there has to be a better way. And there is.

Attend THE event young professionals have been crying out for--given directly by the leaders of two REAL, practicing, thriving Firms of the Future--one law firm and one accounting firm.

Brendon Harrex, 33 year-old founder of the Harrex Group in Gore, New Zealand, and Chris Marston, 31 year-old founder of Exemplar Law Partners in Boston, MA, are revolutionizing the way professional knowledge firms are led.

Brendon and Chris are two of the professions' most visionary leaders because they understand they attract knowledge workers, and therefore treat their employees radically different than the average firm: No billable hour quotas, no timesheets required, investment in education quadruple the average firm, autonomy to set your own schedule, and time set aside to pursue to your passions. Each has a waiting list of people who want to join their organizations!

Brendon and Chris understand that professional knowledge workers sell intellectual capital, not time. They don't treat their people like union employees or children who have to account for every six minutes of their day. You are not galley slaves on the SS Billable Hour, but human capital investors who deserve to be treated with respect, autonomy, and dignity. They also know the partnership model is broken and they each have innovated new ways of running the businesses of their firms.

In addition to Brendon and Chris, many of the VeraSage Founders and Senior Fellows (from 30 to 65 years of age...all doing value pricing and ALL operating without timesheets) will be on hand to share their experiences and answer your questions.

Come hear, from the horses mouths, what the future of the accounting and legal professions looks like. If you're discouraged in your "traditional" firm or wondering why you chose your profession in the first place, this is the knowledge and inspiration you need in order to reinvigorate your career.

This high-energy event promises to be extraordinary because it's the first--and maybe ONLY--time VeraSage will simultaneously feature these young leaders of true Firms of the Future. Several other Senior Fellows of VeraSage comprise a panel to field audience questions about converting a traditional firm or starting their own Firm of the Future.

The future of the profession lies in firms led by innovative individuals. If you want a sneak preview of the improved and exciting future your profession, don't miss VeraSage Institute's Inaugural Young Professional Program.

• 8:30 a.m.- 5 p.m.
• Lunch on your own from 12-1 p.m.
• October 22, 2007
• Rio All-Suite Casino Resort
• 3700 West Flamingo Road
• Las Vegas, NV 89103
• 702.252.7628

Seating is limited to 100. Secure your spot and register now for only $129. (Priced low as possible so you can afford it even if your firm won't pay...)

Accounting and Legal News Media, you need to be there, too. This is truly ground-breaking and if you don't report it, you are going to be missing the boat. Media representatives (or anyone for that matter) can call me directly for more information about this program. Or ask your questions on VeraSage.com.

Accounting Today on Blogs

On the topic of accountants blogging, I'm honored to have been quoted in the most recent issue of Accounting Today  (and WebCPA) in an article by Liz Gold called, "Blogging for Dollars." 

New Accountant Blogs

I've added a few new blogs to my Accounting Blog List and now we are up to 26 known industry and service niche blogs! I am so glad to be able to officially state that there are over two dozen accounting practice blogs.

Accountants are beginning to listen and really grasp the potential of blogs for humanizing them as prospective service providers. This is exciting! Accountants still have a VERY long way to go to catch up to the thousands of lawyer bloggers (or blawgers) out there.

Added to my list are two good new niche blogs:

• Good Loans by Linda Keith, CPA, for lenders, and
• The Accounting Onion blog by a retired accounting professor Tom Selling who is a Ph.D., CPA and consultant who does litigation support.

And a new listing for an insightful accounting-related news blog Skeptical CPA by George Weinbaum.

There are also some additions to the other blogs I list (by CPAs for CPAs, etc). However, I'd like to formalize my listing policy a bit here...

My purpose for the Accounting Blog List is to track and point you to blogs written by CAs/CPAs to expand their firm-related practices. If you have an accounting practice and have a blog, please do email me.

My intent is not to be a link factory to CAs/CPAs who are exclusively in the business of selling consulting services to other CAs/CPAs (unless they also happen to operate an accounting firm) therefore, I won't be adding those to my list in the future. Thank you for understanding.

My Family Just Grew by One

Personal posts are a rarity for me, but this is news worthy of sharing. I've been a bit busy lately and a memorable summer is capped off with a new addition.

Much easier than the normal way of getting a new kid, my son got married. Now we have five!

Congratulations Jared and Melissa!

What Makes These Ads Good?

I've come across two ads recently that I've been wanting to blog about. (click to zoom in)

The first one reminds me of blogs that are written by professionals wanting to increase their business by providing useful information to people who buy what they sell. A good goal with a business blog, right? Well, why not with an ad, too.

This ad targets cat lovers and promotes kitty litter.

The ad has tips from a Hollywood pet trainer on how to teach your cat some cool tricks. Neat and useful. Something you might even clip and keep! And shows a passion for what buyers have a passion about.

What a concept!

Another ad that caught my eye in an airline magazine (probably American) is an ad for dentists.

Kind of a predictable or dull subject you might be thinking, yes? Certainly, it's a wordy ad and not too pretty. I'll confess right here that I almost NEVER read ads.

So what caught my eye about this one?

• the headline was pretty unexpected
• the pictured showed just two guys who chose to run an ad in a publication with a national (international, actually) audience...that seemed pretty unusual
• the bullet points -- I mean "Teeth in an Hour"?? wow
• "Last Time You Pay Policy" what on earth could that mean? Now I just HAVE to read on...

About the only thing that seemed hokey was the 30 years of combined experience. I've written about that before. Please don't tally your cumulative experience. This is the number one thing I advise not to do in my post "Please Don't Put This on Your Website." It's just not relevant. Frankly, if they are using 30 year old technology in dentistry, I'm NOT interested!

So, then, I read on and find differentiator after differentiator. Cool stuff.

Here are the highlights:

• Shameless specialization - this is ALL we do and the sole reason for our existence (first sentence of second paragraph)
• We understand!! Relating to patient's pain and reasons for procrastination, the ad removes obstacles and fear factors! (second paragraph)
• How they do it - in layman terms (third and fourth paragraphs, one for each core product)
• Five Star Service that says patients will be pampered and cared for in every way (last paragraph).

Seriously, have you EVER heard of dentists who will make your travel arrangements! They never did answer the question about what their payment thingy is, but by the time I read the ad, I forgot all about it.

Good, solid, and out-of-the-box.

Remember when you're thinking "we're just accountants" or "we're just lawyers" that, if two Texas dentists can set themselves apart this creatively with regard to services, your firm sure can!

Making the Recipient of Your Business Card Feel Special

By popular request (thanks Phil Sutton!!) here's another 5 minute marketing idea for you.

I'm highly in favor of printing direct dial telephone numbers on business cards (especially if you have one of those icky automated attendants!). And some people elect to print their mobile and even home phone numbers on their business cards, as well.

I like to be accessible to my clients and prospects, too, so I can appreciate the gesture, but instead of pre-printing that info on your cards, try this alternate way of sharing that privileged information.

Add a few more seconds to your card exchange process by tell the kind person you are talking with (or mailing to) that they are especially welcome to call you at your personal number. Then write "Michelle's home 123-456-7890" right onto the card front or back.

This lets you use your business cards in a way that makes someone feel really special...like they are part of a small group of people who have that exclusive access to you.

Another little tidbit...I just got back from 10 days in Malaysia via Hong Kong and Tokyo (yes it was wonderful) and I'm again reminded of the gentle and honorable Asian custom of presenting and receiving business cards with two hands, followed by the careful study of the card you've just received (don't write on the other person's card or stuff it into your trouser pocket--these things dishonor the card which is considered an extension of the person, thus dishonors the person).

There is something really nice about this ceremonious way of acknowledging someone. In the US, or even in most of Europe, you certainly needn't bow or go to abnormal extremes, but try presenting and receiving cards with a little more panache to make the person you're exchanging them with feel a little extra important.