Director, Media Relations Communications
How I Run the Business
Name: Larry Kraft
Job: Executive director of the 60-attorney firm Scarinci Hollenbeck in Lyndhurst for about 12 years. He spoke at a recent New Jersey Institute for Continuing Legal Education seminar.
“Our business model is different. I am operating more as a chief operating officer. We take all the business responsibilities away from the partners. All the attorneys do here is practice law. It has worked well. Because we operate this way this economic downturn will not affect us as it might affect others. We understand what the economic needs are. We are on top of the clients. The bottom line is lawyers should do what they do best: be lawyers. I don’t believe they’ve been trained to handle the business side of law. I don’t think attorneys want to call clients to get paid, which they have to do. There are a lot of things the need to know about running a business. The business principles, to me, are the same no matter how large or small the firm. If it is a solo practitioner or a large firm, you have to be aware of those things. Everybody better be asking those question and make sure someone is looking at those issues. If you are on top of things, you can keep problems to a minimum.”