Western North Carolina is reeling from the impact of Hurricane Helene which brought extreme flooding resulting in massive mudslides, washed-out roads, entire towns destroyed, and rivers re-routed. The economic impact will be felt for years, as will the emotional impact.

Communities that experience natural disasters often band together, supporting one another through shared hardship. This collective resilience is key to recovery. From volunteer efforts to government assistance, the spirit of cooperation fuels the rebuilding process. Resilience isn’t only about returning to normalcy–it’s about learning from the event and fortifying against future challenges. Individuals often discover inner resources of strength they never knew they had, while communities find ways to make their environments safer and more prepared for future disasters, fostering a culture of prevention alongside recovery.

The U.S. Department of Veterans Affairs, National Center for PTSD, says there are factors that make it more likely that we will recover following either human-caused or natural disasters. 

Social support is identified as one of the strongest keys to recovery after disasters. “Social support increases well-being and limits distress. Being connected to others makes it easier to obtain knowledge needed for disaster recovery. This can be practical support for solving problems or finding and getting access to recovery services. It can also mean finding comfort in being understood by people who have shared your experience and getting tips about coping.”

Social support is one way that a bar association can help. As members, check in on your friends and professional colleagues in your local bar, as well as Western North Carolina. Are they suffering a loss due to the storm’s impact? Do they have any family or friends who are suffering a loss? Connecting with them to let them know you care about them, listening as they describe their situation, or their worry, can provide comfort which can help in the healing process.

The Center also cites having good coping skills after a disaster as being an important key to recovery. “Coping self-efficacy–the belief in one’s ability to get through difficult times–is related to better mental health outcomes for those affected by disasters. When you think that you can cope with the results of a disaster, you tend to do better after a disaster.”

This is also great advice for those of us in a stressful career such as law. When we tell ourselves we can cope, and move towards action using our coping skills, we are putting ourselves in a better position to experience resilience. I’m not suggesting positive thinking will solve the crisis in Western North Carolina, but research from the National Institute for Health has found a link between an upbeat mental state and improved physical health including lower blood pressure, reduced risk for heart disease, healthier weight, better blood sugar levels and longer life.

Hope is also related to better outcomes following disasters. “A belief that outside sources–such as local community members, volunteer organizations, or government agencies–are acting on your behalf can foster hope. Hope may spring from religious faith, belief in a higher power, or spirituality. Hope may also come from a general sense that things will work out well and that positive things can be expected or even predicted. The presence of practical resources following a natural disaster—like housing, food, water, and clothing–can foster hope.”

Knowing how important hope is to recovery is an excellent reason to shut down misinformation. News organizations did this across North Carolina by reporting stories that highlight the comprehensive recovery efforts, along with a direct acknowledgement that misinformation was spreading and local media fact-checked those false stories. Misinformation feeds hopelessness, whether it’s surrounding a natural disaster or an election. 

Bar associations can also assist in combating misinformation. The association can share educational resources online or via social, members can write op-ed pieces for local media, members can volunteer for civics training in classrooms or senior centers. Those in the legal profession can also model good social and community behavior. Show family and friends the power of negotiation and hearing both sides of an argument, how to take in information and analyze it for truthfulness, as well as by participating in civil discussions around differences.

Resilience in the wake of a natural disaster is not just about survival—it’s about transformation. The journey from devastation to recovery is long and complex, requiring both inner strength and external support. But as individuals and communities rebuild their lives, they often emerge stronger, more connected, and more prepared to face whatever challenges lie ahead. Through resilience, we see that the human capacity for hope and renewal is boundless, even in the face of nature’s most destructive forces.

Camille Stell is the President of Lawyers Mutual Consulting & Services and the co-author of “RESPECT – An Insight to Attorney Compensation Plans”. The second edition is available from Amazon beginning in October 2024. Continue this conversation by contacting Camille at camille@lawyersmutualconsulting.com or 919.677.8900.

The book program at Jones Elementary School is a wonderful Greensboro Bar Association tradition! This year, GBA member donations will be used to allow the children in grades K-5 of the Traditional English program to select a book of their choice ($8 or less) at the school’s Book Fair, to be held the week after Thanksgiving. We will also provide a gift book for all “graduating” 5th graders in the spring, both in the Traditional English and Spanish Immersion programs. GBA volunteers are welcome to help children shop at the Book Fair this fall, and to deliver the 5th grade graduation books to the students next Spring.

Donate now online, or mail your check made payable to the Greensboro Bar Association Foundation, with “Elementary School Project” in the memo line, to:

Greensboro Bar Association Foundation
P.O. Box 1825
Greensboro, NC 27402

To volunteer or for more information, please contact Elementary School Project committee co-chairs Ashley Canupp or Erin Reis. 

Donations are tax-deductible, with receipts sent to each donor. Thank you in advance for your continuing support – the children and teachers at Jones thank you too!

Click to Donate Online Now

The end of the year is barreling towards us – are you ready? If not, here are a few tips for tidying up the financial side of your law practice.

Financial Management

For many lawyers, financial management is the business area of practicing law that provides the most heartburn. It’s completely understandable. But it is to your own detriment that you don’t understand the financial fundamentals better. Hire financial advisors to aid you in better understanding your business. Too many lawyers delegate responsibility to employees who have not been properly trained.

Be aware of potential landmines. A major red flag is having one employee who has all financial responsibility: check writing, bookkeeping, trust account management, financial reconciliation, as well serves as the gatekeeper for all communication with your financial partners and bank. Checks and balances are key. Often, there is no ill intent on the part of the employee, just a lack of knowledge. If, as the owner, you do not understand the process, you will have a hard time finding the flaws in your system or properly supervising.

Analyze Your Cash Flow

Brenda Barnes, law firm consultant and compensation expert, has this to say about law firm finance, “A good system of cash flow management can spell the difference between a successful business and a failed one. You need positive future cash flow to meet your debt commitments. Strong cash flow management also provides the ability to invest in growth. Getting to a position of excess cash flow helps your company operate in a strategic, proactive way, and can help keep you from operating on the defensive. Year end is an excellent time to document your cash flow, prepare a cash flow budget, and look for areas of improvement.”

Financial Review

Here is a checklist for law firms to strategically maximize profitability in 2024.

• Review realization rates and compare to prior years
• Review client profitability to assist with determining billing rate adjustments
• Review attorney and paralegal billing rates to determine whether an adjustment is necessary. If so, establish a communication protocol with your clients to discuss.
• Set timekeeper budgets including billable hours, collections, and origination goals
• Review your general ledger and correct coding adjustments as necessary
• Review your Profit & Loss report. Where do you stand? If you have a larger than expected profit, are there any major purchases (investments in your firm) you should make now that can be depreciated? Make sure you have the cash. Talk to your CPA tax advisor.
• Verify loan accounts and clean them up if necessary
• Reduce your receivables – follow up with clients to get paid
• Write off bad debt if necessary but work on getting paid first
• Make SEP IRA or 401k contributions and donations to charity to reduce taxable income. Talk to your CPA tax advisor.
• Verify your 1099 information is set up properly in your accounting system. Ensure you have W9’s and Tax ID numbers for issuing correct tax forms.
• Begin to think about year-end bonuses. Will you give these this year or in January?
• Review benefits that should be reported on W-2’s such as health and life insurance, transportation subsidies, moving expense reimbursements, and education debt or education reimbursement programs
• Create budgets for 2024
• Focus on your balance sheet – verify all your account balances

Strategic Look Ahead

Continue to examine how the pandemic and current economic market has impacted your law firm.

• How is your area of practice performing? Are your clients able to pay their bills timely? Are your rates supporting your practice?
• How are your employees faring? Are your work from office / work from home protocols meeting the firm’s needs? How stable is your remote work plan? Does your post-pandemic work force plan need further adjustment?
• How is your personal mental health holding up? Do you have the support you need to continue to serve your clients? Are you able to support and encourage your team members?

Too often in our busy lives, we don’t take time for reflection. Schedule time to reflect on the current state and future of your firm. Ask your employees for input as their front-line communications with clients may reveal stresses or successes that don’t see from your point of view. 

Conclusion

Use a year-end review to see how your law firm performed under pressure and to make the changes necessary to strengthen your practice. With an objective look back, you can plan for moving forward.

Camille Stell is the President of Lawyers Mutual Consulting & Services and the co-author of the newly published book, RESPECT – An Insight to Attorney Compensation Plans available from Amazon. Continue this conversation by contacting Camille at camille@lawyersmutualconsulting.com or 800.662.8843.

Join the Real Estate Section for a great meal, drinks and discussion on the growing market for build-to-rent products with Eric Friedman, Build-to-Rent Development Manager with Crescent Communities.  This meeting will be held at 5:30pm on November 9th at the office of Tuggle Duggins (400 Bellemeade Street, Suite 800).  To make a reservation, please call Martha Bailey directly at 336.271.5202 or send an email to mbailey@tuggleduggins.com.

We look forward to seeing you there!