Have you ever wondered how to establish a long-lasting business partnership without involving family members? Today we will dive into how to build a strong non-traditional business structure without your loved ones attached. We will also cover the essential steps to change your business name without losing public recognition. Our guest this week is Matt Clark, managing partner at Chain Cohn Clark. Matt’s journey from aspiring filmmaker to successful lawyer is both fascinating and inspiring.
A Brief Introduction to Matt Clark
Matt Clark is one of the partners at the law firm Chain Cohn Clark in Bakersfield, California. Specializing in personal injury law, Matt’s firm handles complex cases such as industrial accidents and products liability. Interestingly, Matt’s career path did not always point toward law. He initially pursued a career in film, attending Loyola Marymount’s film school and working in the industry as an editor for a number of years before deciding to switch careers.
The Unexpected Path to Law
Matt’s transition from film to law was quite serendipitous. Frustrated with the demanding and often unpredictable nature of the film industry, he decided to explore other career options. He took both the LSAT and GRE exams and performed slightly better on the LSAT, which led him to choose law school. Despite zero preparation and a rather unorthodox approach, Matt’s decision to pursue law turned out to be a pivotal moment in his career.
Why Personal Injury Law?
During law school, Matt discovered a passion for mock trials and courtroom dynamics, which steered him towards personal injury law. Unlike other legal fields, personal injury law allows Matt to be in the courtroom, directly advocating for his clients. This field also requires assembling and presenting evidence in a compelling way, akin to editing a film, which aligns well with his background in film editing.
Establishing Long-Lasting Business Partnerships
One of the key topics we discussed with Matt was how to establish enduring business partnerships spanning multiple generations without involving family members. Chain Cohn Clark, founded in 1934, has successfully done this for 90 years. Their secret? The firm operates as an S-corporation, allowing for the transfer of shares between partners. This structure ensures smooth generational transitions and aligns partners’ interests with the firm’s success.
The Importance of a Strong Non-Traditional Business Structure
Chain Cohn Clark’s strong non-traditional business structure is unique among law firms. As an S-corporation, the firm avoids the pitfalls of nepotism and allows for clear, merit-based succession planning. Share ownership in the firm is meaningful and directly tied to income, providing strong incentives for partners to contribute to the firm’s success.
The Role of Teamwork and Technology
Managing a law firm with numerous long-duration cases requires a well-organized team and advanced software systems. Chain Cohn Clark’s team-based approach and robust calendaring system ensure no tasks are missed and cases are handled efficiently.
Evolving Management and Leadership Styles
As Matt grew within the firm, he had to adapt his management and leadership styles. Initially focused solely on his cases, he realized the importance of effective management and the need to support and inspire his team. This transition from a nose-to-the-grindstone lawyer to a more people-oriented manager was challenging but necessary for the firm’s growth.
Rebranding Without Losing Recognition
Rebranding a business is a daunting task, but Chain Cohn Clark successfully navigated this process with the help of professional consultants. When changing their name from “Chain Younger” to “Chain Cohn Clark,” they implemented a comprehensive 12-month rebranding plan, including consistent marketing efforts across various platforms. This strategic approach not only preserved, but also enhanced their public recognition.
Advice for Aspiring Business Owners
Matt’s advice for aspiring business owners and the younger generation is straightforward: work harder and stick with it. Success requires dedication, persistence, and a willingness to challenge yourself every day. Whether you’re starting a business or working your way up in a firm, these principles are essential for growth and achievement.
Conclusion
Matt Clark’s journey from film school to managing partner at a prestigious law firm is a testament to the power of perseverance and adaptability. His insights into establishing a strong business structure, long-lasting business partnerships, evolving management styles, and strategic rebranding offer valuable lessons for business owners and aspiring entrepreneurs alike.
Thank you for joining us, and stay tuned for more inspiring stories and practical advice!
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Reach out to our guest’s website: Chain Cohn Clark