While I wait for the latest COVID-19 variant rates to go down, I’ve been keeping busy streaming the comedy series Modern Family. In one episode, Jay Pritchett, the founder of Pritchett Closets and Blinds and the patriarch of the family, was arguing with his daughter Claire Dunphy, who had recently taken over as head of the company. Under Claire’s tutelage, the company had just won an industry award. Their argument was about who deserved credit for this accomplishment: Claire, for her innovative techniques in taking the company to new levels, or Jay, who had the vision to start the company in the first place.
Although they eventually recognized each other’s contributions, I felt a bit more aligned with Claire. Yes, there would be no company without Jay, but Claire kept up with new developments in the industry, keeping the company competitive in a changing world. The importance of adapting your practice to changing conditions is reflected in many of the articles in our Modern Practice Committee Report. For example, in “Working From the Cabin,” p. 23, Abigail E. O’Connor helps us understand the best procedures to implement for the remote practice of law. To stay relevant and keep up with the times, good marketing strategies are essential. In “What I Wish I Knew Before Engaging a Social Media Marketing Agency,” p. 28, Craig R. Hersch explores how to effectively implement social media strategies with a marketing agency. And with the explosion of cryptocurrencies and non-fungible tokens, it’s important to understand what’s involved in investing in these assets. “How to Talk to Clients About Crypto and NFTs,” p. 40, by Mark R. Gilfix, provides a good overview of this issue.
The willingness to adapt to change is also important in terms of attitudes towards family wealth. In “Wealth 3.0: From Fear to Engagement for Families and Advisors,” p. 18, Dr. James Grubman, Dr. Dennis T. Jaffe and Kristin Keffeler explore a new approach toward family wealth that moves away from fear and embraces a more positive, strengths-based approach that energizes clients to succeed instead of warning them to avoid failure.