LawBiz® & Los Angeles County Bar Association Join Forces
The Los Angeles County Bar Association Announces LawBiz® Management Co.
Named as a Member Benefit Provider
For Immediate Release
Los Angeles, August 28, 2006:
In a joint announcement today, LawBiz® Management Co. and Los Angeles County Bar Association announced a new relationship by which members of the Association will have access to the management skills and practice guides made available by LawBiz® and noted law practice management expert, Ed Poll.
Be unique and sell
There's an adage that goes something like "He who quotes the first number in a negotiation loses."
Eliminate your competition entirely. Be different. Offer something that your competitors don't or can't. Create something new that your clients need or want. Think about what this might be in your own practice. If you can't think of what makes you unique, you've lost, you're really nothing more than a commodity to your clients and you may "soon" be out of business.
Alternative Fee Billing - Jeff Carr Interview
Alternative fees continue to be a prominent topic among lawyers. Our next several podcasts will feature interviews that Ed has conducted over the last 18 months with prominent thinkers on this subject.
Jeff Carr, General Counsel of FMC Technologies, responds here in the first of two interviews with him.
In today's world, the preeminent method of billing is still based on the hour. It's not the way that lawyers have billed traditionally. It used to be that bills were given on a bottom line for value rendered services.
Changes resulted largely by corporate counsel and insurance counsel in the 1970s, or perhaps more so in the early 80s, when people were frustrated with that kind of billing system. We went to the billable hour as a way to impose some cost control and as a way to understand the way law firms were billing us. Now of course we've got a whole generation of lawyers who know nothing else at this point.
Jeff Carr discusses this "new" horizon.
Selling a law practice
Even immigration lawyer law firms are concerned about growing their practices by buying a practice.
One step closer to value billing
Rees Morrison suggests a very interesting concept ... sort of a blend of hourly rate billing and value billing ... Perhaps we need this intermediate step to get to true value billing.
"What would be the result if a law firm asked its lawyers to charge their time not at a single hourly rate (say, $400 per hour) but at three levels. At the lowest level, where the service was simple or inefficient or travel, perhaps the rate would be 20 percent less ($320 an hour). The typical rate, for work in the comfortable sweet spot of the lawyer, would be at the standard rate. For work over the weekend, rushed, or demanding special teamwork research or creativity, the rate would be 20 percent above ($480)."
Better use of Outlook
Did you know that, in Outlook, you can create a task item from an email? You can also add a due date, reminder date, and recurrence date, among other things, including sending it to someone else, in this task ... just as you can in any new task?
Another voice on mandatory insurance disclosure
How to Hurt California's Lawyers: Mandatory Malpractice Insurance Disclosure
The unusual "How To" theme of this month's column addresses a vital issue for all California lawyers. The State Bar of California has sought public comment on a proposed rule of professional conduct and rule of court that would require all attorneys to make disclosure to their clients when they do not have professional liability (malpractice) insurance.
Continue Reading...Tyco's Approaches
Jim Michalowicz, is the Litigation Program Manager for Tyco Corp. Formerly, he was with DuPont in a similar capacity for 13 years. Our interview with Jim also includes two other folks from the Tyco Legal Department who will also focus on development the best business practices for their legal department - developing the most effective and efficient approaches to handling the legal affairs of Tyco. Jim combines information management, relationship management and best business practices in his role as manager. Listen as Jim explains further about Tyco's approaches and what he expects from outside counsel that work with and for Tyco.
Reed Smith listens to UK minister
In a follow on article to an earlier blog wherein I commented on the UK Minister's presentation on diversity, Reed Smith made the following announcement:
"Reed Smith, a top-25 international law firm, has launched a new programme to help its female staff make their way up through the traditionally male-dominated profession.
The firm has created a series of workshops to expand opportunities for women at work in an industry that is notoriously "male, pale and stale".
I love that last phrase; never heard it before!
In a Phoenix, AZ publication, the assertion was made that more than 80% of women lawyers leave their firms because of getting stuck in meaningless work with no visible advance in sight. Perhaps that quoted phrase has meaning beyond the surface starkness!
Opposition to Proposed Rules of Mandatory Insurance Disclosure
The following is my statement of opposition to The State Bar of California's proposed rule requiring attorneys to disclose when they do NOT have professional liability (malpractice) insurance.
Should you have any comments or new ideas, please e-mail.
Continue Reading...Look for invisible opportunities - These will set you apart from the crowd
I recently attended the National Speakers Association’s annual conference in Orlando, FL, representing the Los Angeles chapter as its current president.
One of my colleagues, Sandra Shrift, described her “take-aways” from the conference. I echo her thoughts:
It's tough to market something you don't like
Larry Bodine's entry today talks about one of the most important factors facing American business today ... and particularly American law firms seeking to grow.
"Not only are lawyers typically reluctant to market their practices, now we learn that many associates aren't even interested in becoming a partner or staying in the profession. It's impossible to market a service that you don't want to perform."
See the full entry for statistics.
Don't fire your clients - You need them!
Ed Wesemann, a very able consultant and partner in the legal consulting firm of Edge International, wrote that “...Improving profitability is tough. For most firms, culling small clients represents a relatively easy first step.”
The suggestion that law firms “cull” 10% of their clients each year ... or that they “fire” their small clients ... rattles my very bones when I hear this. So long as the work being done for clients is profitable or can effectively be used as a training ground for new lawyers, there is reason to continue to retain this business.
Continue Reading...Knowledge Management is growing
Highlights from a recent American Lawyer Media (ALM) survey of law firms in US and Europe that are larger than 600 lawyers:
Highlights of survey results include the following:
Continue Reading...Doctors going paper-less
Doctors are faced with the same issues of going paper-less as are lawyers. Electronic Hospital Records (EHRs) are being used by about 15% of the medical profession. One factor causing reluctance to move forward is the high cost of implementing such a system, converting old files and learning how to use the technology.
Does this sound familiar for lawyers?
Law School Doesn't Teach Lawyers How to Practice Law
August 15, 2006
Venice, CA
FOR IMMEDIATE RELEASE
Law school does not teach lawyers how to effectively interact with clients; law school does not teach lawyers how to efficiently practice law; law school doesn’t teach lawyers how to become good rainmakers or make money! “These skills are learned, if at all, from the ‘School of Hard Knocks!’” according to law practice management coach and consultant, Ed Poll.
Gordon Bava, former managing partner of Manatt, Phelps & Phillips, says “...scholars have generally ignored this important sector of our economy (managing a law firm) ... Neither law schools nor bar associations offer, let alone require, practice management courses to receive a degree or a license to practice. (More Secrets of the Business of Law®) helps to fill the void.”
Expert Yearbook recognizes Ed Poll
Expert Click, the on-line Yearbook of Experts, posted my bio, along with showing several of my books, onto their site.
I'd welcome your feedback.
Lawyers earn their living with their mouths! Learn how to do better!
Do you need expertise in marketing, branding and sales to make your business thrive? That’s what you’ll get at NSA/GLAC Success University — a faculty of 10 Masters/Teachers and 20 additional experts who will help you accelerate your success.
Continue Reading...
Interpersonal Communication
There are four personality styles – What is yours? Why should you care? How does your style impact your client relationships? Gayle N. Carson, President of Carson Research Center tells us why we need to know and why we should care about this issue.
Continue Reading...Observations from a marketing consultant
During a presentation before the Los Angeles chapter of the Legal Marketing Association, Sally Schmidt, a marketing consultant, made the following observations:
Continue Reading...New Executive Director
American Bar Association names new executive director. A new era for the largest volunteer association in the world is about to begin and its new leader certainly seems to be well qualified.
Blogging ain't cheap!
In an earlier comment, I suggested that blogging can be a good marketing tool, depending on your practice area and your target market.
But, blogging is very expensive. In an article that I wrote for TechnoLawyer, I suggest that the cost is a minimum of $20,000 per year in lost billable time. And this figure is on the low side of today's reality for most committed bloggers. Will this produce revenue of at least the same amount? Let's hope, but there is no guarantee.
Consider all the factors. See the article to learn more.
Interesting blog statistics
From the ABA, the following are very interesting statistics about blogging:
More than 6% of the lawyer population now have blogs
More than 1.2 million blog posts daily (one more added here! :-)
57% of lawyers read one blog daily
70,000 new blogs daily
Law firms operate under a broken business model!
Each fall the new associate classes arrive at the nation's large law firms. They come in humming the refrain from the John Fogarty song Centerfield: "Put me in coach, I'm ready to play - today." Their enthusiasm is built on summer associate classes filled with softball games, crab and shrimp buffets and amusement park outings. How hard can it all be? Then, of course, reality sets in.
Continue Reading...Providing Value to Clients
Christopher Marston is the CEO of Exemplar Law Partners, LLC, in Boston, MA. He has been receiving a lot of press coverage lately.
Why?
Chris, a member of the Massachusetts Bar, was the CFO of a technology company. This is his first venture into creating his own law firm. He brings his financial and management expertise to the opening of Exemplar Partners.
Chris was the CFO of a technology company. This is his first venture into the legal profession. He brings his financial and management expertise to the opening of Exemplar Partners.
Chris talks about providing value to clients. This means, among other things, no hourly billing and valuing the firm's human capital by creating the right work environment. He also talks getting clients more involved with their own legal matter to help increase their level of satisfaction.
Listen to Chris's comments which are unbiased by historical restraints of the legal profession. If you agree with him, think about how you can apply his principles to your own law firm and practice.
Who owns the copyright?
In an article I wrote for Lawyers Weekly Massachusetts, I asked the question, "Who owns the copyright to form files when a lawyer leaves the firm?"
There is more to this issue. In his blog, Ken Adams answers this question in great detail.
Continue Reading...Internet Marketing
Many say the guru of creating blogs and promoting blogs is Kevin O’Keefe of Lex Blog (www.lexblog.com). In a recent interview Ed discussed with Kevin, one of their favorite subjects, using the internet (including blogging) to market one's law practice.
