Silence can be very loud
Jack and Suzy Welch, one of their weekly columns for Business Week magazine, respond to the following question (paraphrased): “I’ve recently noticed that new MBAs are passing me by and moving into management in my company. I assume this is because they’re less expensive than experienced workers such as me. Do you see this as a trend?”
Their response was fascinating to me.
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Their response was fascinating to me.
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People: The key to success
In a Business Week article, Campbell Soup CEO, Doug Conant, was featured. Among the tactics he discussed that has caused greater success for the company is his emphasis on the employees of the company.
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What values are most important to clients?
A suggested listing of traits most valued by clients set forth the following items:
1. Show up on time
2. Do what you say
3. Finish what you start
4. Say please and thank you
These are the single, simplest, most important rules to remember in dealing with all people, not just clients, in my opinion. Continue Reading...
1. Show up on time
2. Do what you say
3. Finish what you start
4. Say please and thank you
These are the single, simplest, most important rules to remember in dealing with all people, not just clients, in my opinion. Continue Reading...
Coaching -- It's importance never declines
When lawyers ask me about coaching, and its value, I frequently talk about sports as a metaphor that we can all understand. I use examples such as Lance Armstrong (cycling), Michelle Kwan (figure skating) and others.
In this time of year when football is the dominant sport of interest, Tom Brady, New England Patriot quarterback, and winner of three Super Bowls, and Most Valuable Player in two of them, makes an interesting disclosure about the coaching process. Continue Reading...
In this time of year when football is the dominant sport of interest, Tom Brady, New England Patriot quarterback, and winner of three Super Bowls, and Most Valuable Player in two of them, makes an interesting disclosure about the coaching process. Continue Reading...
You may have to change your business model in 2007
In today’s USAToday, Section B, there is an interesting review of three new books. If you believe the messages, you may have to change your business model.
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Airstream saga - Our first real test
Lessons from our first real test that apply to the management of a law practice:
Challenges
• Hitching the trailer to the truck, or getting the right team together, working on the same agenda
• Getting the truck and trailer to work seamlessly as one unit, or making sure that separate agendas don’t pull the firm apart
• Organizing the inside of the trailer, or creating the firm culture of harmony and esprit de corps that encourages your lawyers and staff to work together, even in hard times
Opportunities
• Moving outside of one’s normal urban comfort zone, or seeking and obtaining new clients
• Exploring new geographic areas, or increasing your practice by enlarging your practice areas of emphasis
• Obtaining new knowledge as we begin our travels, or developing a system of knowledge management that will create greater efficiencies for the practice
Conclusions
• When you add a trailer to the back of your truck, you travel more slowly, use more fuel, but have more support and resources for longer travels. As you grow your firm and add lawyers and staff, you will experience some difficulties (travel more slowly). This will require greater communication (more fuel) to keep your firm working smoothly. But, you will also experience greater revenues and profits (with your increased support and resources).
• When backing up (plan ahead), you are able to make small corrective actions rather than be forced into major efforts.
• When you are authentic and walk your talk, others will respond and your business will grow. Being a coach to and for lawyers, our instructor’s behavior resonated with me. I can see why he is successful and is far busier than he wants to be in his retirement.
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Challenges
• Hitching the trailer to the truck, or getting the right team together, working on the same agenda
• Getting the truck and trailer to work seamlessly as one unit, or making sure that separate agendas don’t pull the firm apart
• Organizing the inside of the trailer, or creating the firm culture of harmony and esprit de corps that encourages your lawyers and staff to work together, even in hard times
Opportunities
• Moving outside of one’s normal urban comfort zone, or seeking and obtaining new clients
• Exploring new geographic areas, or increasing your practice by enlarging your practice areas of emphasis
• Obtaining new knowledge as we begin our travels, or developing a system of knowledge management that will create greater efficiencies for the practice
Conclusions
• When you add a trailer to the back of your truck, you travel more slowly, use more fuel, but have more support and resources for longer travels. As you grow your firm and add lawyers and staff, you will experience some difficulties (travel more slowly). This will require greater communication (more fuel) to keep your firm working smoothly. But, you will also experience greater revenues and profits (with your increased support and resources).
• When backing up (plan ahead), you are able to make small corrective actions rather than be forced into major efforts.
• When you are authentic and walk your talk, others will respond and your business will grow. Being a coach to and for lawyers, our instructor’s behavior resonated with me. I can see why he is successful and is far busier than he wants to be in his retirement.
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Open letter to California Bar President
Editor, California Bar Journal
180 Howard Street
San Francisco, CA 94105-1639
December 20, 2006
Letter to the Editor
Letter to the President of the State Bar of California
In the current issue of the California Bar Journal, Sheldon Sloan, President, State Bar of California, starts his President’s column, stating: “As members of the State Bar Board of Governors, our most important duty - second only to public protection - is keeping watch over the hard-earned dollars you (lawyers of California) send us each year both in mandatory and voluntary donations.” Continue Reading...
180 Howard Street
San Francisco, CA 94105-1639
December 20, 2006
Letter to the Editor
Letter to the President of the State Bar of California
In the current issue of the California Bar Journal, Sheldon Sloan, President, State Bar of California, starts his President’s column, stating: “As members of the State Bar Board of Governors, our most important duty - second only to public protection - is keeping watch over the hard-earned dollars you (lawyers of California) send us each year both in mandatory and voluntary donations.” Continue Reading...
Compensation for Partners
This time of year, when bonuses and compensation issues are at the forefront of discussion, causes much angst for many lawyers, especially newer partners who have not yet had a chance to develop a solid track record for themselves within the firm.
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Plan now for 2007!
The Dynamics of Billing, Profits and Compensation.
Many law firm compensation models are designed for individual gains rather than long-term growth and sustainability. Yet if a firm wants to promote the kind of cooperative effort that increases billings and profitability, it must change to a more cooperative compensation model.
The popular dicta says that people do that which is rewarded. Thus, review your compensation system to see what you want to achieve and what you reward. Are they the same? This is a good time of year to be asking this question, before 2007 begins.
Many law firm compensation models are designed for individual gains rather than long-term growth and sustainability. Yet if a firm wants to promote the kind of cooperative effort that increases billings and profitability, it must change to a more cooperative compensation model.
The popular dicta says that people do that which is rewarded. Thus, review your compensation system to see what you want to achieve and what you reward. Are they the same? This is a good time of year to be asking this question, before 2007 begins.
Work-Life Balance: Or Is It?
"A day-and-a-half ago," as my mother used to say when talking about age, I was president of the California Young Lawyers Association, then about 50,000 lawyers age 36 or younger. I remember my induction dinner. I was proud to have been elected; my work schedule prevented me from being with my family as often as I should have or wanted ... thus, I took my then age 6 and 8 son and daughter with me to the dinner. This was a first for those in my circle of colleagues and friends and set the standard for many young lawyers thereafter.
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Are you ready for the labor shortfall?
The Wall Street Journal last Saturday wrote about what will happen to companies when their Baby Boomers retire. This discussion is consistent with our recent comments about law firms forcing partners to retire at an arbitrary age, usually at 65 years.
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Some interesting numbers
Numbers don't tell us everything. But some numbers should start us thinking:
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Ghost Writers for Blogs
It seems that my suggestion that "busy lawyers should consider getting a "ghost" writer to help start and/or maintain a blog" was perceived as an extraordinary idea.
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Is Benchmarking the master or the servant?
Recently, I received a call from a lawyer wanting to know what percentage of his gross revenue should be allocated to rent, perhaps the number 2 or number 3 largest cost item for lawyers. He said he wanted to know whether his percentage was in line with other law firms.
My response didn’t satisfy him; he went to another consultant and was told the average was 12%. In a recent survey conducted by Juris, Inc., the percentage for occupancy cost was 9%.
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My response didn’t satisfy him; he went to another consultant and was told the average was 12%. In a recent survey conducted by Juris, Inc., the percentage for occupancy cost was 9%.
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Knowledge Management depends on Knowledge Sharing
Dennis Kennedy's post today on this subject is brief, yet poignant, and the quotes he shares deserve deliberate thought. They echo my beliefs and previous commentary.
It's that time of year again when billing rates increase
My experience tells me that sole and small firm lawyers' billing rates, despite the publicity to the contrary, are below "market value." Rates can be increased a bit, generally. And no excuse needs to be given if the increases are done properly. I've written several suggestions on how and when to increase rates.
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Adobe Acrobat 8.0 Has New Features for Lawyers
This week, Ed interviews Rick Borstein, Business Development Manager for the Legal Community for Abobe Systems, Inc. Rick discusses The new version of Adobe Acrobat<sup>®</sup> and how new features are of special interest to lawyers.
21 minutes, 0 seconds<br>
4.9MB
Click here to listen.
Books as eyes to your soul
Justin Patten talks about those books of 2006 that he considers to be the best. And yesterday, I listened to Charles Jones, a well-known speaker, say that asking someone to list the 10 books that made the most impact on their lives will tell you more about them than anything else can.
While I've heard others say something like this, I never sat down to make such a list. Yesterday, I did.
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While I've heard others say something like this, I never sat down to make such a list. Yesterday, I did.
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The company we keep -- A sales tool
Are we known by the company we keep? Tom Collins cites a source that seems to conclude we are. And, he cites another source that suggests clients like to know who we represent because it tells them something about our experience in the respective industries of our clients and our expertise. I take a contrarian viewpoint.
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Mandatory retirement age
In today's New York Times, on the front page of the Business Section, an article appears about mandatory retirement age policies of major New York law firms. It seems that law firms have yet to learn from the experiences of their corporate clients. Adam Smith calls this policy idiocy.
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Airstream teaches another lesson in law firm economics
Years ago, when I was a new associate in a small law firm, I suggested that the firm spend money for something, the exact nature of which I don’t recall at this time. I do remember, however, that the managing partner was not the least bit concerned. His exact response was that I could not spend enough money to worry him; he was more focused on bringing new business to the firm and if my expenditure had a chance of doing that, then he was o.k. with spending the money. There didn’t have to be a guarantee of success given by me. One new client would more than outweigh any amount I could spend, he said.
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Some lawyers don't want employees
USAToday writes about businesses, including lawyers, who don't want to have employees. Rather they create a virtual company, outsourcing their needs to others while performing those functions and activities that lie within the boundaries of their particular skill set and enjoyment level.
Knowledge Management continues to grow
Ron Friedmann talks about another aspect of KM - capturing not only your own work product, but that of others.
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Hiring the right team is still the key to success
Talent will be increasingly difficult to find as this decade comes to a close. The most important key to the success of law firms will be to engage the right personnel, both attorneys and staff.
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Never Negotiate Against Your Own Self-Interest
Every lawyer is a businessperson. Your practice is your business, and if you do not work to ensure its profitability, no one else will. Some lawyers, however, do not grasp this truth, and risk undermining their business by their own actions.
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Bah, Humbug! Be original this holiday
Over the years past, I have had a great deal of difficulty with this holiday season -- not because of the holiday, but because of the commercialization of the holiday.
There are so many people who have enabled me to be successful; it would be impossible to thank them all, individually and with an appropriate gift at this time of year. I was raised with a unique philosophy: "If you don't recognize me during the year, don't bother me on my birthday." (You can translate that: "Don't give me a gift for the holiday unless you mean it and unless we have an on-going relationship during the year. I'd much prefer a lower legal fee."
You may think this is extreme; I think there is merit in the idea that a holiday or once a year is not really effective to recognize the value to you of the people for whom you care or without whom you would be less successful.
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There are so many people who have enabled me to be successful; it would be impossible to thank them all, individually and with an appropriate gift at this time of year. I was raised with a unique philosophy: "If you don't recognize me during the year, don't bother me on my birthday." (You can translate that: "Don't give me a gift for the holiday unless you mean it and unless we have an on-going relationship during the year. I'd much prefer a lower legal fee."
You may think this is extreme; I think there is merit in the idea that a holiday or once a year is not really effective to recognize the value to you of the people for whom you care or without whom you would be less successful.
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Delinquent Taxpayers - Beware
The State of California has a new tactic for encouraging payment of its sales and use taxes.
The Board of Equalization, the tax collecting authority for California, will make available as a matter of public record, each quarter, a list of the 250 largest sales and use tax delinquencies in excess of $100,000. There is an exception to the publication if there is a dispute connected with the tax assessment.
Sex offenders must publicly register; their whereabouts, therefore, are known to the general public. Forget about the concept that they've paid the price to society by serving time in jail; they forever more will be marked and tracked. Interesting that sales tax offenders may be treated in similar fashion.
Should we expand this idea to include income tax evaders? Will this encourage timely payment?
Too bad we can't do this with our delinquent clients who fail to pay our bills. It's unfortunate that the rule of confidentiality prevents us from publicizing laggard clients. Clever lawyers should be able to develop an alternative approach. See my book for several ideas to help you collect your fees without difficulty in the future.
The Board of Equalization, the tax collecting authority for California, will make available as a matter of public record, each quarter, a list of the 250 largest sales and use tax delinquencies in excess of $100,000. There is an exception to the publication if there is a dispute connected with the tax assessment.
Sex offenders must publicly register; their whereabouts, therefore, are known to the general public. Forget about the concept that they've paid the price to society by serving time in jail; they forever more will be marked and tracked. Interesting that sales tax offenders may be treated in similar fashion.
Should we expand this idea to include income tax evaders? Will this encourage timely payment?
Too bad we can't do this with our delinquent clients who fail to pay our bills. It's unfortunate that the rule of confidentiality prevents us from publicizing laggard clients. Clever lawyers should be able to develop an alternative approach. See my book for several ideas to help you collect your fees without difficulty in the future.
Identity theft statistics
30% of ID theft occurs through lost or stolen wallets, checkbooks or credit cards.
Moral: Check your belongings frequently, especially your credit cards.
50% of all ID theft is perpetrated by friends, neighbors, employees, family members or relatives.
Moral: It's always the folks who are close to us who have access to our personal information and, most importantly, our trust to be in a position to take from us.
It takes 40 hours on average for a victim of ID theft to clean up the mess.
That's a lot of angst and incredible financial loss (multiply your hourly rate by 40 to know the number.
Approximately 11% of fraud cases are caught via credit monitoring reports.
You're entitled to a free credit report from time to time. Check it regularly to be sure your credit is still intact.
Moral: Check your belongings frequently, especially your credit cards.
50% of all ID theft is perpetrated by friends, neighbors, employees, family members or relatives.
Moral: It's always the folks who are close to us who have access to our personal information and, most importantly, our trust to be in a position to take from us.
It takes 40 hours on average for a victim of ID theft to clean up the mess.
That's a lot of angst and incredible financial loss (multiply your hourly rate by 40 to know the number.
Approximately 11% of fraud cases are caught via credit monitoring reports.
You're entitled to a free credit report from time to time. Check it regularly to be sure your credit is still intact.
Selling Your Law Practice - Additional Perspective
ABA ETHICSearch just published a memorandum concerning the closing of a law practice.
In addition to mentioning our book, Selling Your Law Practice: The Profitable Exit Strategy, the author cites several articles and ethics opinions that provide a broader perspective on the topic, including the ethical responsibilities of retiring lawyers and departing lawyers
In addition to mentioning our book, Selling Your Law Practice: The Profitable Exit Strategy, the author cites several articles and ethics opinions that provide a broader perspective on the topic, including the ethical responsibilities of retiring lawyers and departing lawyers
Adobe 8 - New version
I recently interviewed the business development manager for the legal market for Adobe
We talked about their new edition. His comments, I thought, were very interesting ... and merit consideration for the upgrade if you've already got an earlier version. I understand that there were some challenges in version 7 that have been eliminated in the new version.
The interview is scheduled to be featured here ---- look here on Monday ---- and on our web site.
I encourage you to listen. Adobe is more powerful now than ever before ... Adobe seems to be quite satisfied with the quality of their new version 8.
I'd welcome feedback on anyone's experience with the new version 8. Contact me.
We talked about their new edition. His comments, I thought, were very interesting ... and merit consideration for the upgrade if you've already got an earlier version. I understand that there were some challenges in version 7 that have been eliminated in the new version.
The interview is scheduled to be featured here ---- look here on Monday ---- and on our web site.
I encourage you to listen. Adobe is more powerful now than ever before ... Adobe seems to be quite satisfied with the quality of their new version 8.
I'd welcome feedback on anyone's experience with the new version 8. Contact me.
Fee Collection, a Teleseminar given to the Canadian Bar Association by Ed Poll
Fee problems lie at the feet of lawyers, not clients. In this podcast, created by the Canadian Bar Association, Ed Poll discusses how lawyers can protect themselves and increase their realization rate for increased cash flow.
Ed takes a "Fresh Look at Fee Collection for Lawyers."
If you desire more information following this podcast, we recommend Ed'd book, Collecting Your Fee: Getting Paid from Intake to Invoice.
Mr. Lincoln's T-Mails
Technology has been cited as the cause for many things ... from landing on the moon to winning a war. And, of course, technology has been blamed for many ills in the world ... from overcrowded airwaves to cell phone use causing traffic accidents to crowded mail boxes, e-mail that is.
Now, a new book by Tom Wheeler, "Mr. Lincoln's T-Mails: The Untold Story of How Abraham Lincoln Used the Telegraph to Win the Civil War," suggests that President Lincoln used the technology of the 1860's to win the Civil War.
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Now, a new book by Tom Wheeler, "Mr. Lincoln's T-Mails: The Untold Story of How Abraham Lincoln Used the Telegraph to Win the Civil War," suggests that President Lincoln used the technology of the 1860's to win the Civil War.
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Year-end Planning
IOMA's Law Office Management & Administration Report features an article about year-end planning.
Drawing from our new book, the article suggests "... a few simple and practical tips that all firm leaders would do well to consider." Continue Reading...
Drawing from our new book, the article suggests "... a few simple and practical tips that all firm leaders would do well to consider." Continue Reading...
Spam statistics are frightening!
According to Jeff Davidson, Spam is 90% of all emails.
Jeff further says that Postini, a U.S. email security company, says there were 7 billion spam emails worldwide in November compared to 2.5 billion in June.
Wow! With the holiday season upon us, be even more careful than usual!
Jeff further says that Postini, a U.S. email security company, says there were 7 billion spam emails worldwide in November compared to 2.5 billion in June.
Wow! With the holiday season upon us, be even more careful than usual!
Disaster Plans
In a recent survey conducted by the Association of Legal Administrators, 54% of the responding law firms indicated they had a disaster recovery plan.
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Business intelligence -- Open book revolution
According to the current issue of Business Week, “... business intelligence is evolving from traditional business intelligence to pervasive business intelligence, which empowers everyone in the organization, at all levels, with shared and aligned analytics, key success indicators, alerts, and feedback mechanisms. ...
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Outsourcing - Offshoring
DuPont, if not the leader, certainly is getting most of the press about this hot issue. In a recent Business Week (September 18, 2006) article, it was reported that DuPont has combined with OfficeTiger (with offices in the Philippines and India) to cut its legal expenses.
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Goin' phishing?
How to spot a phish -- the best explanation I've seen.
