Lawyer management consulting re banking
Tom Collins discusses an important issue concerning law firm creditworthinesss, law firm culture.
Citing a CitiBank report, culture of a law firm is an important consideration in granting credit. This is consitent with one of the 4 C's cited in our latest Special Report, The Successful Lawyer-Banker Relationship.
Tom also discusses the reason for partner defection. He suggests that it is not over money, but rather over the lack of law firm planning and business direction. An interesting thought.
Legal Tech Show
The opening keynote for ALM's LegalTech Show set a dramatic tone for the balance of the day and, I suspect, for the balance of the show currently in New York.
David A. Thomas, deputy assistant director of the FBI.
Continue Reading...Lawyer advertising exposed
The finalized amendments to the attorney advertising rules in New York are scheduled to take effect on February 1, 2007. The new rules go beyond advertising and include communications such as Web sites, email and direct mail in changing the way lawyers can generate new business. Will lawyers' blogging survive? Or will the weight of lawyers blogging cause the Bar to change its rules?
New York is not alone. See new rules in Kentucky. Other rules already exist in Texas and Florida. And advertising rules are being examined around the country such as in California.
Do these rules violate Free Speech? Isn't any and every communication from a lawyer intended to attract new business, directly or indirectly? Is this a slippery slope for the Bar?
Can lawyers both practice law and manage their practice?
"To be or not to be, that is the question."
The Dewey firm's managing partner logged 3,300 hours last year, or 12.6 hours per week day. And Orrick's managing partner has not practiced law since 1992; he's been managing the law firm. Was the difference in management culture the reason the announced merger between these firms failed in the end?
Interview with Donald A. Downey, Executive Director of minisoft Worldwide
Donald A. Downey, Executive Director of minisoft Worldwide, is interviewed by Ed Poll about collecting both WIP and AR. Don suggests that WIP (work in progress) that is not quickly converted into AR (accounts receivable) becomes sediment that needs to be cleared out.
Where the law firm uses the accrual method of accounting, there is an economic motivation to clear it out; where the law firm is a cash basis taxpayer, there is little motivation to do so ... but the law firm merely fools itself into thinking that there is still value in the amount that isn't quickly converted to an account receivable and then paid by the client.
Listen now to the full interview.
25 minutes, 12 seconds
5.9MB
Why Airlines Keep Losing Your Baggage
Do you travel frequently? Do you check your baggage? If yes, then you are a likely target for the baggage gremlin!
Continue Reading...Blogging Special Report
IncreMentalAdvantage just released a special report entitled, “The Marketability and Legality of Law Firm Blogs.”
Interview with Norm Thomas, Director of Business Development for Microsoft Professional Services Solutions
Ed interviewed Norm Thomas, Director of Business Development for Microsoft Professional Services Solutions. Norm starts the discussion with Microsoft's approach to developing solutions while using its platforms and applications.
He then continues to discuss specific applications to help improve the efficiency of lawyers, and concludes with a sneak preview of their presentations at the forthcoming LegalTech Show in New York.
Ed starts his interview by asking Norm to clarify his role with Microsoft.
Click here to listen.
23 minutes, 21 seconds
5.5MB
Management tips from McDonald's
Jim Skinner, CEO of McDonald's, was interviewed in Wall Street Journal and discussed his philosophy of management. Seems to me that his 5 tips apply to all businesses, even the lawyering business.
Kentucky Bar relents on blogging restrictions
Ben Cowgill has posted the summary of his challenge to the Kentucky Bar's earlier restrictions on blogging as prohibited advertising by lawyers. It's good news that they seem to have taken a more reasonable approach.
The market says rates can go higher
There has been recent discussion among some of the smaller law firms about reasonable (ABA standard) and unconscionable (California standard) fees. Unfortunately, this is a back-look standard where Monday-morning-quarterbacking reigns supreme.
Use of credit cards to pay legal fees and costs
The California Standing Committee on Professional Responsibility and Conduct has submitted for public comment its interim opinion No. 05-0009 concerning the use of credit cards for payment of earned legal fees, payment of unearned legal fees and costs and expenses.
My response to the proffered opinion follows:
