My new favorite saying
Anita Koddick of The Association of Legal Administrators, San Diego Chapter, said: "If you think you're too small to have an impact, try going to bed with a mosquito in the room."
Is Business Professional?
Q: As a lawyer who runs her own practice, it seems like everything I do revolves around trying to make more money. Is it professional to always be concerned about turning a profit? Or should I focus more on other things?
Law Firm Population Changes
While at a recent conference, the speaker mentioned several interesting statistics about the “changing face of America.” In the year 2000, 70% of our population was non-Hispanic White; that percentage will drop to 52% in the year 2050. Similarly, the Hispanic population will double between 2000 (13%) and 2050 (25%). The Asian population will also double from 4% to 8% in the same time frame.
If it is true that people buy from people who mirror them, then law firms’ “cast of characters” will have to change. This is a really strong business case for diversity! Some Corporate America entities have already fired their law firms when they failed to provide the appropriate diversity responses desired by the client. That, more than being the “right thing to do,” will claim the attention of lawyers. And it is happening now.
Good questions to ask yourself, irrespective of the size of your law firm (including sole practitioners):
- What does my law firm look like (color, ethnicity, etc.)?
- What does my client base look like?
- What client base do I want in the future, and what do they look like?
- Is there a match between my law firm and the client base I want?
Legal Fee Guidelines
Guidelines from North Carolina for billing at hourly rates were recently sent to me by Tom Grella, immediate past chair of the ABA's Law Practice Management Section.
The focus of the opinion is whether it is reasonable to charge for email and other communications among the staff and lawyers about a client's matter.
Continue Reading...Save money by knowing the earth is flat!
With tomorrow being October 8th and Columbus Day, it is time to recall the great traveler who taught is that the world is, in fact, round! He went from the East to the West.
It took Thomas Friedman to teach us that "the world is flat" by going from the West to the East!
Friedman teaches, among other things, about "outsourcing." Many lawyers are using this principle (sometimes also called "delegation") to lower their cost of operation and thus increase their profit. Even sole practitioners and small firm lawyers can effectively use this principle.
I encourage you to read Friedman's book.
Humor in almost every disaster
This week, I'm in
On arrival yesterday, my new cell phone stopped working (my first clue that things were about to change) and my wife was desperately searching to find me to give me bad news. First, the bad news: A house that I own and rent burned down. Next, the good news: No one was hurt! The family is now displaced and needs a new place to live, but they are all fine. The fire was during the day and they were out of the house. Now, the funny news: During the aftermath, a fireman asked the tenant if he smoked, thinking that perhaps a lighted cigarette was the cause. The tenant responded: No, I don’t smoke cigarettes, only marijuana! I nearly cracked up. He obviously didn’t have advice of counsel not to make such an admission. He also claims, however, to have a medical prescription. By the way, AT&T fixed my cell phone this morning.
I'll have to read my own book, Disaster Preparedness & Recovery Planning: A LawBiz Special Report. We just never know from whence or when or what kind of a disaster will hit! To the extent we can, we need to anticipate disasters and plan for recovery and continuity!
Law is a verb, not a noun!
Recently, I heard Alpesh Bhatt speak; his presentation was fascinating and he spoke with the fervor and energy of an impassioned believer. He made the following observation:
"The organization of the future is a verb, not a noun." He continued by asking: "Who will own the stock of the organization?" He said that users will control the company; his examples include www.digg.com and other similar Internet operations such as "youtube" and "facebook." Yes, the stock of the company may be "owned" by one or two people, but the control of the operation is really in the hands of the users. He cited examples of where the users did not agree with a company policy and forced the company to retract its stand.
This is an interesting concept. I'm reminded of the phrase, "... the more things change, the more they stay the same!" I'm referring to the fact that, even in the "old days," the real control of a business was and is in the hands of consumers. Unless you have customers willing to purchase your goods or services, you have no business! Unless you have clients, there is no reason for you to have a law practice. Yes, you may technically "own" the company or law firm, but you will have no business ... no revenue ... without clients.
Thus, the clarion call: Treat thy clients as they would like to be treated, or you will have no clients! This is a paraphrase of Tony Alessandra's "Platinum Rule" of asking your clients how they want to be treated, or Ben Franklin's mantra, "... take care of the pence and the pence will take care of you."
Another way of looking at this concept is to suggest that law is a verb, not a noun; that law is constantly changing. Our courts, though they use precedents, constantly interpret the written word to mean something different in different times, always seeking to keep the law relevant to the day's values. In other words, the law changes or is a verb, not a noun.
At the end of his presentation, Bhatt observed that business used to be about putting together the puzzle. Seven steps to this, five steps to that, etc. We will see how this process orientation is no longer appropriate. We will be asked to solve the mystery, not create a process. And if/when we bring value to the table to help our clients solve their business mystery, we will be their colleague, their "partner " in helping them solve the mystery then facing their business.
Pretty sophisticated stuff ... and lawyers who can "get it," will remain the top lawyers of our profession.
