Preparing a case budget
Preparing a case budget is the subject of a recent article. Doing such a budget and getting the client to approve the budget goes a long way toward assuring that you will collect your fee as the matter progresses. And, if the client balks at the beginning, you know you will have difficulties. Then, the choice becomes yours ... whether to accept this client on a pro bono basis or go cycling ...
Marketing 101
If you're looking for some "simple, but smart" ideas to grow your practice, check with Tom Kane today.
NEW ONLINE FORUM LAUNCHES FOR LEGAL PROFESSIONALS
Ed Poll Unveils LawBiz® Forum as New Online Community
VENICE, CA MAY 5, 2009 - Nationally recognized law firm management expert Ed Poll, JD, MBA, CMC, announced today the launch of LawBiz® Forum, an online destination for lawyers, sole practitioners, partners, managing partners, of-counsel and in-house counsel, and others who are members of the legal community providing services to the American people.
LawBiz® Forum will promote discussion about issues that enable lawyers to more effectively and efficiently deliver their services to their clients, such as management, marketing, technology and finance, and others. LawBiz® Forum is a place where the legal community can exchange ideas and techniques in order to improve the personal and professional lives of its members.
“Law is an honorable profession. Only lawyers are given the unique responsibility in the United States Constitution to help those accused of a crime, a fundamental right guaranteed to all citizens,” remarks Poll. “This helping, caring nature of the legal community sometimes is forgotten by the psychological, social, and economic pressures facing lawyers, and I created this forum so that we can care for each other.”
LawBiz® Forum will have several levels of membership. All visitors to the site can review the discussions at no cost. However, members will be able to contribute to the discussions, participate in exclusive webinars, and have online access to Poll’s books and audio products.
In addition to LawBizForum.com, Ed has a popular YouTube Channel, and has also started to use Twitter as a way to reach out to the cybersphere.
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About Ed Poll
Ed Poll, J.D., M.B.A., CMC, is a nationally recognized expert in law practice management. He helps attorneys and law firms increase their profitability consulting with them on issues of internal operations, business development, and financial matters. Poll brings his clients a solid background in both law and business. He has 25 years experience as a practicing attorney and has also served as CEO and COO for several manufacturing businesses. In 1990, he founded LawBiz® Management Company and is now focused on coaching lawyers, speaking, and writing.
Poll is the author of numerous publications that have become the definitive works in the legal field, including: Law Firm Fees & Compensation: Value and Growth Dynamics (LawBiz© Management Co. 2008), Attorney & Law Firm Guide to The Business of Law: Planning and Operating for Survival and Growth, 2nd ed. (American Bar Assoc. 2003); The Profitable Law Office Handbook: Attorney’s Guide to Successful Business Planning (LawBiz® Management Co. 1996); Secrets of the Business of Law®: Successful Practices for Increasing Your Profits! (LawBiz® Management Co. 1998)
Indefinite detention
I normally refrain from any political observation or commentary. But, in a speech in front of the US Constitution, President Obama made an important observation. President Obama said: "Prolonged detention should not be the decision of any one man.."
In other words, if several people agree, we can imprison people without charges and without power. In Britain, 28 days is the longest someone can be detained without charges. Wow! I didn't really appreciate the discussion in England when Tony Blair proposed 3 months' detention as the maximum detention without being charged with a crime. The House of Commons finally adopted a 28 days standard. I guess I figured that discussion was there, and we don't have that here, so not my problem.
But, we now have it here!!!!
I'm sorry, but threat of future criminal activity has never been allowed in the US ... But, then, perhaps I'm too much of a Constitution stickler ... Some might call this "too liberal." I call it "conservative." Conserving the principles of our founding ancestors who left such behavior to create a new, safer and more open society.
What happened to us?
Law of the Garbage Truck
Yesterday, I took my restored 1983 Porsche Cabriollet out for a spin. I've always loved this car, but some of its aging has caused me to enjoy it less. No more! It's as fit as new, even with a new coat of paint.
I returned to the car from an appointment. As I was standing there, opening the door and getting ready to get in and return home, a garbage truck pulled up next to me. All kinds of images went through my head, but I certainly didn't expect what happened next.
Continue Reading...Even bloggers must tell the truth
In today's WSJ, there is an article about a blogger being sued for defamation. There is greater leeway for "reporters," and this may be a threshold case. Is a blogger a "reporter" or "journalist" that would provide the writer with greater latitude? But, even reporters cannot defame others. As a regular blogger, I will be interested in the outcome of this case.
Arrogance of lawyers
I just received this note from a Michigan Circuit Court Judge ... Her comments are well taken.
I am a Circuit Court Judge in Lenawee County. I want to thank you for your comments in the May 18, 2009 Michigan Lawyer's Weekly Coach's Corner encaptioned "Arrogance Of Lawyers."
I grow increasingly concerned about the inability/unwillingness of people to accept responsibility for their actions or their failure to act in many cases. I served as a Probate Judge before being elected to the Circuit Court. I know our adults are sending a dangerous message and setting a bad example for our children. I have often said "accept responsibility for your actions, put on your big girl/boy pants and move on."
Thank you for summing it all up. I will investigate your other writing at the Lawbiz website.
Maurice Vincent discusses In-House Litigation Support Services
26 minutes, 33 seconds
6.2MB
Stress kills lawyers
Lawyers have among the highest suicide rate of all professions, after cancer and heart, and 6 times the rate of the general public. Most at risk are attorneys between the ages of 48 and 65. "Significantly, suicide accounted for 10.8 % of all deaths."
Many suicides come because of the intense pressure on lawyers to succeed, both financially and "professionally," and after some disappointment such as being laid off or losing a major trial.
I noted in earlier writings that lawyers have a difficult time accepting rejection, a feeling that occurs almost every time a major effort such as a trial or important negotiation occurs. Sales people, on the other hand, accept rejection as part of their daily lives. In fact, the mantra for sales people goes something like, "Each 'no' is one step closer to 'yes.' And, it takes 9 no's to get to one yes." What a powerful culture. Lawyers' culture of perfectionism and elitism, on the other hand, creates much of the difficulties of the profession.
What would the impact be, for example, if we were to say to ourselves that we cannot fix every problem or challenge presented to us by clients? What if we were to say that it's the client's issue, that we will do our best, but that, in the end, it's still the client who got himself into the pickle barrel?
Suing the client
It's "never pretty" to sue a client. One could be brougt before the state bar disciplinary board, could face a counterclaim for malpractice, and could find one's malpractice insurance premium increased, not to mention bad publicity.
That is why it is so important that the lawyer be ever alert. That means that the lawyer must carefully go over the engagement agreement with the client during the intake session, including having the client acknowledge that the client has an obligation to pay the billing timely and that the relationship is a two way street.
Also, it means that the lawyer should not continue to work for a client who doesn't honor this commitment. As I said to a group here in New Orleans today, your first loss is your best loss. When you see that the client isn't paying timely, why would you continue to work.? Withdraw! (In accord with the RPC)
Otherwise, you're rewarding poor behavior. Would you do similarly with your children? On second thought, perhaps that's the problem. But, in this case, you must ask the question: Would you rather work and not get paid, or would you rather not work and not get paid? The choice is yours.
Internships for new lawyers
At least one law firm gets it! They have created an internship program rather than delay the entrance of its new 37 hires. Great idea in development. Best wishes to Drinker Biddle for their efforts. See additional commentary on this.
FDIC unlimited bank account protection
I just met with my banker and she told me of a new program that is very significant for many.
As you know, FDIC insurance protection was available up to $100,000 per customer; for the first time in 28 years, Congress changed this to $250,000. And then, for clients trust accounts, the FDIC instituted a new regulation that stated all clinets' trust accounts, under certain guidelines, could be insured without limit.
Now, the FDIC has instituted yet another change ... only for certain banks that make application and are approved. The FDIC will insure all non-interest bearing accounts without limit. This will even allow you to transfer funds from an interest bearing account to a non interest bearing account, and then be protected for the full amount.
Check with your bank to find out if you can get this added protection in these uncertain times. The program is scheduled to extend through December 2009, though it's suspected that the program will be extended further.
Derek Flower discusses the new Fujitsu ScanSnap S1500
He talks with Ed again, this time about the new ScanSnap S1500. This, according to Ed, is one of the best tools lawyers can have within their immediate reach. And the cost belies the benefits the ScanSnap delivers.
Listen to Ed and Derek discuss the benefits of this latest entry from Fujitsu.
17 minutes, 00 seconds
3.9MB
New Lawyers Forum announced
FOR IMMEDIATE RELEASE
Contact: Ed Poll
LawBiz Management
800.837.5880,EdPoll@lawbiz.com
NEW ONLINE FORUM LAUNCHES FOR LEGAL PROFESSIONALS
Ed Poll Unveils LawBiz® Forum as New Online Community
VENICE, CA MAY 5, 2009 - Nationally recognized law firm management expert Ed Poll, JD, MBA, CMC, announced today the launch of www.LawBizForum.com, an online destination for lawyers, sole practitioners, partners, managing partners, of-counsel and in-house counsel, and others who are members of the legal community providing services to the American people.
www.LawBizForum.com will promote discussion about issues that enable lawyers to more effectively and efficiently deliver their services to their clients, such as management, marketing, technology and finance, and others. LawBiz® Forum is a place where the legal community can exchange ideas and techniques in order to improve the personal and professional lives of its members.
“Law is an honorable profession. Only lawyers are given the unique responsibility in the United States Constitution to help those accused of a crime, a fundamental right guaranteed to all citizens,” remarks Poll. “This helping, caring nature of the legal community sometimes is forgotten by the psychological, social, and economic pressures facing lawyers, and I created this forum so that we can care for each other.”
LawBiz® Forum will have several levels of membership. All visitors to the site can review the discussions at no cost. However, members will be able to contribute to the discussions, participate in exclusive webinars, and have online access to Poll’s books and audio products.
In addition to LawBizForum.com, Ed has a popular YouTube Channel (www.youtube.com/LawBizGuide), and has also started to use Twitter as a way to reach out to the cybersphere. You can follow Poll at twitter.com/lawbiz.
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About Ed Poll
Ed Poll, J.D., M.B.A., CMC, is a nationally recognized expert in law practice management. He helps attorneys and law firms increase their profitability consulting with them on issues of internal operations, business development, and financial matters. Poll brings his clients a solid background in both law and business. He has 25 years experience as a practicing attorney and has also served as CEO and COO for several manufacturing businesses. In 1990, he founded LawBiz® Management Company and is now focused on coaching lawyers, speaking, and writing.
Poll is the author of numerous publications that have become the definitive works in the legal field, including: Law Firm Fees & Compensation: Value and Growth Dynamics (LawBiz© Management Co. 2008), Attorney & Law Firm Guide to The Business of Law: Planning and Operating for Survival and Growth, 2nd ed. (American Bar Assoc. 2003); The Profitable Law Office Handbook: Attorney’s Guide to Successful Business Planning(LawBiz® Management Co. 1996); Secrets of the Business of Law®: Successful Practices for Increasing Your Profits!(LawBiz® Management Co. 1998)
The Business of Law® reigns supreme
It looks like The Business of Law® is no longer an afterthought to the big firms.
Seyfarth Shaw recently announced that its profits in 2009 will fall by 5 to 7%, less than the estimated 10 to 15% projected for the legal industry, that is the large law firms.'
Usually a very private matter, this law firm with a nationwide work force of about 1600 made the announcement after also announcing the layoff of a third layer of people. Why? One guess is that the firm wanted to suggest that it is dealing well with economic realities and that the remaining members of the firm will be in good financial shape. Giving some reassurance is very appropriate since people usually fear the unknown more than the known, no matter how bad it may be ... And in this case, the downturn is better than the expected industry average.
But, making this information public is unique, the American Lawyer notwithstanding. This is like the public stock market. And the audience is more than the "public." The audience is its clientele, to reassure them that the firm is economically viable ... and to potential lateral partners, telling them that the return to equity partners will remain substantial, as well as to placate current equity partners who may fail to pay attention to the periodic financial reports issued by management.
While unusual, this simple announcement may have been unique ... and may have achieved much goodwill for the firm.
Starting a new law practice
Do you want to start a new practice? There are certain characteristics that will assure you a greater chance for success. Persistence is a key factor; and a financial reserve goes a long way to give you time to work through business mistakes.
Lawyers should inquire about a witness' social media presence
There is a current discussion about a lawyer's obligation or responsibility to make inquiries into a witness' social media pages, and the information contained therein. I don't think anyone is suggesting that the information is not discoverable. But, the Philadelphia Bar has opined in its Professional Guidance Committee Opinion 2009-02 (March 2009) that deceit sanctioned by or authorized by the lawyer to get the information is not permitted.
Continue Reading...
Lawyers will still be needed in the "new economy"
First, technology was making the practice of law more efficient, more like a commodity, with resulting downward pressure on both costs and fees. Second, clients were becoming more sophisticated and demanding, with the resulting requirement of being client-centric for survival. In other words, the practice of law would need to become more collegial and team-oriented to serve the needs of clients in the future.
As I sat there, listening to an obviously impassioned and eloquent presentation, a light bulb went on for me. First, re technology. During the industrial revolution, we learned that the more equipment we could use to make something, the less labor was required, the lower the price could be charged. With a lower price, volume increased and profits likewise could rise. Then, we moved into automation, with the same result ... just a different name. The more a machine could produce a product or service, the less expensive it might be ... and the result would be a lower price with higher volume, all of which produced higher profits. Today, we’ve moved to technology. The principles are the same, just the label is changed.
The move from the Industrial Revolution to today’s technology may have increased in speed of change, even exponentially, but the principles are identical. Increased machine power reduces labor which tends to reduce cost which tends to reduce price which increases volume ... and profits.
Second, when we discuss client-centric practices, we are talking about partnering with clients ... understanding what they need, listening to what they want and bridging the gap between the two with our value proposition. Our value is to understand what they want and show them how we can provide value by addressing that want and also to protect them by delivering what they need to address their challenges.
This partnering, in my earlier manufacturing experience, is called “client loyalty.” One day, I was called in by a buyer of my product. He said that his company had done a quality comparison among my product and others that were sold on his shelves. My product did o.k., but was not so superior that he could ignore the price discount offerings of my competitors. He said to me, “Ed, I don’t need you to meet the competition, but I do need you to do something so I can show that I’ve addressed the competitive marketplace.” As I walked away from his office, I realized a very important fact: This buyer was loyal to me. He had called me last. He gave me the opportunity to compete, without having to reduce my price all the way to the level of my competitors. He called me at the end of the process and was willing to “partner” with me in the sale of my products to his customers. To me, that is client-centric.
Law firms that can partner with their clients, can show their clients how they can reduce their legal costs (without reducing the lawyers’ per unit fees), can develop strategic plans for defending/pursuing legal challenges are the law firms that will thrive in the new economy. It’s these law firms that Richard Susskind was talking about.
This may be new language, like a new business fad of TQM, Sigma ... etc., but it still is the old-fashioned care about your client/customer and treat them well ... and you will be rewarded by a loyal client willing to work with you for the mutual benefit of both the client and the lawyer/law firm.
See my new book, The 3 Dimension Lawyer: How to Thrive in the New Economy, to be released later this year by West Pub.
Lawyer layoffs can be tragic
What do you do when you reach 60 years of age, are a partner in a major law firm, and suddenly get laid off? More than 4,000 lawyers and 6,000 staff persons are facing this dilemma.
One such lawyer went to the extreme. As I've said previously, we are in a depression, not just a recession. And with that, as in the 1930s, people take drastic steps, even life-ending steps, when the one involved sees no way out of the depression. Heather Milligan puts a gentle spin on this; she suggests that we are more than economics ... we are people with hopes, fears and aspirations. How does the organization meld all of this during hard economic times? A tough challenge for all.
Continue Reading...What do you do with a complaint?
Recently, I had cause to complain to the Motel 6 chain.
I had requested a non-smoking room. Yet, it was clear that many people had smoked in this room before. On departure, I complained to the agent at the desk. She expressed her sympathy with my failed expectations and said that she had proposed to management that they assess a penalty against anyone who smoked in their room. But, her idea had been rejected.
So, I wrote a letter to both the president of the parent company, Accor, and to their customer service department. Quickly, in the same day, I received a response. In fact, two responses, one from the corporate headquarters and one from the regional supervisor. Both, however, were form and electronically generated letters. I have yet to hear from the president.
It is clear that I am not the first person to complain about this ... and it is also clear that this hotel chain is not willing to follow other major chains that have converted all their properties to non-smoking venues. The light of Motel 6, Tom Bodett notwithstanding, will no longer be lighted for me, however.
I’m reminded of a sales mantra by this exchange between me and the hotel. An objection or complaint is a way to further engage the customer; it’s a way to learn what the customer really wants and to provide it. Here, by merely sending form responses, Motel 6 has missed an opportunity to engage me in a serious way. They do not feel my pain, they do not understand the seriousness of their action to my health and they have done nothing to make me want to return to do business with them.
What are you doing in your law firm to engage your clients? What are you doing to understand what your clients want? And how are you handling any complaints that the clients might be raising for your consideration?
