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Although mobile shopping and electronic wallets are expected to grow significantly this year, neither will have any noticeable impact on law firms or the practice of law. What, then, are the technology trends that law firms should pay attention to and how will they uniquely impact the legal industry?
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To "nickel and dime" in the short-term is a recipe for disaster when attempting to create an infrastructure that will answer immediate and future IT demands. With this in mind, when we began looking at virtualization ' heralded as a tech area that can shape the fortunes of an organization ' I realized the initiative would need to be approached cautiously to achieve our goals and ensure strong ROI.
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Must-have" software, hardware and training seems to come in waves, with peaks and valleys in upgrades. The valleys can be comfortable once the kinks are ironed out and the training has been completed. I believe, relatively speaking that is, that we've been in a valley lately. But not anymore. We're on a peak again, a rather high one at that.
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Whether you're going to moderate a panel, participate in one or help someone prepare to be on a panel, there are a number of simple tips that can help ensure the panel goes well, you get some benefit from participating, and the audience goes home happy.
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Law firms spent the better part of two decades effectively extricating themselves from unaffordable, life-threatening unfunded retirement packages only to find they have few if any financial mechanisms available to incent retiring partners to actually transition their clients to the next generation, prior to retirement.
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Similar to financial investments you will want a well-diversified portfolio of mentors who can contribute to your career in different ways depending on your goals.
MARKETING PLAN Fatal Error #44 in Jim Muehlhausen's book, "The 51 Fatal Business Errors" is "IF YOU FAIL TO PLAN, YOU ARE PLANNING TO FAIL." Even if you have lots of experience in your specialty, and understand your clients' businesses, integrating marketing into weekly activities is essential. In our work with clients, we often find that they are asked to complete an exhaustive marketing plan at the beginning of each year. Some do; most don't; and few…
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An astute lawyer-manager must achieve the appropriate balance of building consensus among the partners versus managing as an autocrat.
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In deciding whether to accept a contingent fee case, your firm should approach this issue as it would any other decision regarding an investment of the firm's resources.
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When a law firm asks an individual to step forward on behalf of the group, it is incumbent on the group to define the scope, authority and expectations for the leadership position. In addition, there should be mechanisms in place to evaluate leadership performance, provide feedback and appropriately adjust compensation.