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iPhone hacked and unlocked

News just hit that the iPhone has been hacked and unlocked! You weren’t supposed to be able to do this — guess what? A 17 year old kid did! 

Terry L. Brock tells us the story of George Hotz of New Jersey and then extrapolates some principles from George’s persistence in breaking the iPhone code.

What will this mean for users? Ability to get to other phone companies, not just AT & T?  Will this affect the privacy and confidentiality issues uppermost in conversation of lawyers? Will there still be an expectation of privacy when lawyers use the iPhone?

While the legal issues may be argued in court, the market place will make many decisions for users as well as Apple, the manufacturer.


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Associate lawyer compensation: Have we yet hit the vomit point?

Many years ago, a good friend of mine said that the problem with aging is that we’re mired in history rather than focusing our perspective on today.

Thus, today’s article in The American Lawyer by David Brown may shock those of us who are over the age of 30!

He talks about the “paycheck report,” a survey of “mid-level” associate compensation. Associates’ paychecks exceed $200,000 per year and, in some instances, reach $350,000!
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Ed Interviews Debbie Epstein, founder and principal or Flex-Time Lawyers LLC

In this interview, Ed speaks with Debbie Epstein about diversity in the law firm with specific focus on gender issues. Debbie is the founder and principal of Flex-Time Lawyers LLC, who helps law firms address gender issues — specifically, how to retain women in their ranks. Women, in many of the top ranked law schools, comprise more than 50% of the graduating classes, and have for quite a few years. Yet, this percentage is not reflected as law firm partners, management or committee members. What is the reason for this and why is it important?

25 minutes, 35 seconds
6.0MB


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Legal fees rising to vomit point

According to NALP, 14% of law school graduates earn $135,000 (now $160,000) starting compensation. 42% earn $55,000 or less.

This is consistent with statistics that show experienced lawyers earning less than the public believes lawyers earn: 50% at less than $100,000 and 25% at less than $50,000!

Thus, lawyers are "between a rock and a hard place!"  The public believes that figures reported in the Wall Street Journal of August 22nd to the effect that lawyers are now charging $1,000 per hour is the norm or standard. Yet, only a few lawyers are commanding that fee level, and then only in the "bet the company" kind of cases. Commoditized work cannot command that rate. Even in extraordinary matters, that rate approaches what one New York law firm partner said is clients’ "vomit point."
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Law firms impacted by current credit crunch

I was asked if the current credit crunch/crisis is affecting law firms.

My response was that the credit crunch, I think, is somewhat artificial … and folks that are being hurt are ones that extended themselves too far in the first place without a safety net …. Or ones whose business just evaporated without warning (although there usually is some kind of warning if observant).

Law firms with a line of credit will …. (more…)


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Financial planning for law firms

At the ABA conference in San Francisco last week, I had the pleasure to moderate an outstanding panel of experts about the financial management of their firms and their “best practices.”  The panel consisted of Bob Hirshon, CEO of Stoel Rives in Portland, OR (and former ABA president); Marcia Wasserman, COO of Nossaman Guthner Knox & Elliott; Larry Kleinberg, CFO of Munger Tolles & Olson; and Ron Yano, CFO of Loeb & Loeb.

Reid Trautz  mentioned his observations from our panel:

“From a terrific panel of firm financial managers moderated by Ed Poll, comes these interesting ideas:

  • Firms are taking advantage of the new check scanners offered by some banks to more quickly and securely deposit client checks.
  • More firms are closing their billing on the 25th day of each month to get their bills into the “first of the month” billing cycle of clients–both businesses and individuals.
  • Law firms are putting more pressure on partners to collect bills sooner (nothing new there!), but they are using automated e-mail and other added technology features now available in many time & billing programs to keep the pressure on, well, automatically!
  • Larger firms are doing more to ensure that each new client matter has a signed representation letter or agreement before starting any work. This is a smart practice, and is just one area where large firms tend to lag behind smaller firms.”

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Lawyers can learn how to use the speaking platform

National Speakers Association, Los Angeles chapter, is offering a great week-end of learning and fun. Learn how to use the speaking platform to enhance your revenue, to take your practice to the next level of success and to be more effective with your clients.

What’s in it for you?  There are many reasons, but here are three:

  1. Enhance you uniqueness in business strategy and leadership to enhance your bottom line.
  2. Learn the 6-step formula for proven goal setting and high achievement, plus how to have more fun and take your practice to the next level.
  3. Discover five simple questions you can ask informally that can teach you so much about other people and make them feel important.

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