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West LegalEd Center will host a monthly teleseminar series on the management of a law practice. For more information, cut and paste the following URL:
http://westlegaledcenter.com/program_guide/course_detail.jsf?courseId=4920168&sc_cid=Lawbiz_0207
Our monthly series begins February 14, 11 a.m. PT. The program will be recorded; thus, you will be able to listen at other times, at your convenience, as well.
The first topic will be Managing Client Expectations.
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Lawyers Weekly Massachusetts, in its February 12th edition, carries the Coach’s Column. This week, the column discusses the importance of communicating amongst the lawyers in the firm, that is if they want to stay together … and be more successful! One way to achieve this goal is to conduct a retreat, sometimes called an advance! (more…)
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This year, the new law goes into effect: Daylight savings time will occur on March 11 and end on November 4 … 3 weeks earlier and one week later.
Our technology, generally, doesn’t know it. Thus, you may be one hour late for appointments unless you check your Outlook, VCR’s, cable boxes, PDA’s, etc. to determine if they’ve been updated. There will be service patches and independent software developed for this purpose. The latest version of Windows XP is supposed to make the update automatically on February 13.
Check out your systems to be sure that they have been adjusted … Word to the wise: Confirm the changes on March 12th to be sure.
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One large law firm after another is falling prey to the new, higher level of associate salaries, $160,000! My, oh my! Where will this madness stop?
Larry Bodine has an interesting take on this phenomenon, saying that the marketing opportunities for the smaller, regional firm are now greater than ever.
Bruce MacEwen has a different perspective, suggesting that we’re asking the wrong question and looking at the wrong issue when we focus on the first year’s associates’ salary increase.
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Thank you, Monica, for focusing more lucid comment on the advertising issues presented by the recent New York State Bar regulations.
I particularly like the focus that the Bar’s energies seem to be inward-looking. As lawyers should be looking at the needs and wants of their cliens/customers, so should the Bar … looking to the needs of its customers, lawyers. While the Bar’s responsibility is to protect the public (from lawers?), the Bar also owes a responsibility to its members. Creating unmanageable requirements is not the way to protect either the public or the members/lawyers.
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Some lawyers say they barely have enough time to meet their professional and personal obligations, and that new business would put them further behind. Other lawyers fear that new business would rob them of the flexibility to pursue a schedule and pace that they control and prize as solos. These lawyers believe that setting limits on how much they could do and want to do is the best way to conduct their practices. Is there an option that may allow both flexibility and increased revenue?
For more on this subject, see today’s edition of Lawyers Weekly Massachusetts, Coach’s Column.
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General Electric’s aircraft sales force negotiates deals around the world. They submit purchase contracts to their prospective customers. When terms or the words of the contract need to be changed to meet customer requests, the sales force has to send the proposal back to GE lawyers for review and change. This process often takes weeks and sometimes results in lost sales.
Until now. GE has created a “tool kit” of clauses available on the internet for use by its sales force to address situations just like this.
Allowing the sales force to make contract changes has apparently saved GE $12 million in legal fees as well as increased the speed of the negotiation process and their “closing” rates.
Years ago, my CEO (in the food industry) used to draft the first draft of acquisition agreements and then send them on to outside counsel for completion. This saved thousands of dollars and did speed the process.
When the cost of legal services or the speed of delivery is outside the needs of clients, they will find alternative ways to achieve their goals. It is our responsibility to meet their needs before they find they can exist without us.
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In today’s posting, Tom Collins talks about customer care. He cites David Maister and Tom Peters.
One doesn’t have to go that far … just look at your State Bar’s disciplinary system reports. The number one complaint, by far, from clients is the lack of caring — said in many different ways such as failure to return phone calls —
If lawyers want to stay in business, let alone become profitable and continue to grow their practices, they need to pay better attention to the needs of their clients and respond to their wants.
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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.
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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. (more…)
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