There has been recent discussion among some of the smaller law firms about reasonable (ABA standard) and unconscionable (California standard) fees. Unfortunately, this is a back-look standard where Monday-morning-quarterbacking reigns supreme.
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The California Standing Committee on Professional Responsibility and Conduct has submitted for public comment its interim opinion No. 05-0009 concerning the use of credit cards for payment of earned legal fees, payment of unearned legal fees and costs and expenses.
My response to the proffered opinion follows:
Jack and Suzy Welch, one of their weekly columns for Business Week magazine, respond to the following question (paraphrased): “I’ve recently noticed that new MBAs are passing me by and moving into management in my company. I assume this is because they’re less expensive than experienced workers such as me. Do you see this as a trend?”
Their response was fascinating to me.
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In a Business Week article, Campbell Soup CEO, Doug Conant, was featured. Among the tactics he discussed that has caused greater success for the company is his emphasis on the employees of the company. (more…)
A suggested listing of traits most valued by clients set forth the following items:
1. Show up on time
2. Do what you say
3. Finish what you start
4. Say please and thank you
These are the single, simplest, most important rules to remember in dealing with all people, not just clients, in my opinion. (more…)
When lawyers ask me about coaching, and its value, I frequently talk about sports as a metaphor that we can all understand. I use examples such as Lance Armstrong (cycling), Michelle Kwan (figure skating) and others.
In this time of year when football is the dominant sport of interest, Tom Brady, New England Patriot quarterback, and winner of three Super Bowls, and Most Valuable Player in two of them, makes an interesting disclosure about the coaching process. (more…)
In today’s USAToday, Section B, there is an interesting review of three new books. If you believe the messages, you may have to change your business model. (more…)
Lessons from our first real test that apply to the management of a law practice:
Challenges
• Hitching the trailer to the truck, or getting the right team together, working on the same agenda
• Getting the truck and trailer to work seamlessly as one unit, or making sure that separate agendas don’t pull the firm apart
• Organizing the inside of the trailer, or creating the firm culture of harmony and esprit de corps that encourages your lawyers and staff to work together, even in hard times
Opportunities
• Moving outside of one’s normal urban comfort zone, or seeking and obtaining new clients
• Exploring new geographic areas, or increasing your practice by enlarging your practice areas of emphasis
• Obtaining new knowledge as we begin our travels, or developing a system of knowledge management that will create greater efficiencies for the practice
Conclusions
• When you add a trailer to the back of your truck, you travel more slowly, use more fuel, but have more support and resources for longer travels. As you grow your firm and add lawyers and staff, you will experience some difficulties (travel more slowly). This will require greater communication (more fuel) to keep your firm working smoothly. But, you will also experience greater revenues and profits (with your increased support and resources).
• When backing up (plan ahead), you are able to make small corrective actions rather than be forced into major efforts.
• When you are authentic and walk your talk, others will respond and your business will grow. Being a coach to and for lawyers, our instructor’s behavior resonated with me. I can see why he is successful and is far busier than he wants to be in his retirement.
Editor, California Bar Journal
180 Howard Street
San Francisco, CA 94105-1639
December 20, 2006
Letter to the Editor
Letter to the President of the State Bar of California
In the current issue of the California Bar Journal, Sheldon Sloan, President, State Bar of California, starts his President’s column, stating: “As members of the State Bar Board of Governors, our most important duty – second only to public protection – is keeping watch over the hard-earned dollars you (lawyers of California) send us each year both in mandatory and voluntary donations.” (more…)
This time of year, when bonuses and compensation issues are at the forefront of discussion, causes much angst for many lawyers, especially newer partners who have not yet had a chance to develop a solid track record for themselves within the firm. (more…)