FDR said "…the only thing we have to fear is fear itself." And now we have a price tag on our fear.
Business Week reports on a survey by Duke University’s Fuqua School of Business and CFO magazine. The survey states that our response to terrorism by S & P companies alone costs more than $100 billion per year! This number includes cost of insurance, redundant capacity as well as lost revenue from patrons decreased activity.
Law firms also pay a heavy price. Ignore the technology cost of increased capacities and redundancies. Some of these costs are legitimate defenses against natural disasters which face us daily. But, other precautions result from "terror" against lawyers from disgruntled clients in what is becoming an increasingly hostile world.
What a price to pay when you have to have security in your office such that everyone must first show identification, and be cleared by the law firm, before you get on the elevator to go to the law office, when buildings search the trunk of your car before you park, and when you have to empty your pockets and open your brief case before entering the courthouse! The terrorists have won, when so few have caused so many to change their course of activity.
Yet, in terms of deaths, other causes produce so much more disaster and we seemingly are oblivious to them. There is something wrong with this picture.
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The internet continues to surpirse me. There is an incredible amount of free information available to help us run our business. One might even fear getting run out of business because of all the information readily available without monetary cost.
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Have you wondered how much insurance is available for your bank deposits? Despite the FDIC promotions over the years to the effect that we have only $100,000 coverage protection, we can have more than $100,000 insurance coverage. (more…)
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GP/Solo Technology eReport this issue features an article I wrote on developing a plan of communications to be able to survive in time of disaster. Communications are essential not only with clients and your colleagues, but others as well.
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In the current ABA Journal, Ms. Maher of the ABA Center for Professional Responsibility talks about when and how lawyers can call themselves "doctors" when they have a J.D. (Juris Doctor) degree.
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Fee schedules have been outlawed for many years, since the matter was decided by the US Supreme Court in the 1960s. But, I have just learned that the US Government, itself, uses a fee schedule in arguing for or against fee applications (where “fee shifting” to the “prevailing party” for “reasonable attorney’s fees” is permitted by statute) and in deciding what to offer outside counsel it employs on various matters.
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Two new books, reviewed in today’s USA Today, give us tools to do better, both for our clients and for ourselves:
The first is Unscrewed: The Consumer’s Guide to Getting What You Paid For. The astounding conclusion of the author flies in the face of everything I’ve been taught. Ron Burley says that the reason we get such lousy service today is because it’s cheaper to get new customers than it is to keep current customers! His statistic cited to back him up: The average call to the customer service department of cell phone companies is $20; the marketing cost to attract a new customer if $4! Then, Burley moves on to discuss techniques to make companies pay attention to you and to make good on the quality promises they make.
The next book reviewed is The Speed of Trust: The One Thing That Changes Everything. Here, Stephen M. R. Covey, son of Stephen R. Covey, author of The 7 Habits of Highly Effective People. Covey says “Trust means confidence …” and confidence is the glue that makes everything else possible. Covey continues identifying behaviors that engender this trust:
1. Talk straight
2. Demonstrate respect
3. Create transparency
4. Right wrongs
5. Show loyalty
6. Deliver results
7. Practice accountability
8. Keep commitments
These are characteristics that make an interaction profitable as well as enjoyable.
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Jack Welch, in a regular column in BusinessWeek talks about the “Dangerous Division of Labor” at Hewlett-Packard caused by the separation of authority between Chairman of the Board and CEO. Welch (and his wife Suzy) contend that governance “experts” are mistaken when they promote placing these two positions in separate hands. There can be only one leader, not two, in a company to be successful. (more…)
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Top 5 travel trends for 2006, according to one source:
1. Printing boarding passes before leaving home. Most airlines now allow 24 hours advance check-in via the internet. Helps adance to security check-in more quickly when you have only carry-on baggage.
2. Using luggage shipment services. I first heard about UPS doing this. Now, there are some 17 such services that will take luggage from house or office directly to your hotel room. Sure makes travel easier, though more costly.
3. Focusing on one hotel group. With hotel chains growing by merger, this becomes easier to do … and the loyalty points that one accumulates results in increased perks, freebies and customization.
4. Showering at the airport is a nuance I have yet to see. But, I’m told that elite airport lounges do provide this. For a weary traveler, this might be just the difference needed.
5. For the international traveler who flies business or first class, and can’t sleep sitting up, check the international carriers who are providing lie-flat beds with blankets or quilts.
On the one hand, it’s becoming more difficult, stressful and expensive to travel. On the other hand, there are new and pleasantly creative features that are cropping up for the business traveler.
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Q: Q: How can I make my practice more profitable?
A: Businesses grow and become successful based on the growth of their customers. If you’re blessed with good fortune, you attract clients who grow, need more of your services as well as refer others to you. (more…)
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