Every so often we need to evaluate our operating costs. In today’s clip, Ed will present you the questions you need to ask yourself. Most of all – do your operations work for you and your clients?
What is the difference between Marketing and Selling, and how are both needed at your firm? This week, Ed shares his wisdom on these topics.
Ed recognizes that raising your legal fees just doesn’t “fly”. This week, he offers some tips to raise the revenue of your firm without necessarily raising your fees.
Nicole Black is an attorney in Rochester, New York, is the Director of Business Development at MyCase, a web-based law practice management platform, and is the ABA-published author of “Cloud Computing for Lawyers” and the co-author of “Social Media for Lawyers.”
There’s no doubt about it–21st century lawyers are on the move and are embracing mobile devices more than ever. In fact, according to the ABA’s 2013 Legal Technology Survey Report, the vast majority of lawyers have now gone mobile, in one form or another.
Not surprisingly, smart phones lead the way, with 91 percent of lawyers reporting that they used smartphones in their law practices, up from 89 percent 2012. Tablet use also increased at an impressive rate, with nearly half of all lawyers surveyed reporting that they used tablets in their law practices. According to the survey results, 48 percent of lawyers now use tablets, up from 33 percent in 2012.
The reason lawyers are going mobile? Because it offers them flexibility and the ability to practice law and manage their law firms no matter where they happen to be. So, whether it’s using a tablet to pull up a case in court or accessing client files using their smart phone while on vacation, mobile computing is making it easier than ever for lawyers to practice law on the go, 24/7.
But is this necessarily a good thing? Especially with the recent release of Google Glass and the expected release of smart watches, which offer the prospect of virtually erasing the barriers created by devices and making people the new interface, as described in this recent GigaOM blog post: “Today many of these automatic interactions are dependent on a user’s mobile device, but we will be able to remove even that degree of separation between the individual and their home in the future. Through a combination of machine learning and a growing ecosystem of sensors placed within every day objects, we envision an interface that truly feels natural and intuitive to users no matter their level of technology literacy.”
It’s an interesting concept, but is it a healthy one–especially for lawyers, a group that has one of the highest rates of depression, substance abuse and suicide in the United States? Does 24/7 connectivity make sense for the mental health of most lawyers?
Clearly, for lawyers, the next stage of mobile technologies may present difficulties not previously experienced. And for many lawyers, it will be a delicate balance of meeting client expectations of constant availability while maintaining their sanity. In order to maintain this balance, lawyers will need to carefully choose new technologies for use in their practices with the end goal of reducing, not increasing, the non-stop barrage of information.
For example, one of the best ways to do this is to empower your clients by expanding their access to information, making it easy for them to obtain the information that they need about their case, no matter when they need it. In other words, by using tools such as online client portals that are accessible using any Internet-enabled device, you can ensure that your clients can get the information that they are seeking without having to contact you.
Like it or not, the world is changing and lawyers–and their clients–are more mobile than ever. And while this newfound mobility offers an array of benefits, it also creates new problems. Fortunately, selective use of emerging and mobile technologies can help to curb the influx of data and reduce the noise, making it easier than ever for lawyers to reap the benefits of a mobile law practice while simultaneously maintaining their sanity.
This week Ed launches his On the Road! series from his newly refurbished vintage Airstream. In this first segment, Ed will discuss considerations you must make if you plan on leaving your firm, whether willingly or not.
In a recent article, the writer describes a twist in medical fees. A specialist, in this case a cardiologist, is charging a premium retainer fee for accessibility. That’s access, not treatment! The levels of service created by the cardiologist are $7,500 per year for “concierge” service, $1,800 for “premier” status, and $500 for “select” status. The differences among the levels range from priority to get an appointment to 24/7 access by phone or email. Medicare or private insurance still pays (or doesn’t) for the actual service. But this doctor says that Medicare reduces his billing rate and this is a way to earn the money he can and wants. This is brutally frank. But, as in other areas, economics control.
Gary Kinder is the Founder and Creator of WordRake Editing Software. He is also a lawyer and a New York Times bestselling author who has taught over 1,000 writing programs at the most prestigious law firms in the US. He has dedicated his career to teaching legal professionals how to write precisely, vividly, concisely and memorably. Kinder channeled his many years of intelligence about superior legal writing and editing into the software program, WordRake is now being used by thousands of law firms and organizations to tighten their prose and become better writers. Kinder authors weekly writing tips as well as a blog called WriteToThePoint.com.
WordRake, a new software program that enables lawyers to improve their writing and become far more persuasive than without this tool. This is more than checking your grammar; any program can do that. This actually helps you to improve your writing. If you’re an associate needing to have your work reviewed by a senior partner, this tool will enable you present a far better product for review … and of course be viewed as a much better lawyer. If you’re a sole practitioner, you may not have the benefit of a good editor at your elbow. This tool will make you better.
19 minutes 45 seconds
4.6 MB
Ed criticizes law schools for no longer upholding their implicit agreement to get their students jobs.
I had never thought of digital assets being inherited! Wow, what an oversight. Clearly, digital property is an asset and can be passed on to the next generation. Have you thought about the goodwill represented by your Twitter account, your blog, you website and all the other digital assets you create? If not, you should because but for an affirmative act on your part, the rights to that property may be lost.
Most lawyers will pooh-pooh the idea that their electronic/digital property is worth anything … they said this about the value of their law practice also. Many lawyers are beginning to adjust their thinking, recognizing that law practice goodwill has value … and together, this property could be worth tens of thousands, if not hundreds of thousands, of dollars. Why should this value evaporate? Take care and plan not only your estate but also the estate of your law practice, including digital assets!
Toby Brown is a former director of the Utah State Bar and currently the Director of Strategic Pricing & Analytics for Akin Gump, a top 50 AmLaw law firm.
Toby is at the forefront of developing alternative fees — helping his firm set prices — so that the client and law firm are mutually benefited and act as “partners.” Toby has a great combination of executive level skills in the areas of technology, law and economics.
30 minutes 7 seconds
6.89 MB