Ed looks back on some conclusions marketer Robert Denney came to after the 1994-95 recession and draws parallels between challenges from that time with those lawyers face today.
Ed continues his conversation regarding the changes facing today’s law firms to remain competitive.
Corporate clients have the ability to explore other markets in search of better rates from attorneys who will provide good quality work. Ed share a few suggestions to help you in your practice of Business of Law®
THE WORKFLOW PROCESS
Law firms must acknowledge the changes and adopt the better changes to the workflow process to remain competitive.
* Be more sensitive to client costs
* Be more aware and have a better understanding of your client’s business
CONTROLLING OVERHEAD
Reducing small expenditures will add up to a significant savings
Keep overhead to a minimum while maintaining efficiency.
Be prepared for the eventual increase in business after the economic rebound.
HIRING AND RETAINING TALENT
Advancement will be based on merit instead of seniority
It is critical to provide CLE to top talent to retain them.
Compensation will always be a part of retaining top talent. Plan ahead for this necessity.
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A few weeks ago, Ed competed in the cycling events at the Senior Olympics. Today, Ed reflects on how that experience relates to his professional life and the Business of Law.
Ed advises understanding what you want to do with the second season of your life.
In a recent blog post, I suggested that it was o.k. for lawyers to seek profit. One justification that I didn’t suggest, however, becomes very clear when you look at state bars disciplinary reports: Clients’ trust accounts are invaded by economically marginal lawyers (exclude out and out theft from this discussion, a rare event). Thus, when we encourage lawyers to be business-wise, we are actually seeking to protect the public.
Being effective with clients, efficient in the delivery of services to clients and therefore more profitable, we are actually protecting the public by providing sufficient resources to the lawyer to feed his/her family and therefore have no need to invade the trust account funds.
To say that law is a business, a service business, is not to deny that it is also a profession rooted in the highest ideals from the very beginning of our country. (more…)