In a recent USA Today article, texting and music listening while driving and walking are leading to an increase in the death of pedestrians. People are still talking on the phone and texting while driving, despite the statistics that prove it can be deadly and despite it being against the law.
But now, we have new statistics that show the same result — injury and death — arises from just walking and texting or listening to music and being in "another zone." All of which confirms that multi-tasking is a misnomer. We can do one thing at a time, not many different things at the same time.
Those who reach the pinnacle of success are able to do many things … but focus on one thing at a time. There just ain’t no such thing as multi-tasking.
Life After Law, What Will You Do For the Next 6000 Days? My soon- to-be-released book is a guide to why aging baby boomer lawyers should be planning for their next career. The ABA has concluded that 400,000 lawyers will retire in the next 10 years. That is equivalent to the entire membership of the ABA, the largest volunteer organization in the world!
According to a different report, without reference to law, 10,000 people retire daily!
Look for a dramatic change in our culture as we seek to learn how to live longer, productive lives in different careers. Of course, the economy will also change as older folks become the dominant consumers in this country.
At the end of the day, the value of our law practice is based on our success and the many people we have touched over the years. This is a significant legacy we will leave on retiring from the practice.
Most lawyers all around the country with whom I’ve spoken don’t understand this and can’t comprehend even the possibility that their many years of effort may actually have produced a monetizeable value of some significance. This value can enhance their retirement. It is a challenge to overcome such deep-seeded beliefs among many Baby-Boomers as they get ready to move on to their second season. This is the difference between personal goodwill and organizational goodwill. There is more of the latter than most people believe.
My conversations have convinced me that the most feared word in the English language is “retirement.” That may contribute to the refusal to consider an alternative to closing the office; we will maintain our office and work until our last breath. It is possible, however, to do both! The sale or merger of your law practice, rather than the closing of the office, should be an alternative that is kept open for your consideration.
In an earlier blog post, I talked about creating a digital estate plan. A family law attorney speaks of preserving what you already have posted in social media. She suggests that taking down what you have posted in advance of litigation, family law or otherwise, may be the destruction of evidence and a crime!
There is more to the internet than most of us ever imagined. Walk (or type) carefully. The life you preserve may be your own.
I’ve talked about a lawyer having an estate plan. I’ve talked about creating an estate plan for your law practice; this is an idea first generated by Ellen Peck, retired judge of the California State Bar Trial Court. Now, there is another estate plan to prepare: Digital.
What are you going to do with all your passwords, all your email accounts, all your accounts in social media and all your other accounts that reside in the internet?
Your virtual life doesn’t end just because you die. And in some arenas, the material you have on the internet cannot be removed or taken down. You may even have money residing in some of the internet residences such as PayPal, on-line gambling accounts, etc. Be sure to appoint or designate someone to be responsible for dealing with these issues. Be sure to write down all the accounts and passwords. And be sure to contact such companies as LinkedIn, Facebook, Google, etc. to comply with their policies.
There is little or no case law to date about planning for digital assets after death, and certainly no precedent of which I’m aware on this. But, for just that reason, it’s time to think about these issues.
Yesterday, I watched the Richard Gere film, Aribtrage. The film portrays a successful billionaire’s moral decline as he attempts to save his failing company from his poor decisions. He "cooks" the company books by borrowing money that is not shown on the books as such in order to keep up appearances in order to complete a sale of the company, falsifies investors reports and otherwise plays "loose" with the truth. This is a man in trouble, but Gere continues to exude confidence in order to reach his goal.
Coincidentally, in today’s Wall Street Journal, reporters once again discuss the Dewey & LeBoeuf LLP demise. Prosecutors are still questioning whether there was deception about the financial condition of the firm in the last few months. Were partners told the truth, were they given accurate financial reports, and were the firm obligations to pay down outstanding debt on behalf of terminated partners honored? And, were the transgressions that did occur a matter of a struggling business doing what it could to survive or a matter of criminal and/or civil fraud?
As a matter of "black letter law," it’s clear that management (managing partner and management committee members) owe a fiduciary duty to others — investors, lenders and partners. Did they breach this duty? How close to Arbitrage did the leaders of Dewey come?
Electronic and computer technology enable lawyers to do more and better work in less time, but this creates a new service dynamic where clients continually demand to pay less for what they increasingly see as a commoditized service.
Law firms must meet client needs through greater technology efficiencies. Not only does this seem obvious, it is an element necessary to maintain competence as required by the rules of professional conduct.
More efficient law firms that reduce client legal costs should gain new business that enhances revenue. However, the ability to increase billings while becoming more efficient depends on changing the billing system to embrace alternative fee arrangements. With greater reliance on contingent, fixed, capped or value fees where time is not the relevant issue to determine the fee; service to the client is the key metric of value to the client, not billable hours.