Tag Archive: Technology
At its annual technology fest in Chicago, the American Bar Association’s Law Practice Management Section once again displays its value to the legal profession … and its skill in throwing a great party.
As I walked around the Hilton Hotel, the new site for the show, I met many folks that I have known for years and some new folks as well. It is in these walks around the Exhibit Hall and elsewhere at the Show that I learn the most.
Once again, though, I realize that it’s the people you know that is the most important element to growing one’s business … Competence is presumed. But, when people like and trust you, they will help you grow, they will teach you valuable lessons about your business … and they make it a joy to attend conferences such as this. And, if they happen to be customers/clients of you, they will be loyal to you, you will be able to count on their business for your firm’s growth.
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In a recent poll, the following areas were said to be the greatest concern for sole and small firm practitioners:
- Income fluctuations
- Managing the practice
- Lack of help in the practice
- Isolation from other attorneys
- Inability to discuss ideas with colleagues
(more…)
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In a recent post, Joshua Fruchter cited several statistics that I find quite interesting:
- There are more than 63 million active users on Facebook
- Since 2007, Facebook grows by more than 250,000 per year
- There’s been an average 3% growth annually since 2007
- Active users double every 6 months
Interestingly, according to Joshua and Facebook, more than half of its users are college graduates and professionals. Sounds like a good demographic for lawyers!
One challenge, though, is how many of these professional and social networking entities can one participate in … Consider, for example, LinkedIn, supposedly a primary business networking entity. And what about YouTube? One could spend an entire life in this new, virtual world … and I’m not sure that would produce the best results. So, how does one choose?
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According to one source, crisis management statistics include causes that are outside of those traditionally thought about by law firms. But, in addition to Katrina, broken pipes, etc. think about the following:
About 53% of marketing executives responding to a recent survey by BtoB and Eric Mower and Associates, said they have experienced a business crisis that resulted in negative news coverage, declining sales or reduced profitability. About the same number (57%) reported that their company does not have a crisis response plan currently in place.
Of the 43% of companies that have developed a plan, 10% worry about their ability to carry it out, and only one-half have trained spokespersons ready.
Some 23% of respondents who went through a crisis said it took three months to a year for their brand to fully recover, while 13.3% said recovery took more than two years and 17.7% said they have not yet recovered after two years.
Causes for these companies’ crises vary. A majority of survey respondents (55.7%) said layoffs, shutdowns or business foreclosures created the crisis. Some 45.2% blamed operational or services failures, 33% cited legal or ethical problems and 32.2% pointed to a competitive attack, such as negative word-of-mouth or messaging by others who have a vested interest in damaging the company.
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Today’s Wall Street Journal, section D, discusses several topics of interest for business success. One topic relates to technology. What do you do when your cell phone or laptop battery loses its charge while on the road?
Answer: Carry a lightweight charger that needs no electrical outlet. What a simple idea! I didn’t know they made such things. Check out Duracell’s PowerSource Mobile100, available at Amazon.com and elsewhere. There are other brands as well.
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Cyber Monday is here .. indications that sales will be ahead of last year by 15% to 20% on line! Buyers are shopping at the physical stores and then going on-line to seek better prices. Boot up and go shopping! When times get tough, the tough go shopping … <g>
Yesterday, I bought a great camera, a new model from a high quality brand. I couldn’t believe the difference in the pricing between what I saw in the store and the price of a reputable on-line operation (which, by the way, has a physical store in New York). And my wife says she will buy everything on-line this year in order to avoid the long lines and surly service in stores.
Is there an ethical issue in this circumstance? What are the ethics of using the service of a store, determining what you want, and then buying on-line because of a price differential? Is there any difference between this circumstance and comparing pricing among various stores?
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“J. A. Barnes in the 1950s defined a social network as ‘an association of people drawn together by family, work or hobby.’ In the digital age, social networking websites amplify opportunities to associate and grow our social (personal and/or professional) capital.” (more…)
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In an article in the September 2007 edition of Law Firm Inc., e-billing is discussed. Here are some of the primary points made in the article:
Pro
• Find errors and charges that aren’t in keeping with the client’s billing standards
• Compares costs among various outside law firms
• Saves 15 – 18% of its outside legal costs in some instances
• Reduces workload in reviewing and approval process
• Increase payment by 30 days to the law firm
• Faster pay increases profit for the law firm
Con
• Increased cost connected with e-billing
• Usually have to hire a dedicated person/staff to deal with the e-billing detail
• Places small firms at a competitive disadvantage because they generally can’t afford the cost of the software, the learning curve and the additional staff required to handle the process
• On-going software maintenance fees
• Additional fee for each additional custom billing template needed for a new client
• Added accounting requirements
• Steep learning curve for attorneys to learn different billing codes for each client
• Increased possibility/likelihood of billing errors because of lack of uniformity in codes
• Rejection of total billing invoice when there is a human error on one element – invoice is returned for correction
• Notification of error is seldom complete and law firm is expected to know what the error is; if this is not the case, the process becomes process, return, fix, return, reject, etc., until it is finally determined what the error is and it’s fixed.
The article concludes that, at the moment, e-billing today is not likely to benefit law firms, though it may in the future; but it clearly is an added cost of doing business.
Thus, whether it’s a blessing or a burden depends on which side of the table this discussion finds you.
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After I posted my Q & A about lawyers blogging, I received a copy of the ABA’s Law Practice Today with its lead article being a well-written piece by Greg Siskind on lawyers and blogging.
Another article in this edition concerns the changing landscape of the legal profession and outsourcing, written by me.
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Q:
Ed, you’re an avid blogger—I read LawBiz® Blog all the time. I’ve even contemplated starting my own blog. What could blogging do for my private law practice? (more…)
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