I’ve seen a number of stories lately proclaiming that big data is taking over the world, therefore your firm “must adapt or die!” While I confess to being a big proponent of integrating business intelligence (BI) products into your firm, the reality is that law firms around the world have been relatively slow to adopt the new data technologies. And they are not alone; a recent Gartner survey showed […]
For law firms trying to cope with the rapidly changing legal landscape, prescriptions from the experts seem to focus on one primary goal: be more “nimble”. From my perspective, a firm will be nimble if they have a mobile workforce and a deep understanding of pricing and profitability. The firm can therefore change as the future of law unfolds and won’t waste time and effort trying to guess what […]
Can you imagine your legal practice five or even ten years from now? If you think that’s difficult, try doing that while properly judging which of the current “hot” legal trends will pan out and which will fall by the wayside. A CIO at one of our firms recently remarked that “the legal industry is going through 30 years of change compressed into five years, and we are now […]
The “Heartbleed Bug” has already become a nightmare for anyone tasked with data security, and frankly any company that maintains data critical to its business operations. This reality puts every existing law firm at risk of a serious data breach. A recent story in Corporate Counsel found that the Heartbleed Bug “challenges all that is known concerning Internet security. Because Heartbleed is a structural flaw, it can be exploited […]
Are you losing sleep worrying about your firm?
Successfully running any business is challenging enough in this economy, but law firms face a particularly cool climate. As the Wall Street Journal wrote in January, “Don’t expect things to warm up anytime soon. By most accounts 2013 was another lackluster year for U.S. law firms, marked by stagnant demand for legal services and only minimal increases in lawyer productivity.”
We did some […]
Based on the evidence, it certainly appears that non-hourly billing alternatives are quickly gaining ground on the venerable billable hour in many U.S. law firms. In one of those bell-weather stories whose implications only become clear as time passes, the Texas Lawyer reported last year that so-called “alternative fee arrangements” (AFA’s) were being used by 89 percent of the law firms in their 2013 Salary and Billing Survey. In […]
A few years back, I was able to sit in on sales pitches from a couple of key law firms. Both firms came to the table with a partner leading the presentation and at least one other lawyer who would assist on the account. They proceeded with basic slideshows and brochures that included pictures of their office building.
Being brutally honest, their pitches were dreadful and neither firm nailed the […]
Last Saturday was International Women’s Day 2014 (www.internationalwomensday.com). I think we can all agree that full gender equality has not yet arrived in law or business, and especially not in the executive suite. As a woman executive I wonder what will generate a fundamental shift? What if the issue of getting more women into leadership positions was actually an economic issue rather than simply about fairness? A recent report […]
As CEO of Aderant I regularly visit with our clients. My impression over the years is that practicing law is a very tough business. Young associates are expected to hit the ground running, partners are expected to bring in clients and everyone is expected to bill. While mentor relationships often do exist between the partners and the associates, it seems more of a tough-love model than a nurturing one. So […]