Raise your hand if you’ve received an overly friendly email from a stranger, asking you for a favor.
Everyone? I thought so.
Why do these bug us so much? Aside from the fact that we’re busy enough trying to do our own work, balanced with some personal time, and fitting in helping out people we actually know, the reason is that when a stranger asks us for a favor they’re doing so without having any relationship equity.
Continue Reading Build Relationship Equity First
The legal industry is in the midst of challenging and exciting times. To many firms, so much change and uncertainty may feel like a bit of a crisis, while others see it as more of an opportunity. Regardless of how you see it, it’s certainly a time of upheaval.
I have finally gotten around to reading Jim Collins’ “Good to Great” which has been lounging on my bookshelf for the better part of several years. While there are many lessons in the book that firms looking to become “great” should take to heart, there was one observation that the authors made that really struck me as relevant for firms in today’s marketplace – the Stockdale Paradox.
Collins observes that every “good to great” company they examined in the course of the book’s research had faced “significant adversity.” The difference between those companies who became great, and those companies who didn’t is what Collins refers to as the “Stockdale Paradox.”
Continue Reading Great Law Firms Will Embrace the Stockdale Paradox
Four years ago, we were talking about the “new normal” for law firms. It’s almost comical to believe that we’re still talking about it as if it’s new. It’s not.
Even at that time, Above the Law was telling us that the new normal was really more of the “old normal,” though if we’re honest, there is a lot to show that it really is more new than anything else. But that being said, Above the Law’s advice from four years ago still manages to hold true today. Many firms move at a glacial pace, so we can still be learning and adjusting based on their suggestions (which is a bit scary, but let’s just go with it).
Continue Reading Three Essential Lessons for the New “New” Normal at Law Firms
We’re thrilled to welcome a new member firm in South Korea, Lee International IP & Law Group!
Lee International is a full-service law firm, serving its clients with a range of practice areas in addition to its long-standing intellectual property practice. These areas of service include advice and representation in finance, real estate, M&A, general corporate, antitrust and fair trade, health care, domestic and foreign litigation and international arbitrations, labor, tax, general commercial, entertainment, customs, international trade remedies, government investigations, criminal matters and others.
Continue Reading International Lawyers Network Welcomes New Firm in South Korea, Lee International IP & Law Group
How can we network better?
Many posts offer the same tips, spun in a different way – and that’s important, because I can always get something out of implementing the tried and true. But when I find something unique, I’m always happy to share it.
Recently, I came across this piece from Branding Magazine, with “5 Tips to Network Like the Pros.” Despite all of the change happening in the legal industry, we still know that relationships are paramount – and maybe even more so than ever.
Bearing that in mind, let’s work on supercharging our networking. Branding Magazine offers 5 tips, but let’s take a look at two of them, and how they relate to the legal industry.
Continue Reading Two Easy Tips to Power Network Like a Pro
“Change or die.”
How many times have you heard that over the last eight years?
A friend of mine in the legal industry pointed that out to me recently, along with commenting that it always sounds so dire. And it does sound dire.
But after the statistics that we covered in a recent post (1/3 of clients are openly dissatisfied with their outside counsel, chief legal officers rank firms at a 3 on a 1 to 10 scale for commitment to change, and clients are moving their legal work to other firms or to non-firm vendors), it would seem that we should be properly incentivized to speed up the pace of change. From the Peer Monitor/Georgetown 2016 Report on the State of the Legal Market, which cautioned BigLaw against a “Kodak moment”
Continue Reading What’s Holding us Back from Real Change in Legal?
Over the last decade, we’ve seen a titanic shift in the legal industry, and one thing I know for sure is that we’ve all got to get comfortable with being uncomfortable. Change, innovation, disruption – it’s all here to stay, and how it shakes out will be different for each law firm and law firm client.
What we do know is that the client is king – they always were, but now they know it too. And that means clients expect their firms to get creative about ways and means to provide value. This can be accomplished in a myriad of ways, depending on your strategy, goals, and clients, but a piece of that puzzle is the law firm network.
Continue Reading 5 Ways a Law Firm Network Can Make Your Firm More Successful
Who wants to think about work while they’re on vacation?
I know, the idea is to get AWAY from work. And I fully endorse that. But there are two things I know to be true:
With those two things in mind, you can start implementing the following business development tips during your summer vacation and set yourself up for future success!
Continue Reading Nine Business Development Tips to Practice on Your Summer Vacation
During the recent CLOC conference, attendees had the opportunity to receive a complimentary copy of Richard Susskind’s second edition of “Tomorrow’s Lawyers: An Introduction to Your Future.” Susskind also spoke as the lunch keynote on the first day, and shared with us that while his first edition had been written for young and aspiring lawyers in the profession, he had found that everyone interested in the changing legal ecosystem wanted to hear more about (and sometimes argue with) what he had to say. And so the second edition was updated and published.
Towards the end of the book, with respect to the future of the legal industry, Susskind says:
Given our economic conditions, the shift towards liberalization, the new providers in the marketplace, and the burgeoning, exponential increase in the power and uptake of technology, I find it unimaginable that our current legal institutions and legal profession will remain substantially unchanged over the next decade. Indeed, it seems to me that the least likely future is that little will change in the world of law. And yet, the strategies of most law firms, law schools, and departments of justice assume just that. In truth, for much of the legal market, the current model is not simply unsustainable; it is already broken.”
Those are strong words, but we’re living in a time when change is fast-paced, faster than it’s ever been. And while most leaders in the industry are willing to accept that change is happening, not many of them are either willing or able to do anything about it.
Continue Reading Turning Innovative Ideas Into Results: A Practical Guide
At the recent CLOC Institute, Connie Brenton, CLOC President & CEO, along with Chief of Staff/Director of Legal Operations for NetApp gave us a challenge:
Stop thinking about how we can fit into the world around us. Start thinking about how we can change the world around us.”
For many of us, that change has started with sharing what we heard at CLOC with our own corners of the legal ecosystem, and keeping that drumbeat for change sounding. While I plan to recap some of the key sessions I attended, I first wanted to share with you some of the excellent articles that have come out following the conference, which should be further galvanizing the legal industry.
Continue Reading Change is Not Just a Six Letter Word: CLOC Urges Lawyers to Put Ideas in Action