Legal

Subscribe to Legal via RSS

Speedometer with needle racing through the words Revolution, Change, Shake it Up, Status Quo and Stagnation

“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 yesterday, along with commenting that it always sounds so dire. And it does sound dire.

But after the statistics that we covered in last week’s 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 nonfirm 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”

[A]s in the case of Kodak, the challenge is that firms are choosing not to act in response to the threat, even though they are fully aware of its ramifications.”

So what’s holding us back? 
Continue Reading Change: What’s Holding Us Back?

Young woman loking at virtual graphics in futuristic background

A few months ago, I was contacted about SmartLaw.

SmartLaw is the idea that there are three keys to a law firm’s success – their clients, their culture and the intelligent use of technology (this is per HighQ, a technology company who provides enterprise collaboration, file sharing & content publishing solutions to leading law firms, corporate legal teams, and banks). About SmartLaw, they said:

It’s no longer news that the business of law is changing. Business structures, billing models, and even client expectations are very different than they were just a few short years ago.

The way firms compete and who they compete with; the staff they employ, or choose to outsource, and where in the world they’re located; and the importance of business analytics and big data are all relatively new concerns in law.

No matter where your firm is at now, SmartLaw is about mastering the fundamentals to make sure you stay competitive in the future.”

We know that the business of law has been, and is changing – though there’s still some disagreement about whether there’s total “disruption” or just a gradual shift. But either way, most of us can agree that things are different today than they were 10 years ago. Even five years ago. 
Continue Reading Are You Ready for the Future of Legal Services?

iStock_000000865752MediumI’m delighted that we’re launching our Corporate Group’s first edition of “Establishing a Business Entity In: An International Guide” today!

The collaborative electronic guide provides a summary of key corporate law principles in 18 countries internationally. It is designed to serve as a quick and practical reference for those establishing an entity in these jurisdictions. …

I’m still recovering from the whirlwind that was #LMA15 – it’s always a festival of education, networking, mentorship, relationship-building, thought leadership, and having amazing, thought-provoking conversations about our industry and where its headed. And I love every minute of it. But one of my favorite parts, as you know, is the general counsel panel.  This year’s panel was focused on “How we buy what you sell – and how that’s changing.” I had the pleasure of speaking with two of the three panelists in advance of the session, Joe Otterstetter of 3M and Virginia Sanzone of CareFusion, and their comments during the session were very much in line with our conversations. But before we get ahead of ourselves, let’s look at how LMA described the session:

You already know plenty about ‘The New Normal’ and how law firms are adjusting, but corporate legal departments are not standing still either. This year’s GC panel will share Association of Corporate Counsel (ACC) data and the perspective of senior in-house counsel on trends in law firm selection processes, outside counsel management, and unbundling and in-sourcing work. You will have a chance to take a look ‘under the hood’ at how legal services purchasing decisions are made and external resources are managed, including discussion of how ‘switching costs’ from an incumbent law firm are considered, the role of Procurement, how success is measured (including how the managers of outside counsel are evaluated), and more through open Q&A.”

 
Continue Reading How We Buy What You Sell – and How That’s Changing – A Recap

Today’s Ask Friday! question comes from our very own Executive Director, Alan Griffiths, who asked me to share with you some tips for getting ready for a business trip.  We’ve all got our own lists and prep routines, but this has been on my mind this week while we’re getting ready to head over…

Recently, the ILN was alerted that fraudulent lottery winnings letters and checks are being sent to individuals in the United States. Someone is using stationery with what appears to be the ILN letterhead to advise them that the ILN held a drawing in November for over $200,000, which they have won. The letter also includes…