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The ILN is delighted to announce the release of the fifth (and updated) edition of their corporate guide, “Establishing a Business Entity: An International Guide.” This collaborative electronic guide offers a summary of key corporate law principles in 40 countries across the globe (an increase of nine chapters over our 2017 guide), serving as a quick, practical reference for those establishing an entity in these jurisdictions.
To view the guide, please click here: http://bit.ly/ILNCorporate5th

Continue Reading Fifth Release – ‘Establishing a Business Entity: An International Guide’

In our most recent post, we broke down the art of persuasion, and looked at the styles for change that you may be seeing within your firm. I should also add that there’s really a fourth style too, and that’s the belief that no change is necessary – I didn’t cover this in any depth, and won’t, because the group that believes no change is necessary is unlikely to change their minds any time soon, and it’s not worth the investment of your time to try to force them to. At some point, they’ll either retire, or self-select out, and you’ll be left with the remaining three categories, all of which you can successfully work with.

So what are some practical things you can do when implementing change? As you’re getting started, I heartily recommend doing some research for support – one of the books I read that gave me some great food for thought was Tribal Leadership: Leveraging Natural Groups to Build a Thriving Organization. I am naturally drawn to any book that helps me to identify ways to better engage my lawyers in the relationships that drive their business, so this was a perfect fit, and a smart read. There’s a lot to it, so I’ll encourage you to read the entire book and I won’t dive too deeply into it today, but there are two key principles I’d like to touch on for what will help bring about effective change in your firm.
Continue Reading Practical Steps for Motivating Change in Your Law Firm

This is just a guess, but I suspect that most of us didn’t get into the legal industry because we love data, right?

If we loved data, we’d be elsewhere.

But…bad news. Data is one of those things that we have to start embracing as the industry changes in order to stay relevant. It sounds terrible and cumbersome, but truthfully, once you invest the time to put processes in place to collect and mine your data, the return you’ll get is huge. You’ll see where you can be more efficient, create more value for clients, and identify ways for the firm to be more profitable. More value AND more profit? Data doesn’t sound so bad after all, does it? 
Continue Reading Law Firm Leaders: Time to Address Data Poverty

We’ve had a lot of discussion over the past several years about what the future of legal services will look like, and what critical characteristics and ideas will be necessary for lawyers and law firms to embrace in order to operate within it successfully. Last week, we opened the conversation again with the release of HighQ’s updated eBook on SmartLaw addressing these concepts, and as we did with the first eBook, I’d like to delve a little further into what some of the other authors had to say.

Let’s kick this off with two of my favorites – Jordan Furlong and D. Casey Flaherty, who had essentially the same core message: the future is now. You may remember that this isn’t the first time we’ve addressed this concept here on Zen either – looking back to 2016 and the Altman Weil CLO study, this was already a call to action. Flaherty and Furlong are continuing to beat the drum on this too, and each has an important message for firms and their lawyers.
Continue Reading SmartLaw: The Future is NOW

Long-time readers of Zen may remember when we first started talking about the future of the law firm and the idea of “SmartLaw” in 2016, when HighQ asked the question “What do you believe lawyers and law firms need to do to prepare for the future of legal services?” Over the course of several posts, we delved into the answers of a number of industry experts, which supported the idea that clients, culture, and technology would be key.

Since then, HighQ observes that the concept of SmartLaw has evolved:

Future-focused law firms have found success putting the concept to work as they create amazing client experiences, adopt a culture of change and use technology to empower greater efficiency. Even so, as the industry continues to change, so must the SmartLaw concept.

In addition to the original three areas of focus, we now believe that firms must also prioritise data and process. Together, these five pillars of clients, culture, technology, data and process create SmartLaw 2.0. These key areas will be critical to the success of firms in the future.”

Bearing these pillars in mind, HighQ asked a number of experts again, “What do you believe lawyers and law firms need to do to prepare for the future of legal services?”
Continue Reading SmartLaw: Critical to the Success of Future Law Firms

Welcome to ILN-terviews, a series of profiles of ILN member firm attorneys, designed to give a unique insight into the lawyers who make up our Network. For our latest interview, we chose ILN member, Jonas Forsman of our member firm Hellstrom in Stockholm, Sweden.

In one sentence, how would you describe your practice?
My practice is within company law with focus on M&A, contract/corporate law and negotiations.

Who would be your typical client? 
My clients range from listed companies to one-man-holding companies. In essence the typical client is a mid size shareholder-driven Swedish limited liability company with an international business, market and/or ownership.

What would you like clients and potential clients to know about you? 
I strive to add value, not only invoices! I put the legal issue into context with the clients’ business for a legal and business-oriented way forward.
Continue Reading ILN-terviews: Jonas Forsman, Hellström

Like with any relationship, the relationship you have with your law firm network will give back what you put into it. (This is true for any informal referral networks too, by the way)

While we wholeheartedly advocate that you join a network with the goal of being able to better serve your clients by offering them a broader level of expertise, and a vetted source of trusted partners around the world at a moment’s notice, we recognize the reality that many firms, of course, are also interested in receiving referrals, and working together with their fellow members to develop new business. While it’s a nice idea to think that you can join a network, tick a box, and sit back and watch the work roll in, the truth is that unless you’re in a jurisdiction where business is naturally incoming, this is unlikely to happen unless you put in some work. The network can and will help you facilitate your relationships with other members and will supercharge your networking and business development efforts, but there are some key strategic steps you can and should undertake to leverage your network membership. These ideas can also be applied to any informal referral networks that you may have. 
Continue Reading Leverage Your Law Firm Network for More Value

Most of us are familiar with a typical referral – a lawyer that you’ve built up a relationship with who has need of your practice expertise or a client with work in your jurisdiction will call you up and ask for your assistance. At times, they will pass your name directly to their client to contact you directly. In either scenario, it is a one-to-one relationship from one party to another.

This is the way that many firms outside of, and sometimes inside of, law firm networks view the referral concept and on which they were founded. Networks were developed to build cohesive, collaborative environments that foster the strong relationships that make these referrals possible. Globalization in the legal market in the late 1980s and beyond required either this model, or mergers with larger firms, or firms opening offices in overseas’ markets. 
Continue Reading Driving Collaboration: Beyond the Traditional Referral for Mid-Sized Firms

We’ve talked extensively on Zen about how to make the most out of conference attendance and networking. But with the ILN’s European Regional Conference coming up next week, it’s at the forefront of my mind! Before we jump in, I’d like to point out that I think the word “networking” can get a bit of a bad rap. But in my mind, it’s really exchangeable with “business development.” While it doesn’t represent the entire sphere of activities that business development can encompass, when you’re effectively networking, you’re engaging in activities that can bring you more business, either now or in the future. So it’s worth investing your time and energy in.

With that in mind, I’d like to offer you five easy tips for conference networking that you can implement at your next event! 
Continue Reading Five Easy Tips to Network Like a Boss