Since beginning this Friday Share series earlier this year, we’ve published an array of blog posts with content we deem “sharable.” The said posts have varied from legal infographics and presentations on SlideShare – to YouTube videos and rather serious papers from Scribd.
Today we’re switching the format a bit with a listicle. Yes, a listicle.
It is an actual word, that is, well, listed in the Oxford Dictionary. It’s Latin roots however, could be called into question. Given the affinity law has for Latin, or perhaps that Latin has for law, we thought it appropriate remedy, on this first Friday of November 2014, to call it a Meta-Listicle.
Each of the blog posts listed below contains 10 tips or observations stemming from an industry event or an experience. While each post is worthy of being read in its entirety, we have provided a bit of context and highlighted one point that we found especially interesting:
1. HBR Consulting: Does your law firm consider innovation…
Erik Schmidt summarizes his observations stemming from a gathering of law firm CFOs and COOs on the company’s Insight Blog. Through 10 takeaways he touches on several current trends including legal efficiency, technology adoption and trends in corporate legal spending. His 10th point is what stood out for us:
“Metrics and transparency appear to be hot internal topics for executives. Key decision makers across various support functions are trying to determine what information they want to share with partners and staff, and in turn, how they can provide essential data in a clear, concise and actionable manner i.e. through dashboards and general reporting tools.”
2. WSJ Law Blog: ‘Watch Out For the Wall Street Firms’
Wall Street Journal reporter Jennifer Smith summarized a presentation by Gregory B. Jordan who joined the PNC Financial Services Group as general counsel from Reed Hastings, LLP. Ms. Smith says his presentation was based on “10 things he wishes he had known when he was in private practice.” Based on his comments it appears relationships still trump everything:
“Spend more time with your clients. Relationships are more important than ever, so put in the work to cement those bonds.”
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3. Law 360: A General Counsel’s Top 10 Billing Tips (sub. req.)
Law firm billing is a topic we study quite a bit in the LexisNexis software division, so when Francis M. Drelling published this article we bookmarked it for future reference. As general counsel of the Restaurant Division at Specialty Restaurants Corp. he draws on that experience to illustrate one of his points:
“The value of that ‘time and advice’ is how we earn our livings. As a result, it is important that attorneys assign the proper value to that ‘stock’ as the billing entries are made and as the pre-bills are reviewed. So, just how is this a billing tip?
The concept here is that a client’s invoices should represent a fair value for the ‘stock’ being provided. If you ran a restaurant and had to recook a guest’s meal because it was burned the first time, you would not charge for that mistake (or inexperience). Similarly, if your new associate took three hours to prepare a general denial when it should have taken far less, you should not approve that time entry. Instead, you should reduce the pre-bill to the fair value of the “stock” being provided to your client.”
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4. Divorce Disclosure: 10 Things No One Tells You About Hanging Out Your Shingle
Since Lee Rosen is an attorney in our local community of Raleigh, and he publishes great content, we tend to keep an eye on what he writes, especially when it’s about hanging a shingle. There were definitely more than one tip that on this list that caught our eye, but his fourth point, we thought is applicable no matter the business or industry.
“It takes years. Everyone wants quick results, but for the most part, things don’t happen quickly. It takes a few years to get a practice to generate the money required to make it worth doing. The first year is often financially deceptive because lawyers sometimes take clients with them from their old firm. When that business dries up, it’s especially difficult if you haven’t been doing the marketing all along. Most practices require at least two years to work out the kinks.”
5. Cordell Parvin Blog: 10 Things I Learned From One of My Best Clients
With some 36 years of experience, Cordell Parvin is a bit of a coach and mentor to lawyers. His blog is filled with ideas and considerations for career management, client development law firm leadership and marketing. In this post published late last year, he asked some of his clients for feedback and published his answers. Here’s one of his questions and the associated (cleint) answer:
“[Q] Lawyers should ask good questions in an initial meeting and listen rather than trying to sell themselves or their firm, what are good examples of questions you have been asked in an initial meeting?
[A] I think questions about my expectation of an outcome were the best. They led to some thoughtful consideration about the outcome I was expecting and what the alternative outcomes might be and how that might effect immediate decisions and strategies.”
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Have you spotted good “tips” post of late for the legal industry? Please feel free to share it in the comments.
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