Will the Legal Profession Use the World's First Temporal Analytics Engine?

I met virtually with Recorded Future this morning for a close up briefing of how their Temporal Analytics Engine might be used by law firms.  Firms who use this can better predict the needs of their own clients and prospective clients as well.   There is so much more that this technology can do if used effectively, including monitoring the industries that a firm serves now and perhaps should serve in the future.

How often does a potentially powerful competitive weapon come along for the legal profession… and, more importantly, will law firms recognize it when they see it?

 

 

 

 

 

 

 

 

 

 

 

Recorded Future, the world's first Temporal Analytics Engine, is a new predictive analysis tool that allows you to visualize the future, past or present.

Start by reading their blog post today Law Firms and Recorded Future.  Then sample their video explanation on their home page

My Prediction:  Very few law firms will do an exemplary job of exploring this technology.  Those who do will likely meet considerable resistance internally from those who are slow to trust technology and especially revolutionary technology.  I am completely OK with that. 

What excites me: is that a few law firms that see the true potential of this technology and will use it in imaginative ways.  At Edge International, our core business is helping clients who are committed to achieving competitive advantage.  You can bet we will be exploring this with our clients, and maybe some prospective ones as well.

 

Would you associate these powerhouse law firms with "Quality of Life"?

Top 10 recipients of associates' seal of approval:

1.    Ropes & Gray
2.    Williams & Connolly
3.    Morrison & Foerster       
4.    Fitzpatrick
5.    Shook, Hardy & Bacon
6.    Hughes Hubbard & Reed          
7.    Jones Day
8.    Davis Polk
9.    Paul, Weiss
10.  Skadden, Arps

View the entire 2011 Vault Law Firm Quality of Life Rankings.

ROPES & GRAY REPEATS AS BEST LAW FIRM TO WORK FOR; LAW ASSOCIATES AT WILLIAMS & CONNOLLY MOST SATISFIED


Bold Move by CMS Cameron McKenna: "pay what you think its worth" option

Speaking of bold, CMS Cameron McKenna has a pricing team!  (See page 14 of their brochure, The future of fees: your route map to value.)

Punchline:  CMS Cameron McKenna has 122 Equity Partners and employs over 1,000 fee earners in 10 offices.  They are big enough and influential enough to be a tipping point in their own right.  Those other law firms who ignore Alternative Fees and Value Pricing because "they just won't ever take hold" are in grave danger of playing catch up or even missing the boat altogether.  You don't need your own pricing team today but what you do need is a team within the partnership to start exploring how your firm will enter this game and when (not if).

Thank you to Gavriel Hollander at The Lawyer for the original story

 

VAULT.COM and Minority Corporate Counsel Association (MCCA) present 5th annual legal diversity career fair

(Please pass this forward to 2 and 3rd year law and lateral candidates.)

According to Claude Sheer, CEO of Vault.com., “The Vault/MCCA Legal Diversity Career Fair will offer a hands-on insider’s perspective of the progress that top firms are making to increase diversity and to advise minority, women and GLBT law students and associates on their legal career options.”

MCCA is delighted to partner with Vault to offer this wonderful opportunity for organizations seeking to attract talented, diverse candidates and underscore their commitment to building more inclusive workplaces,” said Veta Richardson, Executive Director of MCCA.  “We are enthused that in the midst of a recovering economy, there is such enthusiasm around reaching out to highly-qualified, diverse talent.”

The Vault/MCCA Legal Diversity Career Fair will take place from 8 a.m. to 4 p.m., with representatives of over 30 legal employers available to meet with candidates.  The event will kick off with a special breakfast where Vault will unveil its 2011 Law Firm Diversity Rankings, the result of its annual Law Firm Associate Survey.

Earlier this year, more than 15,000 law firm associates rated their employers on a variety of issues, including diversity with respect to minority, women and GLBT attorneys.  Vault representatives will be on hand to reveal these diversity rankings and honor the Top 20 law firms who were the most highly rated by their own associates for their commitment to hiring, retaining and promoting diverse attorneys.

“Vault’s diversity rankings are unique in that it is the law firm associates themselves who rate their employer’s commitment to a diverse and inclusive workplace.  Lawyers are a tough crowd; these firms have cleared a high bar,” noted Brian Dalton, Managing Editor at Vault.com.  “According to its own associates, the top firm ‘treats diversity as a priority’ and ‘is not simply following a trend’—and this is reflected in our rankings.”

Following breakfast, candidates will have the opportunity to meet and present their resumes to hiring partners and recruiters from top law firms, government agencies, and corporate law departments during recruiting hall hours, before and after lunch.  The career fair is designed for minority, female, GLBT, and candidates with disabilities.

In the midst of networking, candidates will have the opportunity to recharge during a keynote lunch featuring Carolyn B. Lamm, President of the American Bar Association.  President Lamm was named one of the 50 Most Influential Women in America by The National Law Journal in 2007 and one of Washington's Top 30 Lawyers by Washingtonian magazine in 2009.  She has worked tirelessly to ensure equal opportunities in law and will speak about her efforts, goals and outlook for the future of diversity in the legal profession.

Morgan Lewis is the Platinum Sponsor for the Legal Diversity Career Fair and lunch.  “As we gear up for entry-level hiring, sponsoring the Vault/MCCA Legal Diversity Career Fair is one of the ways we will continue to make diversity a priority at Morgan Lewis,” said Firm Chair Francis M. Milone. “Our goal is to attract entry level lawyers from diverse backgrounds who have the skills our clients most value, including hard work, responsiveness, problem solving ability, and a commitment to teamwork.”

The event will also offer opportunities for job seekers to obtain resume and cover letter review and advice from Vault Career Experts and access computer terminals to view Vault's Career Insider and Vault/MCCA Law Firm Diversity Database, a fully-searchable online tool featuring comprehensive data on diversity performance at nearly 300 law firms nationwide.  Registration is still open at http://www.vault.com/legaldiversity.

SECURITY -- a lucrative future-oriented practice area awaiting your firm

Greg George, Managing Partner of top security firm GTI Advisors Threat Management Practice Group has created a comprehensive due diligence report — among his many recommendations, he suggests that businesses consult a law firm  - is your law firm ready to answer that call?  SECURITY may be a lucrative future-oriented practice area awaiting your firm.

I recommend:

1)  Check out GTI Advisors Threat Management Practice Group

2)  Download (free) and read Beyond Due Diligence

3) Note the section "Qualified Legal Counsel Is Worth Every Penny" on page 18.

4) Discuss this in your firm and explore an appropriate strategy before you are left in the dust by forward thinking firms that will.

Footnote: Determine if you are the cobbler with no shoes (when it comes to security) — perhaps your law firm could use a few of the amazing ideas in this document as well.

Note:  For international clients, this piece is clearly written for American audiences but I believe the vast majority of the content will be useful regardless of your location.

 

My colleague Ed Wesemann takes a tongue-in-cheek look at Associate Business Development

My Edge International colleague and good friend, Ed Wesemann, has some fun providing tongue-in-cheek advice for new law firm associates on how to develop business.

Enjoy, and better yet have your associates look at this.

Think Pink ! Motivators More Powerful than Money (revisited)

This clever animation may reinforce Dan Pink's message from his new book Drive. 

Compensation has been the tool of choice in law firms to reward good performance, punish the absence of it and drive change.

You will not want to believe what you are about to hear and see…  ask yourself why?

If you are enlightened, gather your management team and start thinking about how to harness the learnings to create peak performance and lower turnover in your firm.

Appreciation as an Action

 

 

Appreciation is not assumed — it has to be communicated…  if you think your clients know you appreciate them, ask your self "how would they"…  Make it explicit and you'll separate yourself from the masses !

Driving 2010 Revenues through Rainmakers First

I’ve witnessed first- hand increases per participant ranging from hundreds of thousands of dollars to millions of dollars.

Download this article (or read on line) with my compliments. (Click on image)

Want to Improve Your Business development? Smell the Coffee !

Be judged more favourably… your hot coffee makes you seem warmer and also enhances the way you perceive your prospective client.

So says that wonderful blog: Neuromarketing: Where Brain Science and Marketing Meet in a post called: Heat Up Sales – With Coffee!

After years of experience,  we tend to trust our judgment but good old research can offer a competitive advantage, if we pay attention.

Many of your competitors will either not know about this research or think its balderdash (and continue to offer those cold drinks). 

Punchline: Perhaps "Can I get you a beverage" should be replaced by: "How do you take your coffee?

What do you think?  More importantly, what will you do?