This is the most important technological breakthrough I’ve seen in 10 years.  The fact that it was not designed specifically for the legal profession should not deter you from availing yourself of this resource starting NOW.

Google is amazing…  Wolfram Alpha transcends it.  Try it out !

WATCH THIS DEMO – 13 minutes that will change your life.

(Thanks to my son Daniel Riskin, PhD for making me aware of this.)

 

 

 

 

Good news for some…  HOWEVER even with that increase:

"overall legal spending is expected to decline just 1.4 percent for the year."

Source:  ABA Journal Post referencing BTI PDF from which above image was extracted.

"In a press release, Michael Rynowecer, president of BTI Consulting, calls the findings “a big ray of sunshine in what has been a very stormy environment.” He cautions, however, that some law firms won’t benefit from the increase in spending."

From the Sacramento Business Journal today:

Law firm confidence index drops to record low

Excerpt:

Confidence in the economy among managing partners at large law firms nationwide hit new lows in the first quarter, according to the latest research from the Citi Private Bank Law Firm Group in New York City.

I recommend three priorities to Managing Partners:

  1. Bulletproof existing clients (complacency is deadly in light of the predator-like behaviour you can expect from your competitors as their revenues diminish)
  2. Concentrate Business Development training and strategic assistance on your best rainmakers (Train the rest later – for now, you need results)
  3. Coach all partners on how to deal with fee resistance (Your partners will be divided and conquered unless you give them the tools and confidence to effectively deal with the inevitable fee resistance that accompanies a recession.)

PUNCHLINE: There is so much more to do, but I have seen these three initiatives making an immediate palpable difference. NOW is when you need these benefits most.

 

I was honoured today to participate in Charon’s 114th Lawcast which you can hear at the Charon QC blawg or download it from there in iTunes format:

Lawcast 114: Gerry Riskin, founder of Edge International – Law practice in these recessionary times

Access all of Charon’s lawcasts by clicking on Charon’s Lawcast website logo below

Charon QC is intelligent, articulate and highly entertaining.  Don’t miss any of his offerings!

 

Bruce Marcus of The Marcus Letter offers us a fascinating lesson in transposition in his new article called "HOW TO ELECT A PRESIDENT — OR GET A CLIENT".  Bruce’s tag line is the name of this post.

Here’s a quote from Bruce Marcus as he shines his light on learnings from the campaign of President Barak Obama:

There are many lessons to be drawn by professional services marketers from a successful election campaign – perhaps none more cogent than from the Obama campaign. And while there are differences between an election and a professional services marketing campaign, it is the parallels that inform both.

PUNCHLINE:  Thank you Bruce Marcus for relating the successful campaign of the President Elect to attracting clients.  It’s a stimulating and catalytic read!

 

 

Jan. 14 (Bloomberg) — The week after Bernard Madoff was charged with running a $50 billion Ponzi scheme, Proskauer Rose, a New York firm of 750 lawyers, offered a telephone briefing on the scandal for its wealthy clients. With only a day’s notice, 1,300 Madoff investors dialed in.

“This is a financial 9/11 for our clients,” said Proskauer litigation partner Gregg Mashberg, one of the lawyers on the call. “People are dying for information.”

You may not have anything on the scale of 911 that you can help your clients with but the principle remains valid:

Is what you have to say to clients relevant, timely and valuable? 

If so, they will listen!

These extreme economic times are not the place for the long-term marketing-speak consulting-mumbo jumbo about branding and image.

Your clients (and prospective clients) need your help and they need it now.  How can your firm help your clients with:

strategies to deal with slow paying customers (even potentially bankrupt ones)

employment strategies that allow for layoffs (if necessary) without retribution

renegotiating contracts of all kinds – including leases.

international assistance especially where foreign currency value fluctuation could hurt your client

PUNCHLINE:  You don’t need my list – you need to sit down with your practice group, industry group and/or client team and determine what your clients needs from you.  By the way, don’t hesitate to involve your key clients in this discussion – they will enthusiastically participate (remember to tell them the meter is off if you still bill by the hour).

Note:  The Bloomberg quote and Madoff image above are from a story today called "Madoff Case Promises Fees for Firms Facing Worst Year in Decade" 

 

I was honoured to be included in the round table that culminated in the cover story of Law Pro

Click on the image to download the PDF.

I am in good company.  The roundtable included:

Karen MacKay

Merrilyn Astin Tarlton and

Ed Flitton

If you would like the entire magazine, download it here