Client Reality Checks Law Firm Growth
April 29, 2009 | Filed Under Cost Control, Law Firm Trends
The American Lawyer does a great job summarizing 2008 for the Am Law 100:
Nothing grows forever. For the first time since 1991, both average profits per partner and revenue per lawyer dipped last year among the Am Law 100 firms, the top-grossing firms in the nation. And, given the weakness in the market thus far in 2009, another decline seems likely this year.
What’s amazing is the run these firms have had; most other businesses suffered 3 or 4 earnings slides during that period. Hopefully the law firms retained some earnings during the last 18 years to see them through.
There’s also a report from the Financial Times ($), giving a slightly brighter picture, focusing on the interest of US and UK firms in the (theoretically) growing Middle East and Africa. You have to love the eternal optimism that is inherent in managing partner DNA:
While no one doubts that there are genuine commercial opportunities in these places, lawyers are equally sure that there will not be enough work to go round. Almost every senior partner seems to think there are too many law firms there and that somebody will suffer – although all are equally sure it will not be them.
This starts to hint at what is really going on. It’s not just the economy; clients are doing some things differently (beyond just asking for discounts), and won’t go back to the status quo when things turn up a bit. Most firms have to believe and convince key client partners that they will continue to win more work at the expense of others. I think the pie is being carved up, getting smaller, and being filled with mincemeat.
Sometimes you have to bite (gently) the hand that feeds, so the last words are for Aric Press and John O’Connor of TAL:
There will be blood — 2008 was not the bottom, just the beginning.
Pandemic Legal Planning
April 27, 2009 | Filed Under Crisis Planning
The concerns about a possible swine flu epidemic are building; the U.S. government’s main website is here; the CDC’s is here (they are going avian a bit by Twittering here).
Going back in my archives, I found this Department of Treasury pandemic scenario planning site here. There is some excellent information there, summarized in an overview document.
Also, here’s other resources from the DOJ and the ACLU.
If this influenza spreads, in-house lawyers will be spending a lot of time with security, operations and HR personnel (hopefully not medical). No one has been through one of these; you will have workers who can’t come to work, and many others who won’t want to. Imagine what happens when someone enters a full conference room sniffling and then launches a major sneeze.
Working remotely will be an attractive option for many; it’s probably also worth investigating some flexibility on personal time off. You don’t want sick people coming to work because they’re low on or out of PTO. That’s why sick days used to accrue rather than being changed to the more flexible (but less protective) PTO.
Let’s hope this outbreak will be small and contained quickly. International air travel spreads a virus faster than anything.
Taking the big picture approach, here’s a Google Maps bird’s-eye view of where things stand, allegedly updated in real time (click on this little map, and move your cursor on the full-sized one that opens up in your browser):
Craig Johnson, Virtual Law Partners: Seminar Today
April 22, 2009 | Filed Under Seminars
Craig Johnson of Virtual Law Partners will discuss the firm’s growth and innovative business and service models at 1:30 pm EDT (30 minutes). The title is “Virtual Lawyers, Tangible Value.”
More here; quick registration for the online event is here. It’s worth signing up even if you can’t make it, as you’ll get access to all archives in our “Off the Meter” series, sponsored by The Vallex Fund.
Social Networking and Academics
April 14, 2009 | Filed Under Law 2.0, Technology
So all you parents who think your children are wasting their time online, you may be right.
Researchers at “The” Ohio State University took a look at a potential link between Facebook use and academic performance:
Typically, Facebook users in the study had GPAs between 3.0 and 3.5, while non-users had GPAs between 3.5 and 4.0.
The study authors raise the obligatory note of caution:
“We can’t say that use of Facebook leads to lower grades and less studying – but we did find a relationship there,” said Aryn Karpinski, co-author of the study and a doctoral student in education at Ohio State University.
I am sure Facebook and other denizens of Web 2.0 will take a closer look at these results and raise some logical or structural flaws with this study. It could be something unique to Buckeyes as well.
Maybe the students using Facebook as undergrads will get lower grades, and therefore pass on law school. And then they will be forced to go out in the world and make something, of themselves or otherwise.
And then they will become clients, get huge bills, and scrutinize them for any sign that esteemed counsel is using social networking sites on their dime.
Of course, I went to law school long before Facebook; even before computers. Most “social networking” was conducted face-to-face, not face-to-computer.
Craig Johnson, Virtual Law Partners - Seminar
April 6, 2009 | Filed Under Seminars
The Wired GC continues its seminar series, Wired GC-Off The Meter.
Our fifth seminar is entitled “Virtual Lawyers, Tangible Value”, and features Craig Johnson, CEO and Co-Founder of Virtual Law Partners, and will be held on Wednesday, April 22, 2009 at 1:30 PM EDT/10:30 AM PDT (30 minutes). VLP is a fast-growing virtually-structured law firm with 38 partners in five states. We talked to Craig around the time of VLP’s founding last year in a podcast that’s available here.
Full details are on the dedicated series page; registration is quick, and allows you to attend the seminars live, or view them on-demand after. Also, when you confirm your subscription, you will get a copy of the series white paper: “Changing the Law: Metrics and Milestones.”
The series available to the legal community without charge thanks to our exclusive sponsor, The Vallex Fund.
Current subscribers to Wired GC -Select are already registered and have access to the series archives.
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