August 2011

Is spending time reviewing your outside lawyers’ bills the highest and best use of your (or your team’s) time? Trust us, you’d feel much better if you used a fee structure that allowed you to put that time to more valuable use.

Value Tips of the Day are reprinted here from the Valorem App, available for iPad and iPhone users through the App store.

Companies that have tried alternative fees have reported real savings of 15% or more.  Is your company so exceptional that you shouldn’t pursue this result?

Value Tips of the Day are reprinted here from the Valorem App, available for iPad and iPhone users through the App store.

On the Sunday following Steve Jobs’ resignation as CEO of Apple, the New York Times contained an interesting article, Reaping the Rewards of Risk-Taking that understandably praised the innovative work of the man many consider America’s greatest innovator. The article goes beyond simply praising Jobs, though, and discusses the traits of disruptive innovators:

The academics identify five traits that are common to the disruptive innovators: questioning, experimenting, observing, associating and networking. Their bundle of characteristics echoes the ceaseless curiosity and willingness to take risks noted by other experts. Networking, Mr. Gregersen explains, is less about career-building relationships than a search for new ideas. Associating, he adds, is the ability to make idea-producing connections by linking concepts from different disciplines — intellectual mash-ups.

“Innovators engage in these mental activities regularly,” Mr. Gregersen says. “It’s a habit.”

Much has been written about lawyers’ adversity to change, while the traits of disruptive innovators are ones that seem to require change as oxygen.  So perhaps it is asking too much to expect people with these traits to inhabit our profession.  If you can think  of any, let me know and I’ll be happy to feature them in a follow-up post.

 

Have you seen the data that proves that discounted hourly rates is the least effective way to lower legal spend?  Ask us.  We have.

Value Tips of the Day are reprinted here from the Valorem App, available for iPad and iPhone users through the App store.

Give it to the litigators (they’ll eat anything!)

Have litigators review your contracts.  Corporate lawyers repeat provisions without knowing how the terms hold up in court.  Litigators have a keen eye for things that don’t make sense on the face of the agreement, and can steer you clear of obvious pitfalls which, in the end, will save you money.

Value Tips of the Day are reprinted here from the Valorem App, available for iPad and iPhone users through the App store.

If they talk the talk, make sure they walk the walk…

Hold your outside firms to their diversity promises.  Require monthly breakdowns of the actual percentage of work done by diverse attorneys and paralegals, and if they are not living up to your expectations (which should be high, by the way), then insist on adjustments or move your work (yes-you do have the power. Use it).

Value Tips of the Day are reprinted here from the Valorem App, available for iPad and iPhone users through the App store.

Lokel yokel.

If you have an out-of-state matter that requires local counsel, have your main counsel hire and supervise the local counsel and include the local counsel fees in their bill to you.  More incentive for efficiency and less bill reviewing for you.  Better yet, make your main counsel include the pricing of local counsel in the fee they quote you. 

Value Tips of the Day are reprinted here from the Valorem App, available for iPad and iPhone users through the App store.

The long and winding road ….

Studies show that the longer litigation continues, the more expensive it is.  Give your firm incentive to conclude litigation quickly — like a success bonus for resolving within a certain period of time.

Value Tips of the Day are reprinted here from the Valorem App, available for iPad and iPhone users through the App store.