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… Continue Reading
Show, don’t tell. Keep it simple and compelling. It’s the right lesson for trial. It’s the right lesson for marketing.
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… Continue Reading
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,… Continue Reading
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… Continue Reading
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… Continue Reading
“I’m shocked, shocked to find that gambling is going on here.” Captain Renault to Rick Blaine, in Casablanca. Law Firm Profits Called Inflated, from the Wall Street Journal. The source is a person briefed on an analysis by Citi Private Bank Law Firm Group. I’m shocked, shocked.
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… Continue Reading
You gotta read this story. Way to go Morton’s! But think beyond the story. What does Morton’s do to create that kind of customer service culture? If anyone knows, please share.
"Don’t tell me how good you make it. Tell me how good it makes me feel when I use it."
Steven Harper recently made this observation in Belly of the Beast: Amid corporate belt-tightening that targeted outside legal costs, average equity partner profits for the Am Law 100 actually rose during the last two years. They’re now back to pre-Great Recession levels of $1.4 million a year and it’s a safe bet that next year’s… Continue Reading
Others have attempted to define value. Here is today’s effort to focus on providing value: Value is achieved when what the client pays is less than what the client receives. Thus, Value = Pay < Received.
Courtesy of Jim Hanlon of Novus Law (and ultimately Rose Walker):
My inestimable partner, Nicole Auerbach, will be speaking at ACI’s 6th Annual Forum on Reducing Legal Costs, being held on October 20-21 at the Union League Club in Philadelphia. Joining Nicole to discuss practical guidance from those who have led the way on cost reduction initiatives are Ward Classen of CSC, my friend Susan Hackett… Continue Reading
I’ve always said that lawyers are really smart and that if given the proper incentive structure, they would learn how to deliver great value and still make money. But what if there is no incentive to change? Well, according the Wall Street Journal (citing to Peer Monitor), "the average hourly rate for a non-partner associate… Continue Reading
Just over four years ago, the amazing Gerry Riskin wrote Doom and Gloom for the legal profession—it’s coming. In that post, Gerry predicted—quite accurately in retrospect—that the legal profession was “in for very rough times” and that it would begin about six months after the November 2008 US Presidential Election. Most people now use September… Continue Reading