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Archive for the ‘Law Firm Strategy’ Category

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

Friday, August 20th, 2010

By Amazing Firms Amazing Practices, Gerry Riskin.

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.

 

Originally posted at Amazing Firms Amazing Practices. Please visit http://www.gerryriskin.com/.

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

Thursday, August 12th, 2010

By Amazing Firms, Amazing Practices, Gerry Riskin.

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


Originally posted at Amazing Firms, Amazing Practices. Please visit http://www.gerryriskin.com/.

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

Monday, August 9th, 2010

By Amazing Firms, Amazing Practices, Gerry Riskin.

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

 

Originally posted at Amazing Firms, Amazing Practices. Please visit http://www.gerryriskin.com/.

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

Saturday, July 17th, 2010

By Amazing Firms, Amazing Practices, Gerry Riskin.

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.

 

Originally posted at Amazing Firms, Amazing Practices. Please visit http://www.gerryriskin.com/.

Appreciation as an Action

Saturday, April 3rd, 2010

By Amazing Firms, Amazing Practices, Gerry Riskin.

 

 

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 !

Originally posted at Amazing Firms, Amazing Practices. Please visit http://www.gerryriskin.com/.

Driving 2010 Revenues through Rainmakers First

Sunday, February 28th, 2010

By Amazing Firms, Amazing Practices, Gerry Riskin.

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)

Originally posted at Amazing Firms, Amazing Practices. Please visit http://www.gerryriskin.com/.

Edge International Review Winter 2010

Wednesday, February 3rd, 2010

By Amazing Firms, Amazing Practices, Gerry Riskin.

We are very proud of our latest Edge International Review.    For a complete downloadable version (or just the articles you want) click on the cover or go to EdgeInternationalReview.com

If you have any questions , comments or suggestions, please shoot me a note.

(You can also check out our Edge International web site at Edge-International.com)

Originally posted at Amazing Firms, Amazing Practices. Please visit http://www.gerryriskin.com/.

Great Lakes Law Firms – Legal Market Analysis Now Available

Friday, January 15th, 2010

By Amazing Firms, Amazing Practices, Gerry Riskin.

If your firm has offices in the Great Lakes Region (or is thinking of expanding into it) there is an unprecedented and unmatched comprehensive analysis available: “2010 Legal Market Analysis Great Lakes Region”

The report contains:

  • 115 pages of detailed factual competitive intelligence
  • 126 charts, graphs and illustrations
  • 8 States and 10 Metropolitan Areas
  • Information on 215 law offices

Cities included:

  • Chicago
  • Milwaukee
  • Detroit
  • Indianapolis
  • Cincinnati
  • Minneapolis
  • Columbus
  • Buffalo
  • Cleveland
  • Pittsburgh

I think this is a fantastic deal.  If your firm tried to pull this together on your own, you’d spent months and tens of thousands worth of time doing your due diligence which would include analyzing the firms, clients and economics of the region.  I expected the price would be around $7,500 but it offered at $2,995

I was also impressed by the Guarantee of Satisfaction - if your firm is disappointed (you won't be) you can pull the trigger on the guarantee.

For many leaders, the most important and imponderable question relates to the timing of the recovery — one of the elements of this report is

  • “Prognosis for timing and extent of legal market economic recovery”

My enthusiasm for The “2010 Legal Market Analysis Great Lakes Region” is based on these simple premises:

  1. The team that created it has many decades of law firm experience
  2. The sources of data are impeccable
  3. Ed Wesemann (architect of this publication) is a truly gifted analyst and law specialist

The downloadable prospectus including full Table of Contents will give you an idea as to how well organized this work is.

At the very least, this analysis is an important reality check.  Many firms have skewed views of their own markets based on prejudices or outdated data that tends to stick in the minds of firm leaders.

Here is an excerpt from the free  downloadable prospectus showing the nature of the contents of the report:

A detailed competitive analysis for each city providing:

  • Comparative reputation within the specific legal market
  • Detailed descriptions of competitive situations
  • 2010 depth counts of lawyers in the local office and firm-wide

An accurate and up-to-date economic analysis of each metro area including:

  • Projections of the growth of key drivers that affect the legal market
  • Prognosis for timing and extent of legal market economic recovery
  • 2010 Assessment of stability of leading industries and top employers

Assessment of demographic, businesses and market data for each state and metro area including:

  • Size of legal markets
  • Business friendliness, job growth, cost of doing business and other important indicators
  • Strength, Weakness, Opportunity and Threat (SWOT) Analysis for large firm legal practice in each metro area

Download the prospectus and see for yourself.

Note:  I know the people behind this initiative very well but want to make it clear that I have absolutely no financial interest in their venture — I am posting this based on receiving a review copy. I believe this is an extraordinary offering and far more valuable than its price would reflect.




    

   
 

Originally posted at Amazing Firms, Amazing Practices. Please visit http://www.gerryriskin.com/.

Guru to the Gurus: David Maister

Tuesday, January 12th, 2010

By Amazing Firms, Amazing Practices, Gerry Riskin.

Nearly three decades ago, in the early days of Edge International, there was only one writer in the area of managing a professional firm that commanded our unqualified respect and attention. That was David Maister.

“Managing the Professional Services Firm” is the Bible, according to many leaders of some of the largest professional service firms in the world. “True Professionals” spoke to the firms for whom dignity and quality service were the engines of success. And he wrote so much more in collaborations and articles.


In Edge, we were lucky enough to find ourselves presenting at a few conferences in common with David, in various places around the world and one day ended up having a very private informal retreat. This led to the creation of PracticeCoach®, an extraordinarily comprehensive video-based resource to help law firm leaders around the world. It stars David.  What a joy it was to create with him.

His philosophy was so in harmony with ours.  For example, we loved his guarantee of satisfaction (and were proud that we offered one as well even before we knew he did).

There were some very cool things I learned from David:

  • David loves his wife, Kathy, with such passion and always treats her as his trusted advisor and coach. (She's the Guru's Guru.) With Kathy, David taught my wife, Bethany, and me how to travel for weeks internationally without checking luggage. “IMPOSSIBLE!” we said standing on the curb in front of their place one morning with four huge suitcases’s while David and Kathy had their little rollers behind them. “You just need to learn how to pack properly…” they replied, and during our next visit we got the tutorial. (Actually, David and Kathy, if you wrote a book based on that tutorial….) Bethany and I owe David and Kathy the moon for that advice.
  • David exemplifies passion. He loves his wife and his music collection which is of a magnitude that makes it the 8th wonder of the world…and he’ll sing till dawn. :-)
  • David has energized audience after audience…forcing thought about important issues and even more importantly, sometimes with the help of voting machines, making them actually decide on things.

I am not surprised by the awards and accolades* he has received… just delighted.

The good news is that this is not a eulogy (even if it sounds like one). David and Kathy’s infectious smiles will remain available to us for many many happy years to come.

If there is a sad note in this homage, it is that David's retirement represents a loss to my beloved legal profession and all the other professions he served so well.  However, his books and programs live on. As I write this, I am helping a prominent South American firm to use the study in his book, “Practice What You Preach,” to help them analyze and choose the most fruitful areas of focus for their continued improvement.

Maybe David’s and Kathy's retirements will be like some famous souls who preceded them who were coaxed back into the game for an important gig or two.

By the way, Kathy retired from one of the most incredible video enhanced blogs in history: startcooking.com where you can still experience valuable lessons - check it out !  This is not an amateur undertaking - you will find broadcast-quality production values.


David and Kathy, Bethany and I treasure you and I know if we gathered those of like mind we’d need a mighty big arena.

Retire in good health!! Well earned - BRAVO!

 

*awards and accolades

Originally posted at Amazing Firms, Amazing Practices. Please visit http://www.gerryriskin.com/.

Law Firm Leadership Eye Openers

Saturday, December 5th, 2009

By Amazing Firms, Amazing Practices, Gerry Riskin.

Take a few moments at the beginning of your next (executive, practice group, industry group, client team) meeting and watch this piece from Australia's George and Margaret Beaton (Beaton research and Consulting).  They have been friends for a long time and not only built an amazing high end consultancy but have done it with panache and imagination.  You will see some data that will act as a catalyst for the thinking of your leadership team.

Enjoy:  The Big (Legal) Picture video

Punchline:  The legal Profession absolutely refuses to stay the same so don't let your partners treat it like it will.

Pat Lamb's added this commentary at his awesome Blog,  In Search of Perfect Client Service:   You'll like irrelevance even less

Originally posted at Amazing Firms, Amazing Practices. Please visit http://www.gerryriskin.com/.