- My post on January 8th (the one I pulled down because they told me it was full of factual errors) wasn't very far off the mark (and I was a little miffed that the Project Cobalt team made all of us sign a CDA and then gave "exclusive" interviews to the ABA Journal and the NY Times about the product. But, the CDA has expired and you'll now see great things from those of us that took the trip to Eagan to talk with the Cobalt team. [Note: my apologies to Bob Ambrogi for listing him earlier, he was under the same CDA, but was notified it was lifted before he posted yesterday.]
- This one is actually funny. When I get back to the office this morning, I see a package from ThomsonReuters that looks a little... shall I say, weird, and a little beat-up. When I look inside the package (which was supposed to be some Louisiana resource materials) I find horseshoes. Now, I've gotten a lot of SWAG from the folks at ThomsonReuters in the past (see all those calendars behind the horseshoes...) but this was probably the best! Not only were they horseshoes, but they were used horseshoes to boot!! Nails and dirt and probably horse sh... er poop all ground in the grooves. I'm assuming that this 'package' got misdirected by the USPS, because the package had obviously been opened before it arrived at my office. So, I'm thinking this was someone's idea of a joke... at least, I hope this wasn't the calling card from someone up at ThomsonReuters.... or was it???
In the not so distant past, if an associate was able to make partner and through the good-old-boy network find some sizeable clients, he could count on sitting back and enjoying the fruits of his labor and get by with taking the client out to lunch every once in a while.
Well, if no one has figured it out by now, those days are long gone.
Now, you gotta hustle.
And, I am sorry to say, most lawyers are not predisposed to hustling. First of all, they don’t dance (did anyone get this joke?).
Most lawyers go to law school because they—and I apologize for any stereotyping here but I can be semi-excused since I am a lawyer—are bookworms who either like to study and/or argue. It is the rare exception that was one of the popular kids in high school. If anything he or she was probably doing these kids’ homework for them.
So here these lawyers are—in the 2000s and facing a continued recession—and their partnership is telling them not only do you have to practice law, “you have to go out and drum up business.” Or else.
Well, I am sorry to say, most of these guys just don’t have it in them. It is no slight to them. It is just a personality thing. You wouldn’t want an extrovert handling your funeral or an introvert planning your wedding. And lawyers, typically the studious types who either love examining proxy disclosures or holding forth on their latest court battles, are not very skilled at up-selling their professional services.
Hey, I could be wrong. I have met a few anomalies—lawyers who are great marketers. But these lawyers are usually freaks of nature. Kinda like super-models.
But the pressure on these guys to be someone they are not can be excruciating and, dare I say, down-right cruel. How would you like to be told, I know I hired you to be a hair dresser and all you have ever trained to do is to be a hair dresser but now have to be a heart surgeon and I don’t care if you don’t know how, you still have to do it. I think every single one of us would be terrified.
My suggestion? Hire people who are skilled business developers, people who make a living every day selling professional services, to help lawyers identify and close business deals. Let them sit at the table and be a part of the conversation.Believe me, in this market, it is going to get worse before it gets better. And since law schools are still not attracting kids with these skill sets or teaching them how to develop them, these business development skills are becoming more important than ever before.
- Former Practicing Lawyer who is brought on to be a full-time PM
- PM (non-lawyer) who has some type of experience working with lawyers, or can at least speak the 'language' to the lawyers and prove that he or she does know how lawyers work
- Green Energy Practice
- Sub-Prime & Financial Crisis Practice
- Electronic Discovery Practice
- Guantanamo Bay Practice
Q: Hey, what do you call a person that speaks two languages? A: BilingualQ: What do you call a person that only speaks one?A: An American!
UPDATE: Anne Ellis did respond to my email confirming that 5 Library Relations Managers were laid off (so, not quite half as the rumor had it.) Here's Anne's response:
- Google will release a new application every business day This isn't a big stretch. Toward the end of '09, Google released new products about 3 times a week. Hint for Google -- Don't hype any of your new products like you did for Google Wave. Instead, let the people using your new products do the hyping (good or bad).
- Westlaw and Lexis will revamp their legal research interfaces Just as they did in the middle of the decade with their proprietary software, the big two legal research vendors are poised to completely restructure their legal research interfaces to allow researchers to be more specific in how they conduct research, as well as integrating Web 2.0 strategies into search results. Instead of being a one-way research tool, you will be able to add information to the data held by West and Lexis, and share that within your firm. [Note: I happened to catch this new "See Westlaw" site that is talking about the new Westlaw interface.]
- Bloomberg Law will be a flop I really hope this projection doesn't happen, but after talking with a number of other legal researchers, I don't think this product will get a lot of buy-in from law firms. The biggest reason for Bloomberg Law failure -- PRICE. No firms are going to want to pay a premium price for an untested product, and from the murmurs I'm hearing, Bloomberg Law is going to be very expensive. Hint to Bloomberg -- Come in low on your initial pricing (very low); get the firms "hooked" on the product; after about 3 years you can start increasing the price to match West and Lexis. If Mike can drop a $100 million on a mayoral race, he can stand to loose a few million on this product to get it in the door of a lot of firms.
- The "Westlaw" brand becomes more "Reuterish" The writing seems to be on the wall for Westlaw. It appears that the big players within the Thomson Reuters part of the company are looking toward narrowing their products under one umbrella. My guess (and it is only a guess) is that Thomson Reuters will eventually do to Westlaw what it did to GSI and that is consolidate it under one name. I suspect that the Reuters side of the house will look to place Westlaw under its business news umbrella and create a Reuters Legal product. Hint for Westlaw -- you'd better get ahead of this one, otherwise you're going to find that you will be in the same position as the Bancroft-Whitney people found themselves in during the 90's.
- Lexis reorganizes... again Anyone that has dealt with Lexis reps knows that a "reorg" is always around the corner. It appears that the leadership in Dayton embraces the term "change" because they seem to "change" how they organize their people about once a year. It is hard to build a relationship with a rep when you only get them for a year at a time. Hint for Lexis -- Get a mission statement with clear objectives and STICK TO THEM!
- BigLaw firms survive, but are forever changed Again, probably not a big stretch here either. BigLaw will probably begin dropping the Summer Associate programs and begins a more selective route of how it brings in associates. There will be more acceptance of alternative fee arrangements (that'll keep Toby posting). There will be a lot of talk on the topic of "Training" lawyers to be more efficient and effective, but probably very little action on that topic. Hint for BigLaw -- most of you are going to survive this little recessionary period, but if you don't become more efficient and effective in how you conduct business, you'll never see the profit margins you had in the middle of the decade.
- What a great year to be a consultant! With change, comes the need for people to manage that change. Firms will need to tap consultants for a number of issues ranging from implementing alternative fee agreements to bringing in project managers to handle workload in a changing revenue structure. Hint for Consultants -- gear up!!
- A year of social media acceptance in the legal field We've talked and blogged ad nauseum about social media tools. In 2010, there will be a lot more firms and individual attorneys that accept social media as a viable forum to express views and get recognition for their expertise. Whether it is blogging, twitter or enterprise social media tools, more people will join in. Hint about Social Media -- For all you firms that are blocking these resources, you'll find yourself behind the curve in 2010. So, stop blocking them!
- Knowledge Management either thrives or dies It is time for KM to hit the F5 button. If KM continues to be seen as an Information Technology (IT) resource, then it will wither and die a slow painful death. This is the year that KM needs to take risks, introduce new resources, and get out in front of the changes occurring within law firms. When Partners talk with consultants on how to implement change within the firm, the KM folks need to be at the table listening and pointing out opportunities where KM can help during the transition. Hint for KM -- stop thinking of KM as a product support department and start thinking of KM as an idea department that helps the firm accomplish the processes to be make the firm more efficient and effective.
- 3 Geeks and a Law Blog Cuts Multi-Million Dollar Deal and We All Retire to a Small Caribbean Island 'nuff said!!