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| Image [cc] Images of Money |
In Part 1 of this series we looked at what litigation funding is and why clients might really like it. In Part 2, we examine the source of this funding and how it might impact law firms.
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| Image [cc] Images of Money |
In Part 1 of this series we looked at what litigation funding is and why clients might really like it. In Part 2, we examine the source of this funding and how it might impact law firms.
There is a principle in improvisational theater called “yes, and.” It is the idea that when two people are interacting, and one of them presents a new offer or idea, the other person should both accept the offer (that’s the “yes” part) and enhance the offer by expanding on it (that’s the “and” part). For example, one person might start a scene with “Funny bumping into you at the party last night.” The offer here is the idea that both people were at the same party last night.
Consider the effect of these two possible responses from the second person: (#1) “I wasn’t at the party last night”; and (#2) “Yeah, that was a great party; I didn’t know you were into rave music.” Response #1 negates the offer, de-rails the scene that the first person created, and even makes the first person look bad by belittling his or her offer. Response #2 accepts the offer, and builds on it (which affirms it even more), making both characters look good and solidifying the scene’s direction for the audience.
This “yes, and” technique is very powerful in non-theatrical scenarios as well. A few months ago I saw a billboard for a local university. The slogan read: “Do well. But do good.” The “no, but” model here makes me feel like doing well is a bad thing, but I can compensate for it by doing good. The billboard would be so much more effective if it read “Do well. And do good.” The “yes, and” version makes both halves of the slogan positive and worthy of my pursuit.
Consider how this can play out in your work life. When a colleague proposes an idea (aka makes an offer) that you dislike, rather than jumping into a “no, but” reply, give the gift of “yes, and” — take a moment to consider how you can accept the offer and even expand on it in a way that makes you both look good.
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| Image [cc] noii |
Strong leadership is the single most important quality that is missing in corporate America today. That’s why, from time to time, I like to bring you new leadership tips and management techniques that I think could help to rebuild our economy, and build our corporations into models of good governance for the rest of the world.
Today’s management technique, pioneered by Bjorn Nordlundson-Ludfisk of the Swedish Institute, is the Stockholm School of Management (SSM). It is based largely on the psychological syndrome of the same name. As part of his research, Dr. Nordlundson-Ludfisk came to realize that the syndrome that causes nearly a third of hostages to experience sympathetic feelings towards their captors, could easily be exploited by those in corporate management to gain control of an unruly mob of employees. Stockholm Syndrome, also known as Capture Bonding, is generally the accidental outcome of an hostile imprisonment, however, using Nordlundson-Ludfisk’s techniques, you can replicate the results of a violent hostage standoff without ever stepping from behind your desk!
I’ve reprinted my own translation of an excerpt from Nordlundson-Ludfisk’s research below:
1. Announce Your Presence and Take Control of the Environment. In a hostage situation, this step usually entails firing a weapon at the ceiling and screaming for everyone to get on the floor with their hands on the back of their heads while you send your henchmen around to lock the doors. While this action would most likely work just fine in a corporate environment, many companies now have rules against firearms in the workplace and we find that a more passive-aggressive approach can be just as effective. For example, a simple, well-timed memo indicating that “many exciting changes will be taking place in the near future”, often has the same panic-inducing effect and is much less physically dangerous.
2. Make Your Demands. Typically, hostage takers make their demands known to the authorities who have surrounded the theater of operations, however, in an interesting twist, within the corporate environment these demands are made not to outside authorities, but to the hostages/employees themselves. This has the effect of empowering the employee’s sense of self determination, while simultaneously destroying their ego, an important step in activating the syndrome in certain individuals.
(Best practices include beginning your list with completely outrageous, if not logically impossible, demands. This has the effect of ‘anchoring’ the demands, so that any that come after the first few seem downright reasonable and are sure to garner a few supporters. Examples in hostage taking include; helicopters, gassed-up jumbo jets, or a date with Angelina Jolie. In a corporate scenario, these initial demands lean more toward “being more aggressively assertive while continuing to run all really important decisions up the ladder.”)
3. Shoot a Hostage or Two. It’s sad, but most hostage negotiations will turn sour at some point and you will need to eliminate a few hostages in order to assure the authorities that you are indeed serious about your demands. The corporate application is significantly more humane. We recommend selecting a few of the most troublesome employees, those who have openly questioned your authority, pointed out your logical fallacies, or have the support of a large contingent of fellow employees and fire them without warning. This will both eliminate strong-willed individuals and cause any seditiously-minded folks to seriously rethink their position.
4. Step Back and Wait for Stockholm Syndrome to Kick In. This is the most difficult step for young hostage takers/corporate managers to learn. Too often, they get antsy and become desperate to make something happen, but if you’ve executed the first three steps correctly, then it’s only a matter of time before nearly a third of your workforce begins to appreciate your strong arm tactics, welcome your parental guidance, and pray for your continued good health, wealth, and prosperity.
The genius of the Stockholm School of Management is that once you achieve 30% of your workforce obeying your every command, then you simply begin again at step one by issuing a memo announcing that “many exciting changes will be taking place in the near future.” The appearance of the second memo will cause at least half of the non-obeying employees to quit on the spot, bringing your Unquestioning Employee Obedience Rate to at least 50%. Repeating the SSM technique a few more times will ensure total compliance with your every whim.
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| Image [cc] Flood |
This three part series will examine the emerging trend for third party litigation funding. In this first segment, we describe what it is and why clients will find it interesting.
[I want to thank Cheryl Niemeier, Director of Library Services at Bose McKinney & Evans LLP, for offering to guest blog on the Bloomberg/BNA Integration and Pricing.]
I recently had the pleasure of meeting my new Bloomberg Law Representative to discuss current BNA subscription options with regard to the integration of those services into the Bloomberg Law platform, and also got a demo of the BLAW app, which I’m told very closely mirrors the newest online Web interface for BLAW. While BNA content has yet to be incorporated (full integration expected by year end with BNA Health and Labor content migrating first) into the BLAW interface, I came away from my meeting guardedly optimistic that the integration and pricing options are generally palatable for the librarian and at least a small win for the end user whose content world will significantly expand should their firm choose to move to the BLAW platform.
The BLAW pricing options fall into two buckets outlined below, both of which offer access to all content, and require ids and passwords for each user. The platform provides all-inclusive access with no libraries to choose or out-of- plan charges for specialized content. (Please note: BNA customers do not have to migrate to BLAW, BNA direct will continue to be supported, and pricing options for it will remain in place.)
Option 1 (Firm-wide with access for all attorneys and support personnel for all BNA/BLAW integrated content):
Option 2 (Individual per-user access to all BNA/BLAW integrated content):
A look at the pros and cons of the BLAW pricing options raises a nearly equal number of both.
On one hand, several disadvantages arise with the BLAW content and pricing model, but these might not necessarily be deal breakers. Firstly, per user pricing may create roadblocks to determining the cost of the research for client billing purposes, although Bloomberg indicates they will work with customers wishing to devise a method to recover the cost via client billing. Secondly, annual incremental firm-wide pricing increases could be rather steep and by year five for some firms would likely far exceed what a firm might pay for a Westlaw or Lexis flat-rate contract, and thus could be a hard-sell to firm management. Thirdly, inflexibility in the all or nothing content leads to the argument that you end up paying for content that may never be used, which it turn creates an unyielding pricing model. Fourthly, while Bloomberg Law offers a great deal of public company information it is sorely lacking content about private companies and for finding people, thus a firm would need to have that content in their Lexis or Westlaw contract, or utilize low cost one off public records vendors, such as TLOxp (www.tlo.com) which provides low cost searches with no monthly service fees. Finally, while early adopters receive an incentive break in the cost for the first few years ultimately all firm-wide subscribers end up at the $450/user/month in the 5th year.
On the other hand, advantages to the content and pricing models also exist. Firstly, transparency in pricing – no more wondering what the Jones’ law firm is paying – everyone ultimately ends up paying the same in year 5 of the firm-wide deal or out of the gate in the individual per user per month deal. Secondly, the per user monthly pricing model in both deals may actually be a better fit for the growing trends of not billing and clients not paying for online research, and any retail cost that Westlaw or Lexis applies to a search or getting a document etc. is arbitrary anyway as are their negotiated special offers. Thirdly, perhaps the fact that each user gets access to everything including cases, BNA reports, court dockets, Legislation/Regulation Watch, and other specialized transactional practice products such as Dealmaker could also be advantageous as it opens a whole new world of information which in turn may actually help the researcher get to their answer quicker. Fourthly, library staff and/or practice groups might benefit from the BLAW select per user price compared to their current BNA direct firm-wide spend on a cost comparison basis and as a result those users get the benefit of the aforementioned content gains. Fifthly, the BLAW platform offers a great deal of customization for alerts, news, dockets, and other content as well as collaboration tools for sharing and annotating your research much like similar features on WestlawNext and Lexis Advance. Finally, getting all new content developed by BLAW no additional cost and the ability to opt out of the deal every 2 years, both of which are generally not the case with other vendors, are also positive aspects of the firm-wide pricing model.
In large part, determining if the pros outweigh the cons of switching to BNA/Bloomberg Law or vice versa will be dependent on a firm’s current BNA spend compared to cost of same on BLAW, plus savings realized from not renewing or reducing content in Lexis or Westlaw contracts, coupled with cancellation of other print and online subscriptions (i.e. PACER, CCH, RIA, Fastcase etc.) that overlap with BLAW content.
So get your calculators out because in the final analysis, number crunching and possibly whittling or cutting of current subscriptions will be the only way to truly determine if the marriage of BNA/Bloomberg Law content will be a match made in heaven for your law firm, and actually end up either saving your firm money, costing more or be an almost break even proposition.
When I was in law school, some of my favorite classes where titled “Law and _____.” The blank was filled with things like “Economics” or “Religion” or “Psychology” or “Order.” The idea of taking two different concepts and seeing how they affected each other was absolutely fascinating to me. While each idea stood on its own, putting “Law” in front of the other concept made you take a different look at it, and in the end helped you better understand them both. In a time when it seems that we are all pushed into “specializing” in our professional lives, sometimes we need to step back and challenge ourselves to bring in something unusual to our routines to break our tunnel vision, and in the end, make ourselves better.
Over the past weekend, I saw something that reminded me of this idea. My youngest daughter (pictured above, top row, second from the left) competed in an Odyssey of the Mind competition and reminded me of how taking two or more unrelated ideas and making them work together, and create something that is better than its individual parts.
The Odyssey of the Mind competition was special because it asked students to do two very different things:
The emphases will be on the technical risk-taking and creativity of the vehicle’s engineering for travel and change of emotional appearance.
The kids had to come up with all the ideas on their own (I made the mistake of attempting to explain how a broken piece of the vehicle could be fixed, and before I could say anything the kids all started “shushing” me and telling me not to say anything because they could be disqualified… I took my cue and left the room at that point.) The process they took was pretty ingenious… they used a clear plastic dung beetle head and rigged up a mouth on a stick that they could manipulate to make it smile or frown. Same with the eyes to go from happy to sad. My favorite was when they threw in a green glow stick to represent being envious. All of this while telling a story of how a dung beetle fell in love with a can of RAID spray that was wearing an Elvis wig (I’m still confused about the Elvis reference… but, I’m perfectly fine with the love story.) Long story short… they won their division and get to travel to the State Competition, which is only about 5 miles away this year.
The thing that struck me most, however, wasn’t the actual eight minutes of competition that the students performed. What struck me was the excitement in the hallway as all of the different groups were preparing for the competition. The Principal of the school made a great comment to us as she looked up and down the hallway. “This is how school should be conducted everyday.” Meaning that instead of the traditional method of drilling for state sanctioned standardized testing, the kids should be challenged to think for themselves and apply what they are learning in ways beyond traditional test taking skills.
Here’s the reaction from the students when they heard they won their division (suggestion: turn your speakers down, cause it gets loud!!)
Now, you may think that only the winners screamed this loud. Not true. The schools that placed sixth in the competition screamed just as loud… actually I think the school that sat right behind me actually screamed a bit louder.
The whole thing just reminds me of how I get inspired when I bring in non-traditional concepts into my daily routine in a law firm. Applying IT concepts in a library project, or suggesting to others how a project they are working on would be better by adding something completely outside their normal ideas. Too often we get bogged down in hashing out the same old ideas and talking to others that think exactly as we do. From time to time get out of the “group think” and take a chance to see if you can find someone that can suggest throwing in a proverbial green glow stick into your project. You may not find yourself screaming down the aisle to accept your award, but you may find yourself feeling something that you haven’t felt in your profession in a while… a sense of excitement.
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| Image [cc] Pierre-Olivier |
The 3 Geeks welcomes guest post of many varieties. This one, from a colleague at another firm, really got our attention. It is funny, witty and engaging, and it carries a compelling message. We offered to post on condition of keeping the author anonymous – for what some may deem obvious reasons. In any event, we think you will enjoy this one.
When I woke up yesterday, my $2.00 alarm clock told me it was February 29, 2012. There were lots of blog posts about Leap Day and how it affected court filings and whatnot, but I really just thought of it as just another day in the law firm biz… However, by the end of the day, I realized that it had one significant impact on my projects, and that one of those would need to be pushed back in March.
While trying to run a Litigant Strategic Profile from LexisNexis’ CourtLink system, we kept noticing that the reports simply wouldn’t run. We contacted Lexis in the morning to see what the issue was and they told us that they would investigate the issue and return our call as soon as they figured out what was causing it, or when they got it corrected. Morning turned to afternoon, and finally we heard back from them with a surprising answer. Turns out that the Litigant Strategic Profiles couldn’t understand February 29th, and therefore the reports simply wouldn’t run. The solution was to not run the reports until March 1st, when the system would be back to normal.
ARE YOU KIDDING ME??? My two-dollar alarm clock can handle leap day, and Lexis’s system cannot?? I thought the days of Y2K were twelve years in the past. Plus, it isn’t like this day just… pardon the pun… leaped out of no where. We all know that years divisible by four bring us Presidential Elections, the Summer Olympics, and Leap Day!!
We checked this morning and the system is back to normal. I asked around and did find that others had the problem, but where told it was a “systems” issue and not related to Leap Day. So, maybe the tech guy we talked to was wrong (or didn’t get the memo to Ix-nay on the Eapday-lay.) If it was a Leap Day issue, then Lexis has 1459 more days to look into this and make sure that it works in 2016. That will be a Monday, and I will expect everything to work!! If not, let me know the week before and I’ll schedule a three-day weekend.
At work I happily drink from the single cup coffee machine in the pantry, but that’s not coffee so much as a speedy caffeine delivery mechanism. On the weekends, when I have time to make coffee, I Make Coffee. I put the kettle on to boil, then I pour a half a cup or so – I never measure – of whole roasted beans into my coffee mill, like the one in the picture to the right. I turn on the radio to listen to the weekend news and begin to grind my coffee by hand. The mill slowly crushes the beans which slide down the sides of the cup and fill the jar below. If I’ve timed it right, I finish grinding the beans just as the water in the kettle comes to a boil. I pour the contents of the mill jar into my gold filter and place the drip filter holder on my favorite coffee mug. I slowly pour the hot, but no longer boiling!, water over the grounds making sure to maintain the appropriate level of water at all times. If I do all of this just right, I end up with a cup of my own personal brand of sludge that fully caffeinates and satisfies.
I am no stranger to receiving strange gifts in the mail from publishers. I once got a box full of used horse shoes in a Thomson Reuters box. However, the gift I just received this morning may be a bit stranger than even the horse shoes. In my renewal notice (actually, it was the third renewal notice) from the Texas Supreme Court Journal, there was a pen tucked into the envelope. On one side of the Pen it says, “DEO CREDE” and on the other side it says “TRUST GOD.”
I double-checked the address again, and sure enough, it has come from the Texas Supreme Court Journal and is addressed to my office.
Now, I’m not one to criticize anyone’s religious beliefs, but this type of gift does seem to be a bit strange coming from something that (at least on the surface) looks like a State Government entity. A bit of researching, however, shows that the publisher is actually 303 Enterprises LLP out of Georgetown, Texas.
I’m going to chalk this one up to someone accidentally placing a pen in an envelope, sealing it, and not noticing that there was a big bulge in the envelope when it was sealed. Either that, or someone is praying for my soul, and asking God to lead me down the righteous path, which includes sending in my renewal payment for this year’s subscription.
Anyone else think of a good reason to put a “TRUST GOD” pen in with my renewal notice???