From your only source of knowledge anymore Wikipedia:
“A hobby is a regularly undertaken activity that is done for pleasure, typically, during one’s leisure time. Hobbies can include the collection of themed items and objects, engaging in creative and artistic pursuits, tinkering, playing sports, along with many more examples. By continually participating in a particular hobby, one can acquire substantial skill and knowledge in that area.”
Although unintentional, a hobby is one of the best marketing tools around.
Although I won’t name names here (because my employer is, among other things, the insurance broker to the stars, and I can’t afford to offend clients or potential clients), I just stumbled across an article that indirectly told me how to pick outside counsel.
In a relatively high-profile situation, a government entity recently had to retain an outside law firm. The government naturally retained an outside adviser to help the government make its choice. (How else could one possibly pick counsel?)
The outside adviser — I think you’d call the outfit a management consultant, although the website left me a little confused — has lots of MBAs on staff, but there’s not a lawyer to be seen. No matter: The MBAs created a questionnaire for the law firms to fill out, and the law firm that accumulated the most points won the business.
This is great! It’s time (once again) for me to stop thinking and start copying! We’ll revamp our whole system for choosing counsel! In the future, we’ll give the law firms who want our business a form to complete. We’ll add up the points — even I can do that. And then we’ll choose the law firm with the most points, thus retaining the best firm in the world to handle our matter through an objectively defensible selection process, in case anyone ever wants to second-guess our choice of counsel.
Shoot! If only I’d gone to business school, I could have been this smart! Let’s take a look at the questionnaire, so I’ll know the form that I’m copying to choose counsel for my next case . . . .
I try to approach new relationships without an express agenda. In my experience, business has always come from relationships indirectly, and unexpectedly. Looking back at my firm’s engagements with 20/20 hindsight, it is undeniable that positive relationships led to the work. But that was impossible to predict looking forward.
For example, lunch with a casual acquaintance became a friendship and led to a very lucrative engagement when he later developed a conflict. I could not have predicted at the time how the lunch would later lead to important business.
In fact, had I approached the lunch with a strict agenda, I never would have formed the friendship or subsequent business. Instead of meeting with the goal of developing business, I met with the goal of having a nice lunch. It is a well-known irony that sometimes it is easier to get something when you stop trying so hard…
Biglaw competition is getting intense. Everyone is chasing the same clients, while also deploying rearguard actions to protect institutional clients from being poached. Forget about lateral partners taking clients for a moment. I am talking about overt approaches from competing firms regarding existing matters, bearing promises of handling things more cheaply and more efficiently. In-house lawyers, under pressure to contain costs, almost have to listen. They may not act right away, but with each such approach another dent has been made in the Biglaw client-maintenance bumper.
It is no secret that in the face of declining overall demand (especially for the profit-pumping activities like mega-document reviews that were Biglaw’s joy to perform in the past), firms need to aggressively protect market share. While also seeking to grow market share. In an environment where more and more large clients are either (1) reducing the number of firms that they are willing to assign work to or (2) embracing an approach that finds no beauty contest too distasteful to engage in. So partners, at least those tasked with finding work for everyone to do, are falling back on a tried-and-true “sales approach” — putting things on sale.
Conflict checks. A necessary evil in today’s incestous Biglaw, where every partner is a potential lateral, and client loyalty is fickle. Biglaw’s insurance companies demand them, so every firm goes through the motions — at sizable expense, given the size of your typical firm’s “Intake” or “Risk Management” department. Conflicts themselves are an old story, of course. Everyone would be a rainmaker, but for them. Blaming a lack of performance on conflicts is a time-honored Biglaw tradition. But who cares about excuses.
Let’s talk opportunities. There is plenty of information an enterprising Biglaw partner (or partner-aspirant) can glean from the firm’s hourly-daily-weekly conflicts report. Free information, as in not requiring the expenditure of political capital to obtain. (Practice tip: every Biglaw interaction is political in nature. At least you should treat them that way.)
Back to conflict reports. For many, they are simply another email to be skimmed and dragged into “Deleted Items” with all dispatch. A good percentage of Biglaw attorneys probably ignore them outright. That is a mistake. Why ignore a potentially valuable resource and real-time look into the health of your firm? Especially when your other option is to wait for the firm’s executive committee to update you on the firm’s performance — usually using financial metrics that present their own “management” abilities in the best possible light. Associates and other non-partners are not even usually dignified with any such information — but everyone gets a peek at the conflict check.
I recently attended a reception for prospective students who had been admitted to the University of Pennsylvania Law School. It was a great event which was graciously hosted by superstar Penn Law alum John Wilson of Shearman & Sterling.
I’m a huge fan of Penn Law for too many reasons to list here, and I tried to convey some of my enthusiasm to the prospective students. (Had I known at the time, I would have included Penn’s distinguishing and commendable compliance with ABA transparency standards.)
I remember when I had attended the admitted students reception prior to committing, way back in 1996. At that reception I met then-Dean Colin Diver, who asked me what other schools I was considering. I told him, and added that I had not yet heard back from Stanford, my top choice…
Aside from the daily challenges associated with sustaining or exceeding gross revenue year after year, Biglaw partners are probably most worried about their firm’s brand. After all, a brand is something that will keep clients coming back, and usher in new and exciting business opportunities.
But with so many firms to choose from, it’s hard to pinpoint exactly which one is on top when it comes to being the most well-known of the bunch, regardless of what their Am Law or Vault 100 ranks might tell you. What matters most is obviously what the clients think.
Of course, there’s now a ranking to determine which firm has the strongest brand in the business….
Lawyers love to give advice. They seem to have an opinion about everything. Lawyers even love giving advice to other lawyers, if for no other reason than they like to gratify their egos. Thus, there is no shortage of advice for junior lawyers about how to most effectively practice law, nor is there any shortage of advice on how to establish and run a small firm or boutique legal practice.
Often, however, the advice is easier said than done.
For example, many scoff at those who fall victim to some version or another of a “Nigerian scam.” We especially shake our heads when the victims are lawyers. But ignoring seemingly obvious scam emails often is easier said than done.
My six-year-old is never satisfied. If I offer him a piece of candy, he asks if he can have two pieces. If I tell him he can watch a 30-minute TV show, he asks if he can watch a 90-minute movie.
As annoying as that can be, I have a grudging respect for his persistence. In my opinion, his attitude exemplifies the kind of approach I think makes for a successful lawyer, not to mention running a successful business.
Refusing to be satisfied pays dividends in terms of your professional development. At the same time, the instincts of a six-year-old may be counterproductive. For example, when a case resolves unfavorably, our knee-jerk reaction is to blame forces beyond our control. You lost because the jury got it wrong, or the judge didn’t understand something, or the client didn’t tell you something. The words come out like an angry stream. There are a dozen rationalizations for why it was anyone’s fault but your own. Hopefully, when the heat cools down, and you find your mind, you will ask yourself what you could have done differently.
But I think what is less common, yet equally valuable, is going through this exercise even when a case resolves favorably. There is always room for improvement, and a post-mortem debriefing always makes sense. Rather than being satisfied with reaching a great settlement, or a great victory at trial, it behooves you to consider not only what you did right, but what you might have done differently….
I live in Lake WoeIsMe: All of the children are a little below average.
Or maybe I just have a bad attitude.
I’ll be frank: If I just met you, I assume that you’re inept. Not because you necessarily are inept, but because I’ve been blindsided too often in the past by the mistakes of people who I foolishly believed to be competent. That ain’t gonna happen again.
I understand that not everyone views the world through my gray-tinted glasses. I’ve met folks who are shocked by my attitude: “Mark, that outside lawyer from Honduras just told you that you’d win the case. Why are you acting as though we’re going to lose?”
“Because the lawyer is probably incompetent.”
“Why do you think that? He comes highly recommended by Smith.”
“Why do we think that Smith is competent? Or that Smith knows enough about the Honduran guy to have a right to judge him? My working presumption is that people are incompetent until they prove otherwise.”
“I’m shocked by your attitude, Mark. I’m exactly the opposite. When I meet new people, I always assume that they’re good at what they do.” . . .
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.