Business of law

Facebook IPO | A Take-away Idea for Law Firm Strategy

Potential buyers got their first look at Facebook financials yesterday, which showed the company produced a $1 billion profit last year from $3.71 billion in revenues. The company derives 85% of those revenues from advertising, with the rest from social gaming and other fees. The initial public offering could value the social network between $75 [...]

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Law Firm Management Ideas | The Benevolent Dictator

Listening to a law firm administrator explain how he handles internally sensitive issues at his law firm over a business dinner one evening, I remarked, “You’re a benevolent dictator! Sounds like it’s working for you! Management by consensus may be an easier path, but it is a sure path to confusion, or worse, inaction, right?” [...]

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Can a Law Firm Become a Social Business?

How are you preparing to take your law firm into the “Social Business” era? Perhaps this is the first time you’ve heard the term used? Here’s a definition: Social Businesses combine fully integrated sets of tools, channels, and processes with people that embrace and cultivate a spirit of collaboration and community throughout the organization—both internally [...]

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Just Being Social | by Jay Strother for Legal Management March/April Edition

If you’re looking for the latest “buzz” about social media ethics and professional responsibility for lawyers (and their employees), I highly recommend Jay Strother’s article, Just Being Social, published in the March/April edition of Legal Management, a publication of the Association of Legal Administrators. In addition to offering an excellent primer on the issues, the [...]

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The Heart and Soul of Your Law Firm | What Vendor Relationships Reveal

Today a package of materials from a new client of mine arrived overnight, first AM delivery. The delivery surprised me and exceeded my expectation as our scheduled meeting is weeks away. There was nothing urgent about me receiving the materials, but it sure was nice to have them in hand so far in advance. Then [...]

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Managing Social Media in Your Law Firm | The Next Big Thing

We’ve come a long way, baby! Three years ago, when I founded my company Law Gravity, I talked to a lot of law firms about their “plans” for using social media. Their response: “What plans?” There were firms that had a blog or two, but few looked beyond into opportunities presented by other social media [...]

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Do your law firm employees have a right to free speech on Facebook? Legal Case Filed by NLRB

Last week the National Labor Relations Board launched a legal case asserting that employees have a right to free speech on Facebook. It announced that it had filed a complaint against an ambulance service that fired an emergency medical technician, accusing her, among other things, of violating a policy that bars employees from depicting the [...]

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Online Reputation Management: What JetBlue can teach law firms.

There are several things law firms can learn from the recent publicity of the JetBlue incident, particularly in the context of the social Web and reputation management, but three stand out. Your stakeholders want you to succeed. They want to believe that you, their law firm, do the right thing; that you’re a valuable asset [...]

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Alternate Fee Agreements Meet Process Improvement

Following my post on Alternative Fee Agreements for law firms and their clients I had one of those days where I wished I had never heard of the phrase. I was sitting in the middle of a flat fee project. Had I priced by the billable hour, I would be rich and retired today. Instead, [...]

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Alternative Fee Agreements: The truth beyond the lore.

Thinking about the best way to structure that Alternative Fee Agreement your client is requesting? Well, it may take some time up front and some serious understanding of the benefits for both client and law firm to strike the right balance. And, as in most things alternative, AFAs are situational, but when done properly can [...]

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