remberbole

[remberbole]

Law Firm Branding - The Danger Of Illusory Brands

Over the last ten years, we have witnessed advancements in legal practice technology, the expansion of paralegal roles, and the outsourcing of legal work. Yet despite all these time-saving and cost-cutting advantages, many law firms, especially large ones, continue to struggle to survive.

Just a decade ago, law firms enjoyed remarkable levels of growth and prosperity. Company coffers were full, and companies were spending significant amounts of money promoting themselves to enter new markets and acquire premium businesses. Some companies even started experimenting with the brand. In those days, branding was seen primarily as one more form of advertising and promotion. In reality, company leadership rarely understood the branding process or what the branding concept was actually intended to achieve. But it didn't really matter, revenues were increasing and profitability remained strong. But what many of these companies did not expect was that, within a few years, our economy would be rocked by a deep and fierce recession, which would shake the financial foundations of even the most profitable companies.

For law firms, the recession that began in 2007 had penetrated, by 2010, into the most sacred realm: the proverbial benchmark of a firm's position and achievement, earnings per partner. For many firms, especially mega-firms, the decline in legal partner earnings was reaching record lows and it wasn't long before the legal landscape was littered with bankrupt firms, both large and small.

In trying to deflect additional losses, companies began laying off associates and staff in record numbers. But the problems ran much deeper. There were just too many lawyers and there wasn't enough premium work for everyone. It was a clear case of overcapacity and it was also clear that it was not going to improve anytime soon.

More than twelve of the nation's largest law firms, with more than 1,000 partners among them, had completely failed in a span of roughly seven years. In this context, law schools still produced thousands of eager law graduates each year. Highly skilled young men and women who were hungry for the opportunity to enter a profession that once held the promise of wealth, status, and stability.

As the profits of the partners decreased, the infighting between partners increased. The partner would compete against the partner for the same business. The collegiate "team-driven" identity and "progressive culture" that companies spent millions of dollars promoting as their unique company brand and culture had faded as quickly as they were created. While financial times were tough, in reality many large companies had the resources to survive the recession. Instead, partners with big business books opted to take what they could and joined other companies, demoralizing those left behind.

To understand why this was happening, we must first step away from the specific context and internal politics of any company and consider the bigger picture. The failure and decline of the companies was not only an economic crisis and excess capacity, it was also a crisis of character, identity, values ​​and leadership. Unfortunately, the brand identity that many of these companies pronounced as their own did not match the reality of who they really were. In other words, for many companies, the brand identity they created was illusory, and illusory brands ultimately fracture in times of financial stress.

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[remberbole]

Top Ten Reasons Why Law Firms Should Consider Selective Legal Outsourcing

In the last quarter of 2008, the United States faces economic challenges never imagined even a few months ago. How will companies manage and survive constraints on credit, demand, and growth? How is the economic downturn affecting attorneys and law firms serving the business community?

It is an obvious fact that companies can only consider modifying two income streams, income and expenses, to increase profitability. If incomes are low and not expected to increase dramatically any time soon, law firm clients will pick up the hatchet to survive. Legal fees will be under extreme scrutiny. Legal outsourcing, while still a nascent industry, is gaining momentum and is being considered in more corporate boardrooms. As pressures to outsource mount, attorneys wonder whether they should embrace outsourcing legal work abroad or resist. In light of global economic challenges, coupled with the increasing loss of American jobs, why would an American law firm even want to consider outsourcing? Are There Valid Reasons Every American Law Firm Should Consider Specific Legal Outsourcing?

Several weeks ago I received an email from a lawyer who was considering outsourcing some of the legal work for her law firm. In the face of resistance and challenges from many at his law firm who wanted to maintain the status quo, he asked me for advice on what he should say to his partners. Why should the firm outsource legal work abroad, a practice considered by some to be adventurous and risky, rather than stay the course, doing it "like we always have"? I responded with the top ten reasons every law firm should consider selective legal outsourcing:

1. A PRUDENT AND SPECIFIC OUTSOURCING WILL RESULT IN A REDUCTION OF THE EXPENSES OF THE LAW FIRM

Outsourcing some legal work to qualified providers in India will result in significantly lower overhead costs for the outsourcing law firm. When evaluating comparative costs, the law firm will do well to carefully calculate the true costs of hiring an attorney or paralegal. Those costs include salary and bonus, health insurance, vacation and holiday pay, sick time expenses, FICA, office space and equipment for the attorney, legal assistant staff and secretary assigned to that attorney, pension, and profit sharing. , car and parking expenses, CLE seminar costs, and other employment benefits like life and disability insurance. The actual annual cost of a lawyer earning an annual base salary of $ 150,000 to $ 175,000 is most likely in the range of $ 250,000 to $ 300,000 per year. NONE of these common expenses are for a law firm using supplemental offshore legal providers.

2. OUTCOMING WILL IMPROVE THE EFFICIENCY OF LAW FIRMS

Selective outsourcing will improve the efficiency of your law firm. Because Indian lawyers work while American lawyers sleep, it will be as if your law firm has a full-time, fully-staffed night shift. A partner can assign some jobs at 6 p.m. at night and completed homework at your desk when you arrive at the office the next morning. Litigation cases will pass through the court system more quickly with less need for time extensions.

3. THIRD PARTY WILL RESULT IN IMPROVING THE LAWYER'S MORALITY

As a child, not many of the sermons I heard from my pastor stayed with me. But one, when I was fourteen still rings a bell. He said, "Ninety percent of any worthwhile effort is backpacking, connecting, day after day. Only ten percent of our work tasks are necessarily fun and enjoyable." I have always remembered that statement. In more than two decades as a trial attorney I have enjoyed strategizing and trying cases before juries. But I didn't necessarily enjoy all the trial and deposition preparation, the investigation and briefing, the document review, and other mundane essentials of the practice of law. A law firm that incorporates outsourcing into its practice will inevitably nurture more satisfied attorneys who dedicate their time and energy to the most challenging, fun, and rewarding parts of the practice of law. Only legal "housework" work is outsourced and "basic" work remains on the ground.

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