Tale of two law firms utah bar - january 25 2016 - final
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Practical seminar on how to create a low-overhead, lean law practice. Taught by Gary Allen, Founder & CEO of LeanLaw.
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Tale of two law firms utah bar - january 25 2016 - final
- 1. A Tale of Two Lean Law Firms: Starting Lean and Becoming Lean Contact: gary.allen@leanlaw.co Phone: 208.388.1257 Visit: LeanLaw.co Helping Lawyers Create Lean Practices
- 2. Meet Your Presenter: GARY ALLEN Founder & CEO Practicing Attorney
- 3. Because Lawyers Are Heroes
- 4. LeanLaw Helps Solos & Small Firms Be Efficient About Us
- 5. Today’s Agenda Why go lean? How to start a lean firm How to become lean Should you DIY? Questions
- 6. WHY GO LEAN?
- 7. Four Reasons to Go Lean $$$ Survival Better serve society Ethical compliance
- 8. $$$
- 9. Not satisfied with: Lawyers in Traditional Firms Grumbly
- 10. Stuck in the Overhead Swamp
- 11. Lean Practice = The Way Out
- 12. 4 ADMINS Overhead $/Atty/Year % of Revenue 5 ATTORNEYS Meet a Traditional Firm $12k - $18k mo. 35% - 55%
- 13. Overhead $/Atty/Year % of Revenue 5 ATTORNEYS Lean Firms Are Different $2k - $4k mo. <20% >1 ADMIN
- 14. Where Does Overhead Go? Billing Document Management Document Creation Communication Calendar Management General/Insurance Practice Development Practice Management
- 15. Lean Firms = Profitable Lower overhead More flexible More resources for marketing More competitive for talent
- 16. Survival
- 17. Headed for Disruption Falls
- 18. A Perfect Storm of Economic Forces Market response:
- 19. Falling Demand 1 Georgetown Law, Center for Study of the Legal Profession, 2014 Report on the State of the Legal Market. 0% -5% 2005-8 CAGR 2009 2010 2011 2012 2013 Y/Y % change +5%
- 21. Endangered Species? “As for much smaller firms with very few partners . . . I find it hard to imagine how these legal businesses will survive in the long run.” Richard Susskind, Tomorrow’s Lawyers
- 22. Lean Firms = Competitive Facilitates new business models Fixed fees Outsourced lit support & transactional due diligence Customized Rocket Lawyer
- 23. Serve Society
- 24. Justice for All?
- 25. Lean Firms = Better Service More affordable Better service More pro bono Happier clients/happier lawyers
- 28. Unknowable threats from everywhere Why a Quagmire?
- 29. Compliance determined after something bad has happened Why a Quagmire?
- 30. Rule 1.1 – Competency Rule 1.6 – Confidentiality Rule 5.3 – Supervision of Nonlawyers Bottom Line: “Reasonable Efforts” Required Rule Changes Regarding Technology
- 31. Lean Firms = Ethical Compliance More Modern More Secure More Prepared More Skilled
- 32. STARTING LEAN
- 33. How to Start a Lean Firm Business Fundamentals 5 Rules of Lean Practice Creating a Lean Foundation Lean Workflows
- 35. Business Fundamentals Know Your Why Understand the Lean Concept Get in the Right Mindset Be Accountable
- 36. Know Your Why
- 37. Understand The Concept Lean Practice = Measurable Goals Behavior Change + Technology
- 38. Get in the Right Mindset
- 40. Make it a Team Effort Culture Buy in Include all stakeholders Two-way conversation
- 41. Accept Doing Some of the Work Old Thinking Today’s Thinking
- 42. 5 Rules of Lean Practice
- 43. Lean Practice Rules #1: The Cloud Is the Future #2: Use Industry Standard Tools #3: Be In Sync #4: Back Up #5: Be Secure
- 44. Rule #1: The Cloud Is The Future
- 45. The Cloud Is Safe Culture of Security Built for Security Newer Authentication and Infrastructure IT practices will always beat yours
- 46. The Cloud Is The Safest Place for Your Data PHYSICAL STORAGE
- 47. The Cloud Is The Safest Place For Your Data CLOUD STORAGE
- 48. Rule #2: Choose Industry Standard Tools for Core WorkFlows Documents Billing/AccountingEmail Calendar Contacts Word processing
- 49. Tool Selection Favor one tech ecosystem (Microsoft, Apple, Google) Prioritize: “Must have” v. “want to have” Open environments = flexibility
- 50. Rule #3: Be In Sync All devices Always in sync All the time All data Anywhere
- 51. Rule #4: Back Up 3 Copies/2 Locations/1 Offsite Cloud-based Automatic
- 52. Rule #5: Be Secure Partner-level discussion Individual action Passwords Mobile/biometric
- 54. Foundations of Lean Practice Internet Scanner Office
- 55. Foundations Is Your Internet Pipe Big Enough?
- 57. Foundations What Is A Bona Fide Office?
- 58. Lean Workflows
- 61. Billing Lean Leaders: Key Considerations: Fully integrated workflow Will attorneys input time? Review drafts online E-invoicing/payment Best Add-Ons:
- 67. Document Management Lean Leaders: Key Considerations: Less paper Integration with practice management Ease of use E-filing compatibility Best Add-Ons: Outsourcing – think quality, cost, specialization, consent
- 69. Document Creation Lean Leaders: Key Considerations: Templates easy to find and use Formatting Finalization, delivery & filing Best Add-Ons:
- 71. E-mail Lean Leaders: Key Considerations Organizing and filing Contact management Best add ons
- 72. Phone Lean Leaders: Key Considerations: Cost v. value Features • Is mobile enough? • VOIP? • Desktop? • Connectivity to other apps? Alternatives:
- 73. Receptionist
- 74. Calendar Management Billing Document Management Document Creation Communication Calendar Management General/Insurance Practice Development Practice Management
- 75. Calendar Management Lean Leaders: Key Considerations: Integration with base calendar Best Add-Ons:
- 78. Practice Development How do lawyers get clients? Lean Leaders:
- 80. Practice Management Lean Leaders: Key Considerations: How will you use? Cost? Better specialty tool? Best Add-Ons:
- 81. Becoming Lean
- 82. Becoming Lean Why change? Managing change Migration Where to start
- 83. Why change?
- 84. Managing Change Lead by example Team effort One step at a time Don’t let one partner stop you
- 86. Where to Start It’s a marathon not a sprint Create the mindset Follow the rules Lay the foundation One core workflow at a time Set a goal Execute Repeat
- 87. Should you DIY?
- 88. Questions?
- 89. LEANLAW.CO Contact: gary.allen@leanlaw.co Phone: 208.388.1257 Visit: LeanLaw.co Helping Lawyers Create Lean Practices facebook.com/LeanLawco linkedin.com/company/leanlaw twitter.com/leanlawco
Editor's Notes
- How do you compete in a shrinking, highly competitive market? The writing is on the wall – traditional, customized legal services will shrink dramatically – Unless you are at the very top of your market, it would not be wise to build your practice solely around this model. Here is Susskind’s grim prognosis: As for much smaller firms with very few partners, aside from those which also offer a genuinely specialist or personal service that some market is prepared to pay for, I find it hard to imagine how these legal businesses will survive in the long run. Susskind, Richard (2013-01-10). Tomorrow's Lawyers: An Introduction to Your Future (p. 57). Oxford University Press, USA. Kindle Edition.
- How do you compete in a shrinking, highly competitive market? The writing is on the wall – traditional, customized legal services will shrink dramatically – Unless you are at the very top of your market, it would not be wise to build your practice solely around this model. Here is Susskind’s grim prognosis: As for much smaller firms with very few partners, aside from those which also offer a genuinely specialist or personal service that some market is prepared to pay for, I find it hard to imagine how these legal businesses will survive in the long run. Susskind, Richard (2013-01-10). Tomorrow's Lawyers: An Introduction to Your Future (p. 57). Oxford University Press, USA. Kindle Edition.