Trending for Law Firms in 2012: What to Expect This Year

Trending for Law Firms in 2012: What to Expect This Year.

Trending for Law Firms in 2012: What to Expect This Year

Here is the definitive list of items that will dominate the news for the legal profession for 2012.

It’s going to be a challenging year. Please fasten your seatbelts, hold on to the handrail and make sure that your arms and legs do not extend outside your car. We are in for an interesting year.

Growing Your Law Practice Productively: A Twelve Step Program for Curing Social Media Addiction

I don’t know about you, but if I see one more article telling me how important it is for me to grow my practice through social media, I may toss a grenade. If I see one more article entitled “Seven Important Steps to Take to Improve Your Social Media Presence”, I may toss a brick at my computer screen. If I get invited to one more webinar in which the sponsor promises to deliver the real secrets of social media, I will probably toss my laptop out the window. And if I get one more solicitation from somebody who touts himself or herself as the world’s greatest social media expert (whose most recent prior work experience was working as an accounts payable clerk), I may see if I can lay my hands on one of those Army surplus “Fast and Furious” weapons.

Social media is actually an amazing tool which has revolutionized marketing beyond anybody’s expectation. Its reach, scope, effectiveness and negligible hard cost are almost beyond description. After all, you are reading this piece, as will several tens of thousands of others through that medium.

But like every one of life’s special pleasures, social media has the potential for becoming a consuming addiction, preventing you from actually carrying on your craft.

On his old television show, “You Bet Your Life,” Groucho Marx interviewed a contestant who had twelve children. He asked him why he had so many kids. The contestant replied by saying “because I love my wife,” to which Groucho replied “I love my cigar too, but I do take it out once in a while.” You may love social media, but you do need to take a break from it sometimes.

Citibank’s 2011 Mid-Year Survey of Law Firms: Instead of Giving Its Customers New Toasters, Citi is Telling Many of its Law Firm Customers that They May Become Toast If They’re Not Careful

The classical definition of a consultant is somebody who takes off your watch and tells you what time it is.

Citibank’s annual midyear report gives true meaning to that metaphor. The top notch folks at Citibank, the world’s largest lender and banker to law firms, has the ultimate insider’s view of what is actually happening in the profession. Lawyers may be able to dissemble to AmLaw, their partners, potential lateral candidates, their clients, their spouses and perhaps even to themselves. But when they enter into Citibank’s confessional, law firms provide the unvarnished truth. Moreover, having served the legal profession for at least five decades and having seen law firms come up with all kinds of legerdemain, Citibank has the unique ability to see right through the smoke and mirrors.

Thus, Citibank’s midyear report provides one of the best analyses of what is actually happening in the market. The Citibank 2011 midyear report is most enlightening not only for what it says, but also for some of the topics it doesn’t completely address. The report is also replete with a few too many oxymorons and some hopeful, but unwarranted, euphemistic prognostications for the months to come. There is much to learn from the Citibank report, some of which does require a degree of exegetical analysis.

Citibank may no longer be giving its customers new toasters, but it is warning, quite elegantly and with extreme finesse and diplomacy that some law firms may very well be toast very soon.

The Clock is Ticking: In Five Years, Traditional Law Firms May be Extinct. What Are You Doing to Avoid Being an Artifact?

The Clock is Ticking: In Five Years, Traditional Law Firms May be Extinct. What Are You Doing to Avoid Being an Artifact?.

The Clock is Ticking: In Five Years, Traditional Law Firms May be Extinct. What Are You Doing to Avoid Being an Artifact?

The Clock is Ticking: In Five Years, Traditional Law Firms May be Extinct. What Are You Doing to Avoid Being an Artifact?.

The Clock is Ticking: In Five Years, Traditional Law Firms May be Extinct. What Are You Doing to Avoid Being an Artifact?

The Clock is Ticking: In Five Years, Traditional Law Firms May be Extinct. What Are You Doing to Avoid Being an Artifact?.

The Clock is Ticking: In Five Years, Traditional Law Firms May be Extinct. What Are You Doing to Avoid Being an Artifact?

Traditional law firms are in real danger of becoming extinct. The rising competitive pressures from Internet based providers of legal services, legal project outsourcing companies, ediscovery services and other forms of non traditional law firms are placing the traditional model of a law firm in mortal jeopardy. This is far from a vague Nostradamus prophecy. Rather thoughtful pundits, who have a remarkable record of perfect prescience have actually put an expiration date on the traditional law firm: Firms have a mere five years to make radical changes or risk extinction.

Are Law Firms Going to be Replaced By Internet Based Providers of Legal Services?

Are Law Firms Going to be Replaced By Internet Based Providers of Legal Services?.

Are Law Firms Going to be Replaced By Internet Based Providers of Legal Services?

Well, chicken little, the sky may indeed be falling. No, it’s not the specter of an unlikely global economic collapse, nor the danger of a double dip recession. Rather, it’s the new potent competition from Internet based providers of legal services. The major players in this space, Legalzoom.com and Rocket Lawyers are immensely well capitalized and are largely completely unregulated.

Add to that fact the new potent direct competition from legal project outsourcing companies, who are competing directly with law firms for significant parts of the corporate legal spend.

Bar associations do not have the will or resources to deal with these organizations. In the absence of anyone stopping either of these avalanches, law firms need to rethink how they are delivering legal services and reformulate their pricing models.

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