Many law firms are getting into the cybersecurity game
BY JULIE BECK
April 4, 2013
When data breaches hit, some companies are turning to law firms for help.
Typically when facing down a hacker, a company would retain a forensic investigator, the Wall Street Journal reports. But companies who go with law firms instead get the advantage of secrecy in the form of attorney-client privilege.
For a company that suffers a data breach, the breach itself is only the beginning of its problems. Litigation often follows on the heels of a breach, as well as drawing the attention of regulatory authorities. For example, Nationwide Mutual Insurance Co. in October suffered a breach in which a hacker stole the personal data of about 1 million people, which resulted in a Federal Bureau of Investigation probe and other regulatory investigations as well as lawsuits seeking class-action status.
MyCase, Inc. Improves Attorney-Client Communications With First Law Practice Management Mobile App To Include Portal For Legal Clientele
April 02, 2013
Today, web-based law practice management software company MyCase, Inc. announces their new mobile application that extends into the legal client space. Until now, no other legal practice management software has created a mobile app with a separate portal directed toward lawyers’ clients.
There are 1.3 million licensed attorneys in the United States, 89% of those attorneys reported using a smartphone for law-related tasks while away from their primary workplace. In a recent survey conducted by MyCase to law practice management software users, they asked, “What do lawyers need when on-the-go?” Over 30% of responders said client communications and messaging were their top priority.
BY SUSAN MCDONALD
The 2008 economic crisis and ensuing Great Recession left many industries facing a new normal, and the legal profession is no exception. The need to become more efficient and provide clients with cost-effective services is one of several trends affecting some of Connecticut’s largest law firms.
“The business of law has changed dramatically since 2008,” said Stanley A. Twardy, Jr., managing partner at Day Pitney LLC. “Fee pressures on us continue five years later and have caused firms of all sizes to look at the product they deliver to their clients and how they deliver it.”
How to Market Your Professional Services
By Ron Stein | 3/25/2013
Selling services is much more difficult than selling products. Marketing something that’s intangible is just a tough sell and you’ve got to work harder than businesses that offer things you can see and touch.
For a business that provides services, the only thing potential clients see is a commodity that’s the same no matter who they do business with. Right?
Nonsense! If you’re a professional services provider — lawyer, insurance broker, IT consultant, financial advisor, accountant, realtor — or have a product and offer add-on maintenance agreements, don’t believe it.
I think someone who believed the myth that selling the value of your service is somehow unprofessional started that rumor. Once again, that’s rubbish.
By Frank Michael D’Amore
The quest to not only retain clients, but to acquire new work, can be daunting. It has been well documented that the legal pie, from a relative perspective, is shrinking. The recent recession caused many companies to rethink their legal spending strategy. For example, some litigation that normally would have been fought through trial/appeal has more frequently been settled early or not even filed. Some deal work that typically would have been sent to outside counsel was kept in house or may not have even been pursued if it was deemed too costly. These are but two examples of changes that may be harbingers of longer-term trends that are likely to have major impacts on law firms.
Alternative Fee Arrangements: The Facts Behind the Buzz
by Cindy Greenway
Law firms are under increasing pressure from clients to reduce costs and justify expenditures, and alternative fee arrangements (AFAs) are rising to the challenge. While AFAs aren’t exactly a new concept to the legal industry (personal legal services have been offering them for years), they are now becoming more prevalent in new practice areas, such as corporate law and litigation work.
It’s a major shift for a profession that has historically been married to the billable hour. If we go all the way back to 1958, it was the American Bar Association’s Special Committee on Economics of Law Practice that first recommended the billable hour approach, which was widely adopted and deeply entrenched in the legal industry for decades. But the Global Financial Crisis brought with it significant changes for everyone, including law firms, which have responded in a resounding way. Budget conscious clients now have an endless array of options; fixed fee, phased fee, collared fee, value fee, holdback, blended rate, contingent fee, for just about any legal service.
Top 10 Time Killers That Stop You From Marketing Your Law Firm – LawMarketing.com – The Premier Resource For Information on the Business of Law
By Cindy Greenway
Do you know where you really spend your time each day?
Unless you track every minute of the day, you are likely wasting a whole lot of time that could be put towards marketing your law firm, connecting with prospects, following up with referral sources, and other practice development tasks.
When I came across the ‘Top 10 Time Killers” infographic at http://www.alltop.com, I was horrified to not only see how much time the average person wastes each day, but where they are wasting their time.
Chances are you will identify with at least one of these time killers. Now that you realize it’s a time killer, what will you do to change it and better leverage your time?