Former CEO guiding law firm & law dept. leaders thru the profitable disruption of outdated business models. Dad of daughters. Husband to Renee. Basketballer.
Charlottesville, VA (was NJ)
Joined October 2008
- Tweets11.5K
- Following1.7K
- Followers3.9K
- Likes3.6K
When and Why Clients Hire Consultants (UPDATED) jdsupra.com/legalnews/when-a…
Wow! The lawyer guild has long been criticized (not threatened) for using self-regulation to stifle innovation by non-lawyers, which might lead to bad lawyering. Ironically, the real threat is the guild's failure to self-regulate bad lawyering from within. ft.com/content/cf5d1556-b2c3…
When and Why Clients Hire Consultants (UPDATED) jdsupra.com/legalnews/when-a…
Had the good fortune to be invited to a city I haven’t visited in quite some time. For old times sake, I dined at Jake’s and did a little shopping at Powell’s Bookstore. Nice to see you again, Portland, OR!
This is the busiest year I've ever had consulting. My biz ops are mostly automated & I hire gig contractors for help w/ financial analysis but I use AI sparingly - mostly synthesizing & extracting quotes from interview transcripts. Fellow solo consultants, how do you use AI?
Does anyone recall what you call a document summarizing & memorializing the pros & cons of a board debate & vote, useful for educating future board members & avoid revisiting settled debates? It's NOT meeting minutes, which is only a record of the agenda & votes. Any ideas?
We still have some seats left. Join us Friday, 6 December, for an online workshop on all things related to partner compensation/remuneration. Group discounts available -- send the whole compensation committee! Details and registration here: insidepractice.com/navigatin…
Retailers issue coupons to entice new shoppers or to accelerate the return of repeat shoppers. Coupons should expire, but for verified repeat shoppers, honoring a recently expired coupon can generate huge goodwill. Refusing is a missed opportunity, especially w/ upscale goods.
The Fall legal conference & law firm partner retreat season is underway! Quality time w/ law firm managers, partners & business pros discussing the business of law. Next week: sunny Montréal! Can't wait to see my @MeritasLawFirms friends... and enjoy some local poutine!
Headed to a ritzy yacht club to talk partner comp w/ a law firm Board. Uber driver stops at a remote nondescript industrial bldg, barbed wire fence, warning signs, ringed w/ gravel, no boats or water. Hmmm, did a high-paid partner worried about my findings hire a hitman?! 😧
Timothy B. Corcoran retweeted
A lot of generative AI news since the weekend relevant to legal professionals.
Here are some of the big news items and how to make sense of them.
In my work with law firms & law depts around the globe, I'm always tickled to encounter a fellow native & ex-pat of Western New York (Rochester/Buffalo). Not sure why. Maybe it's shared trauma of frigid childhood winters & Bills heartbreak... offset by good wings? I feel seen!
Timothy B. Corcoran retweeted
Time Is A Management Tool, Not A Pricing Tool
> AL talks to pricing expert Richard Burcher about how we get past the 'time is money' impasse and so liberate what #legaltech can do.
#lawtwitter ⌛️⌛️⌛️⌛️
artificiallawyer.com/2024/04…
When calculating law firm partner profitability, note potential conflicts between firm profits & partner profits. Don't over-reward partners whose actions continually dilute firm profits. What's good for the partner *must* be what's good for the partnership!
Measure & reward law firm partner performance using metrics they can control, e.g., billing rate/price, staffing/leverage, billing/collection realization, client satisfaction. These matter far more than overhead allocations for the office lease, SG&A, etc.
Adding new content to my law firm partner compensation workshop. Common question I'm asked: "How to fairly allocate overhead?" That's the wrong question. Don't confuse profit calcs for reporting w/ management decision support. Measure lawyer profit using metrics they can control!
Phila/NJ friends: my friend Rich, a business coach, is hosting an Intro to EOS (entrepreneurial operating system) seminar on May 15 in Conshohocken. EOS is an approach to help business owners get to the next level. Details here: eventbrite.com/e/we-run-on-e…
I'll be speaking at the upcoming ARK National Summit on Law Firm Operations. To receive a discounted rate, register using promo code “SPKR15”. bringintim.com/wheres-tim/20…
