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March 22, 2010
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1:09 pm
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jordan_law21:
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Greetings from Georgetown's Law Firm Evolution Symposium #GtownLFE - will issue updates if and when I can. |
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1:14 pm
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jordan_law21:
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Howrey MP Bob Ruyak: law firms still using 1940s business models. #GtownLFE |
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1:16 pm
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jordan_law21:
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Ruyak: Annual firm price increases double inflation rate, and acceptance by lawyers & clients of enormous inefficiencies, are over #GtownLFE |
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1:18 pm
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jkubicki:
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Ruyak: structure and economics of law firms MUST change| old model must be completely changed | pyramid will not last #GtownLFE |
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1:18 pm
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jordan_law21:
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Ruyak: We need to change almost everything about how we do business. Non-lawyer professionals, lower costs, lower prices. #GtownLFE |
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1:19 pm
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jeffrey_brandt:
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RT @jordan_law21: Howrey MP Bob Ruyak: law firms still using 1940s business models. #GtownLFE |
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1:20 pm
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jordan_law21:
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Ruyak: The risk of uncertainty has to be shared. Must change how we measure success and productivity of lawyers. #GtownLFE |
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1:20 pm
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jeffrey_brandt:
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RT @jordan_law21 Ruyak We need 2 change almost everything abt how we do business. Non-lawyer pros, lower costs, lower prices. #GtownLFE |
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1:21 pm
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jkubicki:
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Ruyak: Must change in how firms measure success | from revenue per partner to productivity of every resource. #GtownLFE |
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1:23 pm
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econwriter5:
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Is that good or bad? RT @jordan_law21: Howrey MP Bob Ruyak: law firms still using 1940s business models. #GtownLFE |
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1:23 pm
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jordan_law21:
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First panel: creative destruction and innovation. Larry Ribstein's opening presentation: The Death of Big Law. No question mark. #GtownLFE |
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1:26 pm
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jeffrey_brandt:
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RT @jordan_law21 1st panel:creative destruction & innovation.Ribsteins opening presentation:The Death of Big Law.No question mark. #GtownLFE |
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1:26 pm
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jordan_law21:
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Ribstein: Existing fragile business model crumbling. We're seeing the gradual decline of the horseless carriage. #GtownLFE |
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1:27 pm
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jkubicki:
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Ribstein: explaining Death of BigLaw | people thought the horseless carriage idea did not have any legs for many years after #GtownLFE |
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1:28 pm
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jordan_law21:
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Ribstein: Big firms sustained by reputational capital, gives lawyers incentive to invest in firm rather than just themselves. #GtownLFE |
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1:28 pm
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TamiSchiller:
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RT @jordan_law21: Greetings from Georgetown's Law Firm Evolution Symposium #GtownLFE - will issue updates if and when I can. |
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1:28 pm
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jeffrey_brandt:
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RT @jkubicki: Ruyak: Must change in how firms measure success | from revenue per partner to productivity of every resource. #GtownLFE |
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1:29 pm
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jkubicki:
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Ribstein: current firm model is like an elephant balancing on a beach ball. The ball being Reputation. #GtownLFE http://myloc.me/56HXw |
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1:29 pm
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jordan_law21:
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Ribstein: Clients also reply on reputational capital to make choices. If that capital goes away, so do firms. #GtownLFE |
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1:30 pm
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LawScribbler:
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RT @jordan_law21: Ribstein: Clients also reply on reputational capital to make choices. If that capital goes away, so do firms. #GtownLFE |
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1:31 pm
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LawScribbler:
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RT @jordan_law21: Ribstein: Big firms sustained by reputational capital, gives lawyers incentive to invest in firm rather than just themselves. #GtownLFE |
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1:33 pm
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jordan_law21:
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Ribstein: Rep capital drains, bonds unravel, partners seek better perch, center can't hold: Heller, Wolf, Brobeck are harbingers. #GtownLFE |
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1:34 pm
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jkubicki:
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Ribstein: Devolution and unraveling of BigLaw : how to save - bring in outside investment but have to create "property" to value #GtownLFE |
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1:35 pm
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jordan_law21:
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Ribstein: Doubtful that firms as currently constituted will be able to attract outside equity investment. #GtownLFE |
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1:36 pm
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jkubicki:
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Ribstein: ethical rules are preventing much of the new model development. #GtownLFE http://myloc.me/56J6Q |
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1:36 pm
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jordan_law21:
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Ribstein: Beyond clients? Outside investments in client matters could change who clients are and how it works. #GtownLFE |
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1:38 pm
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jkubicki:
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Ribstein: what do we teach law students when the model is changing but we are not sure how yet? #GtownLFE http://myloc.me/56Jjt |
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1:38 pm
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jordan_law21:
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Ribstein: Law schools have been subsidized by BigLaw salaries for years. In BigLaw's absence, who will train lawyers? #GtownLFE |
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1:39 pm
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jkubicki:
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Next up McGowan and Burk The Future of the Law Firm. #GtownLFE http://myloc.me/56JtF |
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1:39 pm
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josh_landsman:
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@jkubicki Any discussion re the money spent on BigLaw summer associate programs and how the programs can be changed to save money? #GtownLFE |
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1:40 pm
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jordan_law21:
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David McGowan and Bernard Burk: economic models of large firms. #GtownLFE |
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1:42 pm
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jordan_law21:
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Burk: BigLaw has grown crazily big and fast. Firms got more brittle, bits of firms split off, lateral growth exploded. AmLaw churn #GtownLFE |
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1:43 pm
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jordan_law21:
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Also follow #jkubicki for #GtownLFE updates. |
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1:45 pm
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LawScribbler:
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RT @jordan_law21: David McGowan and Bernard Burk: economic models of large firms. #GtownLFE |
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1:45 pm
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lancegodard:
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Legal tweeps: interested in the evolution of law firms? You should be following the #GtownLFE stream. Great conf, great stream |
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1:45 pm
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LawScribbler:
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RT @jordan_law21: Also follow #jkubicki for #GtownLFE updates. |
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1:47 pm
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jordan_law21:
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Burk: No one has shown the financial benefits of law firm diversification. Henderson & Lalanter: profitable firms are concentrated #GtownLFE |
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1:50 pm
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jeffrey_brandt:
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RT @jordan_law21 Burk:BigLaw has grown crazily big & fast. Firms got more brittle bits of firms split off, lateral growth exploded #GtownLFE |
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1:51 pm
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jordan_law21:
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Burk: There is no longer any partnership tournament in large American law firms. Career-long battle of everyone against everyone. #GtownLFE |
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1:51 pm
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PaulLippe:
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RT @jordan_law21: Ribstein: Big firms sustained by reputational capital, gives lawyers incentive to invest in firm rather than just themselves. #GtownLFE |
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1:51 pm
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jeffrey_brandt:
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RT @jordan_law21: Ribstein: Doubtful that firms as currently constituted will be able to attract outside equity investment. #GtownLFE |
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1:52 pm
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jkubicki:
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Burk: Diversification of firms in size, location and practice areas does not lead to increased profits. #GtownLFE |
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1:52 pm
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LindsayGriffith:
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RT @lancegodard: Legal tweeps: interested in the evolution of law firms? You should be following #GtownLFE stream. Grt conf, grt stream #LMA |
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1:52 pm
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jordan_law21:
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Burk: People don't buy law firm brands anymore, they buy lawyers. Increasingly sophisticated buyers choose right person themselves #GtownLFE |
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1:53 pm
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jordan_law21:
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Burk: How is it that firms keep growing when firms are only the sum of their parts -- or in fact, less than the sum of its parts. #GtownLFE |
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1:54 pm
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jkubicki:
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Burk: Clients hire lawyers not firms. #GtownLFE http://myloc.me/56L1m |
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1:56 pm
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jordan_law21:
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Burk: Firms keep growing b/c partners want firm growth to support own personal growth. Contra Ribstein, indiv. brand builds firm #GtownLFE |
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1:58 pm
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jkubicki:
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Burk: Firm model is "brittle" because value is on individual value (reputation and knowledge) of partners. This value is mobile. #GtownLFE |
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2:04 pm
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jkubicki:
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Bill Henderson: what can firms do to survive? Ribstein: nothing they are dead (laughter) #GtownLFE http://myloc.me/56MJd |
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2:05 pm
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LawScribbler:
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RT @jkubicki: Bill Henderson: what can firms do to survive? Ribstein: nothing they are dead (laughter) #GtownLFE http://myloc.me/56MJd |
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2:06 pm
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jkubicki:
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Ribstein: legal regulations and ethics are helping the big firm model but those are under pressure. Firms need to confront this #GtownLFE |
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2:07 pm
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jordan_law21:
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Burk: If dumb people are handing out money, you need to be first in line. (cf. clients paying out to firms) #GtownLFE |
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2:09 pm
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jkubicki:
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Chandler: this evolution of transformation could look like a revolution when we look back on this. #GtownLFE http://myloc.me/56NwE |
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2:12 pm
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jordan_law21:
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Chandler: Cross-selling is one of the banes of my existence: designed to win business without my ability to make assessments #GtownLFE |
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2:13 pm
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jkubicki:
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Chandler: "Never believe a vendor unless when they say they 'can't'" #GtownLFE http://myloc.me/56OcS |
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2:15 pm
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jkubicki:
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Chandler: as part of GC office - knowing your way around the business/company and its people/processes is critical. #GtownLFE |
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2:18 pm
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jkubicki:
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Chandler: for core but repetitive work we will ALWAYS look to build a self-service tool minimizing need for outside counsel #GtownLFE |
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2:19 pm
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LawScribbler:
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RT @jkubicki: Chandler: for core but repetitive work we will ALWAYS look to build a self-service tool minimizing need for outside counsel #GtownLFE |
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2:21 pm
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lancegodard:
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RT @jkubicki: Chandler: "Never believe a vendor unless when they say they 'can't'" #GtownLFE http://myloc.me/56OcS |
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2:21 pm
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jkubicki:
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Chandler: knowledge management is critical to me. #GtownLFE http://myloc.me/56PDB |
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2:24 pm
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jkubicki:
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Perlstein of Wilmer: Most clients do not think like Chandler & Carr. Most firm just think biz as usual post-recession. #GtownLFE |
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2:24 pm
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jordan_law21:
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Perlstein: Most law firm leaders and clients don't get it. 2001-08 will never come again. Frankly, we're all better off. #GtownLFE |
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2:26 pm
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LawScribbler:
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RT @jordan_law21: Perlstein: Most law firm leaders and clients don't get it. 2001-08 will never come again. Frankly, we're all better off. #GtownLFE |
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2:26 pm
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jordan_law21:
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Perlstein: Don't view AmLaw 200 generically. Top 10 are in a different business (Wachtell etc.): BTC cases every time. #GtownLFE |
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2:26 pm
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jkubicki:
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Perlstein: AmLaw 200 cannot be viewed as one generic group. Cravath is in a different biz than Wilmer. #GtownLFE http://myloc.me/56Qrd |
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2:27 pm
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LawScribbler:
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RT @jordan_law21: Perlstein: Don't view AmLaw 200 generically. Top 10 are in a different business (Wachtell etc.): BTC cases every time. #GtownLFE |
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2:27 pm
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jordan_law21:
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Perlstein: Global firms can't explain to Mark Chandler: why you should hire us. #GtownLFE |
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2:27 pm
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ABAJournal:
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@ABAJournal 's business of law reporter @LawScribbler is in D.C. covering Georgetown's Law Firm Evolution Symposium #GtownLFE |
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2:28 pm
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lancegodard:
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RT @jordan_law21: Perlstein: Most firm leaders and clients don't get it. 2001-08 never come again. Frankly, we're all better off. #GtownLFE |
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2:28 pm
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jkubicki:
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Perlstein: inhouse do not take on the challenge of managing more - both in their client and in terms of actual legal matters. #GtownLFE |
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2:28 pm
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jordan_law21:
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Perlstein: Overlooking technology, clients and government. Many GCs say: take care of all our stuff; won't manage it. #GtownLFE |
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2:29 pm
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jordan_law21:
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Perlstein: We all grew too fast to manage our internal affairs properly, lawyers don't like managing and don't pay attention. #GtownLFE |
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2:30 pm
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LawScribbler:
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RT @jordan_law21: Perlstein: We all grew too fast to manage our internal affairs properly, lawyers don't like managing and don't pay attention. #GtownLFE |
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2:32 pm
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jordan_law21:
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Haidet: This has been coming for awhile. The '00s were a distraction, covered up a lot of weakness, everyone was making $. Over. #GtownLFE |
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2:32 pm
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jkubicki:
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Jeff Haidet of McKenna Long: this dialogue on transformation is not new -been going on for awhile. The aughts helped hide problems #GtownLFE |
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2:34 pm
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jordan_law21:
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Haidet: We're all experimenting, collaborating with clients, many of whom have become more sophisticated (though many more aren't) #GtownLFE |
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2:34 pm
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LawScribbler:
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Haidet (McKenna): New law firm models will be iterative. But, it is happening. #GtownLFE |
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2:34 pm
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LawScribbler:
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RT @jordan_law21: Haidet: We're all experimenting, collaborating with clients, many of whom have become more sophisticated (though many more aren't) #GtownLFE |
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2:36 pm
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jordan_law21:
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Haidet: Law firms used to handcrafting everything, everyone wants the BTC work but there's not much of it to go round. #GtownLFE |
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2:36 pm
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jkubicki:
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Haidet: Firms focus on hand crafting A level work. What if client only needs/wants to pay for B level? #GtownLFE http://myloc.me/56S4j |
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2:37 pm
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LawScribbler:
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Haidet: Law firms build models to get "bet the company" work, but there's just not enough for everyone. #GtownLFE |
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2:38 pm
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jordan_law21:
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Haidet: Mishandled associates, weren't ready to be partners, left, partner ethos deteriorates, drives clients nuts. #GtownLFE |
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2:38 pm
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jkubicki:
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Haidet: associates have been promoted to partner based on associate skill evaluation not partner skills. This has weakened firms. #GtownLFE |
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2:39 pm
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jordan_law21:
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Haidet: The pyramid will be replaced with the rocketship, associates hired to perpetuate partnership, more efficiency. #GtownLFE |
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2:39 pm
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LawScribbler:
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Haidet: Firms need to redesign entry level assesment, paths to partner and leverage diff. resources (not just high-cost lawyers). #GtownLFE |
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2:39 pm
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jkubicki:
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Haidet: keeps emphasizing project management importance for both partners and inhouse. #GtownLFE Agree http://myloc.me/56SEF |
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2:40 pm
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jeffrey_brandt:
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RT Bespoked @jordan_law21 Law firms used 2 handcrafting everything, every1 wants the BTC work but thr's not much of it 2 go round #GtownLFE |
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2:40 pm
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jeffrey_brandt:
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@jkubicki Any discussion of parter 2 partner relationships? #GtownLFE |
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2:40 pm
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jordan_law21:
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Also follow #LawScribbler for #GtownLFE updates. |
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2:41 pm
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jkubicki:
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Haidet: again ethics rules are complicating matters. #GtownLFE http://myloc.me/56SS0 |
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2:42 pm
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jordan_law21:
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Haidet: BigLaw will survive b/c of: brand, org. capital, expertise/collaboration, surety, diversification, stability #GtownLFE |
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2:43 pm
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jeffrey_brandt:
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@jkubicki How do ethics complicate things? #GtownLFE |
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2:44 pm
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jkubicki:
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Haidet: this is how biglaw survives: brand is still key, expertise/collaboration, surety (stand behind their work), stability #GtownLFE |
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2:45 pm
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richards1000:
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Also follow #LawScribbler for #GtownLFE updates. (via @jordan_law21) |
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2:50 pm
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jordan_law21:
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Perlstein: diversification is important in terms of enterprise stability, hedge your bets against downturn in certain areas. #GtownLFE |
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2:51 pm
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jordan_law21:
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Chandler: asset I seek for vast majority of my spend is ability to assemble team to address an issue. Relationships matter. #GtownLFE |
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2:53 pm
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jordan_law21:
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Nice to hear law firm representatives who get it. #GtownLFE |
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2:54 pm
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jkubicki:
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Great discussion Chandler-client & Perlstein(firm) re: relationships and referrals/cross-selling. Takeaway: KNOW client well #GtownLFE |
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2:59 pm
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jkubicki:
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#GtownLFE music fans: conf feels like Sex Pistols concert in Manchester decades ago sparked music revolution. All here get it & doing new |
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3:09 pm
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lancegodard:
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RT @jkubicki: #GtownLFE conf feels like Sex Pistols concert in Manchester decades ago sparked music revolution. All here get it & doing new |
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3:21 pm
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jkubicki:
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Next up: Emerging Trends in Legal Scvs: CPA Global, Eversheds, NY Law School, Oxford, U of Miami Law School #GtownLFE http://myloc.me/56Zqe |
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3:21 pm
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jordan_law21:
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Beardslee: Evolving relationships between firms and clients: used to be asymmetric, "hire the lawyer," long-term relations=quality #GtownLFE |
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3:26 pm
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jkubicki:
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Beatdslee: 80% of all legal spend is going to less than 20 firms for a typical company. #GtownLFE http://myloc.me/570ag |
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3:26 pm
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LawScribbler:
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Beardslee (UMiamiLaw): Average tenure for a CLO is three years. #GtownLFE |
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3:28 pm
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jkubicki:
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Beardslee: reinforcing the "stickiness" of relationships. Quoting a CLO as to firing a firm "you just don't do that" #GtownLFE |
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3:30 pm
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jkubicki:
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Beardslee: reasons for firing or reducing work to a firm - quality. Cost is least important. #GtownLFE http://myloc.me/570Ki |
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3:32 pm
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jordan_law21:
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Beardslee: CLOs need creative ways to manage legal services, look into how law firms are structured & managed. Interdependence. #GtownLFE |
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3:33 pm
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jordan_law21:
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Beardslee: firms may have to justify their business models: lack of quality control systems, talent retention problems. #GtownLFE |
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3:34 pm
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LawScribbler:
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RT @jordan_law21: Beardslee: CLOs need creative ways to manage legal services, look into how law firms are structured & managed. Interdependence. #GtownLFE |
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3:34 pm
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jkubicki:
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Beardslee: CLOs will focus on internal workings of firm - firms will need to learn how to justify systems & processes #GtownLFE |
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3:35 pm
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LawScribbler:
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Beardslee: Law schools have to align legal education with basic manage skills, ie. strat, teambuild, mentor, market, delegation. #GtownLFE |
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3:37 pm
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jordan_law21:
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Sako: Spent 20 years studying the global auto industry. This should be interesting. #GtownLFE |
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3:37 pm
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jkubicki:
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Next up Mari Sako of Oxford. Make or Buy Decisions in Legal Services #GtownLFE http://myloc.me/571Mu |
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3:37 pm
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LawScribbler:
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RT @jordan_law21: Sako: Spent 20 years studying the global auto industry. This should be interesting. #GtownLFE |
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3:38 pm
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jordan_law21:
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Sako: make-or-buy decisions: what criteria are being used to make them, what's being done in-house v. outside. Trend towards make. #GtownLFE |
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3:38 pm
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ronfriedmann:
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#GtownLFE Mari Sako - Has studied auto industry. Researching apparent move to 'make' rather than 'buy'. Cites ACC/Serengeti and Legal Week |
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3:38 pm
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jordan_law21:
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Sako: ACC: Used to be for every $1 spent in-house, $2 spent outside; today, $1.60. #GtownLFE |
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3:39 pm
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jkubicki:
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Sako: there is a migration to 'make' over 'buy' from perspective of inhouse. #GtownLFE http://myloc.me/5724b |
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3:39 pm
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LawScribbler:
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RT @jordan_law21: Sako: ACC: Used to be for every $1 spent in-house, $2 spent outside; today, $1.60. #GtownLFE |
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3:40 pm
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ronfriedmann:
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#GtownLFE Sako - Clients have 4 outsourcing options: 1 captive offshore; 2 law firm captive; 3 firm source from LPO; 4 contract with LPO |
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3:40 pm
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jordan_law21:
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Sako: LPO options for clients: thru law firms, thru captive operation, thru LPO provider, thru offshore lawyers directly. #GtownLFE |
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3:41 pm
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sfw70:
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RT @LawScribbler: Beardslee: Law schools have to align legal education with basic manage skills, ie. strat, teambuild, mentor, market, delegation. #GtownLFE |
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3:41 pm
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jkubicki:
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Sako: LPO is .01% of legal market spend in 2010. #GtownLFE http://myloc.me/572qi |
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3:43 pm
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ronfriedmann:
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#GtownLFE Sako - Presenting on future of legal offshore outsourcing: |
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3:45 pm
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ronfriedmann:
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#GtownLFE Sako - Nature legal work changing. Bespoke > commodity. Lumpy work > modular tasks. What is optimal work decomposition? |
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3:45 pm
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jkubicki:
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Sako: what is optimal degree of work decomposition in legal? Maintenance of wuality without adding layers of supervision. #GtownLFE |
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3:46 pm
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jordan_law21:
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Sako: what is the optimal degree of work decomposition? At some point, quality could be at risk, requires monitoring/supervision #GtownLFE |
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3:46 pm
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ronfriedmann:
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#GtownLFE Sako - The more work decomposed, the more can be done by non-lawyers. Decomposing necessary but not sufficient to outsource |
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3:47 pm
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jordan_law21:
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Firms make v. buy if they want to invest in specific assets, align internal incentives, invest in property rights. #GtownLFE |
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3:48 pm
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LawScribbler:
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Sako: The trend of CLOs contributing to business decisions, not just legal, is pushing the "make" vs. "buy" trend inhouse. #GtownLFE. |
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3:48 pm
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ronfriedmann:
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#GtownLFE Sako - Professionals distrust non-prof's competence and ethics. Hinders work decomposition. [RF: caste system] |
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3:49 pm
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jordan_law21:
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Sako: Mistrust of non-lawyers, partnerships reluctant to cede control of work decisions to clients. #GtownLFE |
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3:50 pm
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jkubicki:
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Sako: relationship between firms and LPOs may rival value of relationship between firms snd clients. #GtownLFE And between LPO and client? |
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3:50 pm
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ronfriedmann:
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#GtownLFE Sako - Value creation and capture should drive outsource decision, not just cost reduction |
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3:50 pm
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jordan_law21:
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Sako: focus away from cost, towards larger strategic question of value creation and value capture. #GtownLFE |
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3:51 pm
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jkubicki:
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Sako: important to use Scenario Planning to develop forecast models for future. Me: look at www.legaltransformation.com for this. #GtownLFE |
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3:52 pm
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LawScribbler:
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RT @jordan_law21: Sako: focus away from cost, towards larger strategic question of value creation and value capture. #GtownLFE |
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3:52 pm
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jordan_law21:
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Smith (Eversheds): Implemented Tyco, Dupont, and Cisco models into firm. #GtownLFE |
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3:52 pm
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LindsayGriffith:
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RT @jordan_law21: Chandler: asset I seek f/ vast maj of spend is ablty 2 assemble team 2 address an issue. Relationships matter. #GtownLFE |
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3:53 pm
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jordan_law21:
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Smith: elephant in the room: there are too many lawyers. #GtownLFE |
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3:53 pm
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LawScribbler:
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Smith (Eversheds): The elephant in the room: Are there too many lawyers? #GtownLFE |
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3:53 pm
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lancegodard:
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Paul Smith (Eversheds): hourly billing not done in Sweden; all billing based on value #GtownLFE |
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3:53 pm
|
jordan_law21:
|
Smith: Eversheds survey last week: 90% of GCs under pressure to reduce costs, provide value #GtownLFE |
|
3:54 pm
|
jkubicki:
|
Smith: rapid acceleration of current trends due to recession. Firms need to communicate in metrics and measurement. #GtownLFE |
|
3:54 pm
|
LawScribbler:
|
Smith (Eversheds): 90% of GCs say they are under pressure to reduce costs. Inhouse is no longer immune from reporting legal spend. #GtownLFE |
|
3:54 pm
|
jordan_law21:
|
Smith: Many US GCs simply seeking discounts on hourly rate, don't have tools to measure whether AFAs really give value. #GtownLFE |
|
3:54 pm
|
LawScribbler:
|
RT @jordan_law21: Smith: Many US GCs simply seeking discounts on hourly rate, don't have tools to measure whether AFAs really give value. #GtownLFE |
|
3:55 pm
|
jordan_law21:
|
Smith: 86% of clients, 88% of partners use value billing at least sometimes. #GtownLFE |
|
3:56 pm
|
jkubicki:
|
Smith: must now operate as a hybrid firm as to fees. Cross-selling is intellectually dishonest. #GtownLFE http://myloc.me/574Mk |
|
3:57 pm
|
ronfriedmann:
|
#GtownLFE - Paul Smith, Partner, Eversheds - shares results of study of future of law firms. See my blog post http://bit.ly/9TfTZ2 |
|
3:57 pm
|
LawScribbler:
|
Smith: 52% CLOs said in survey they're reducing outside $$ by increasing inhouse. Is insourcing bigger threat than outsourcing? #GtownLFE |
|
3:57 pm
|
jordan_law21:
|
Smith: firm rewards lawyers not on billings but on sustainable value. Now offshore mainstream legal work to South Africa. #GtownLFE |
|
3:58 pm
|
josh_landsman:
|
I know some University GCs are trying to expand GC office by selling trustees that GC costs < Outsourcing legal services #GtownLFE |
|
3:58 pm
|
LawScribbler:
|
RT @jordan_law21: Smith: firm rewards lawyers not on billings but on sustainable value. Now offshore mainstream legal work to South Africa. #GtownLFE |
|
3:58 pm
|
ronfriedmann:
|
#GtownLFE - Leah Cooper, ex GC of Rio Tinto, now of CPA next up. Did big LPO deal in 2009 |
|
3:59 pm
|
jordan_law21:
|
Cooper: GC are buyers, there is a shift in power, suppliers of legal services overestimate their influence. #GtownLFE |
|
3:59 pm
|
ronfriedmann:
|
#GtownLFE - Leah Cooper: Law firms are nothing more than suppliers to GC. Need to view themselves as suppliers. |
|
3:59 pm
|
jkubicki:
|
Now Leah Cooper: now that I am a vendor I realize I am nothing more than one of many suppliers to the GC. #GtownLFE http://myloc.me/5757k |
|
4:00 pm
|
ronfriedmann:
|
#GtownLFE - Leah Cooper - GC must 1. protect shareholder value 2. manage law dept 3. cost |
|
4:00 pm
|
LawScribbler:
|
Cooper (formerly Rio Tinto, now CPA Global): Although near the top, cost is not most important thing on GCs mind. #GtownLFE |
|
4:00 pm
|
ronfriedmann:
|
#GtownLFE - Cooper - GC will always need law firms but firms need to choose what they work on carefully |
|
4:01 pm
|
jkubicki:
|
Cooper: we will always need law firms but for what tasks? #GtownLFE http://myloc.me/575na |
|
4:01 pm
|
lancegodard:
|
RT @ronfriedmann: #GtownLFE - Leah Cooper: Law firms are nothing more than suppliers to GC. Need to view themselves as suppliers. |
|
4:01 pm
|
jordan_law21:
|
Cooper: Mistake to think cost is most important thing for CLOs, though it's top 3. Companies will always need law firms. #GtownLFE |
|
4:01 pm
|
ronfriedmann:
|
#GtownLFE - Cooper - GCs must recognize that they are just cost centers to companies. Saving $ made me hero at Rio. |
|
4:02 pm
|
LawScribbler:
|
RT @lancegodard: RT @ronfriedmann: #GtownLFE - Leah Cooper: Law firms are nothing more than suppliers to GC. Need to view themselves as suppliers. |
|
4:02 pm
|
jkubicki:
|
Cooper: measurement is key to defining value. If you do not measure how can you define what the value is. #GtownLFE http://myloc.me/575xW |
|
4:02 pm
|
jordan_law21:
|
Cooper: How is collaboration innovative? Firms need to stop being so precious about who gets what piece of the pie. #GtownLFE |
|
4:03 pm
|
ronfriedmann:
|
#GtownLFE - Cooper - law firm competitors are LPO, solos, programmers who automate, banks that do data rooms... competitive landscape open |
|
4:03 pm
|
jkubicki:
|
Cooper: Collaboration should not be so innovative to the legal services arena. #GtownLFE http://myloc.me/575ID |
|
4:03 pm
|
LawScribbler:
|
Cooper: Law firm competitors: LPOS, contact lawyers, contract agencies, computer programs, banks. Huge menu of options for GCs. #GtownLFE |
|
4:03 pm
|
jordan_law21:
|
Cooper: Firms: your competitors are LPOs, contract lawyers, banks, technology & more. GCs will have a say in matter staffing. #GtownLFE |
|
4:04 pm
|
ronfriedmann:
|
RT @AmLawDaily - The Change Agenda: Are We There Yet? http://bit.ly/cSNATw report on #GtownLFE |
|
4:05 pm
|
jordan_law21:
|
Cooper: GC has to be a project manager, but doesn't want to be a kindergarten manager. #GtownLFE |
|
4:05 pm
|
ronfriedmann:
|
#GtownLFE - Cooper - GC must be project managers. At Rio, had to work hard to get Crowell to work with CPA. OMM sent work to CPA on its own |
|
4:05 pm
|
LindsayGriffith:
|
RT @jordan_law21: Beardslee: firms may have to justify their biz models: lack of quality control systems, talent retention probs. #GtownLFE |
|
4:06 pm
|
jordan_law21:
|
RT @ronfriedmann RT @AmLawDaily - The Change Agenda: Are We There Yet? http://bit.ly/cSNATw report on #GtownLFE |
|
4:06 pm
|
jkubicki:
|
Cooper: Crowell and CPA did not get what collaboration should be to the client. Client had to referee to teach. #GtownLFE |
|
4:06 pm
|
LawScribbler:
|
RT @jordan_law21: Cooper: GC has to be a project manager, but doesn't want to be a kindergarten manager. #GtownLFE |
|
4:07 pm
|
LindsayGriffith:
|
RT @jordan_law21: Sako: ACC: Used to be for every $1 spent in-house, $2 spent outside; today, $1.60. #GtownLFE |
|
4:07 pm
|
jordan_law21:
|
Cooper: How to train new lawyers? Law schools rethink what they teach: project management, budget management, etc. #GtownLFE |
|
4:07 pm
|
LawScribbler:
|
Cooper: We need to train young lawyers in better ways, not doc review (that work given to someone else). Onus on law schools. #GtownLFE |
|
4:12 pm
|
ronfriedmann:
|
#GtownLFE - Emerging Trends in Legal Services Q&A - What is role of trust? Be SME, understand biz, but trust is key |
|
4:13 pm
|
jeffrey_brandt:
|
RT @jordan_law21: Cooper:How to train new lawyers? Law schools rethink what they teach:project management, budget management, etc. #GtownLFE |
|
4:14 pm
|
ronfriedmann:
|
#GtownLFE - Sako: 3 trust types: 1 Contract 2. Competence 3. Goodwill (give and take beyond contract). Which do you mean. 3rd is key |
|
4:15 pm
|
jeffrey_brandt:
|
@ronfriedmann As in Crowell & Moring? #GtownLFE |
|
4:15 pm
|
LawScribbler:
|
Trust between clients and firms is a hot topic to be mended and nurtured. What about trust between associates and partners? #GtownLFE |
|
4:16 pm
|
ronfriedmann:
|
@jeffrey_brandt Yes, Rio Tino now-ex GC said she had to work hard to get Crowell & Moring to 'play well' with CPA #GtownLFE |
|
4:18 pm
|
ronfriedmann:
|
#GtownLFE - Cooper picked LPO she trusted. Firms need to _trust_ her that she made right decision re choice of resources. |
|
4:19 pm
|
LawScribbler:
|
Cooper: At RioTinto, risk-wary outside firms had to trust that she selected the correct firm (CPA Global) to partner with them. #GtownLFE |
|
4:20 pm
|
LindsayGriffith:
|
RT @jordan_law21: Smith: Many US GCs seeking discounts on hourly rate, don't have tools to measure if AFAs really give value. #GtownLFE |
|
4:20 pm
|
jkubicki:
|
Risk sharing is still new in legal. Need for more insight and measuring needed to better structure deals allocating risk fairly. #GtownLFE |
|
4:21 pm
|
LindsayGriffith:
|
Surprising? #LMA RT @jkubicki: Smith: must now operate as a hybrid firm as to fees. Cross-selling is intellectually dishonest. #GtownLFE |
|
4:21 pm
|
LindsayGriffith:
|
RT @ronfriedmann: #GtownLFE - Paul Smith, Partner, Eversheds - shares results of study of future of law firms. See post http://bit.ly/9TfTZ2 |
|
4:23 pm
|
eilerslawgroup:
|
RT @jeffrey_brandt: RT @jordan_law21: Cooper:How to train new lawyers? Law schools rethink what they teach:project management, budget management, etc. #GtownLFE |
|
4:24 pm
|
Molly_McDonough:
|
RT @LawScribbler: Cooper: Need to train young lawyers better, not doc review (that's work 4 someone else). Onus on law schools. #GtownLFE |
|
4:27 pm
|
LindsayGriffith:
|
RT @ronfriedmann: #GtownLFE - Emerging Trends in Legal Services Q&A - What is role of trust? Be SME, understand biz, but trust is key |
|
4:28 pm
|
jeffrey_brandt:
|
RT @jkubicki Risk sharing still new in legal. Need 4 more insight & measuring needed 2 bttr structure deals allocating risk fairly #GtownLFE |
|
4:28 pm
|
LawScribbler:
|
Coates: Firms that raise outside capital will be able to invest in people in times of stress, technology and innovation. #GtownLFE |
|
4:31 pm
|
LawScribbler:
|
Comment from audience: Private equity groups are looking to invest in legal service providers. #GtownLFE |
|
4:33 pm
|
ShatterboxVox:
|
RT @jeffrey_brandt: RT @jkubicki Risk sharing still new in legal. Need 4 more insight & measuring needed 2 bttr structure deals allocating risk fairly #GtownLFE |
|
4:35 pm
|
ShatterboxVox:
|
RT @ronfriedmann: #GtownLFE - Cooper - law firm competitors are LPO, solos, programmers who automate, banks that do data rooms... competitive landscape open |
|
4:35 pm
|
ShatterboxVox:
|
RT @jordan_law21: Cooper: How is collaboration innovative? Firms need to stop being so precious about who gets what piece of the pie. #GtownLFE |
|
4:37 pm
|
ShatterboxVox:
|
Lots of good info on this hashtag RT @jordan_law21ACC: Used to be for every $1 spent in-house, $2 spent outside; today, $1.60. #GtownLFE |
|
4:37 pm
|
FollowtheLawyer:
|
Lots of good info on this hashtag RT @jordan_law21ACC: Used to be for every $1 spent in-house, $2 spent outside; today, $1.60. #GtownLFE |
|
4:39 pm
|
LawScribbler:
|
Smith: Huge concerns for the next gen. of lawyers. W/ layoffs, less exposure to clients, won't getting training needed in firms. #GtownLFE |
|
4:44 pm
|
twapperkeeperR5:
|
: @LindsayGriffith has created hashtag TwapperKeeper notebook #GtownLFE -> http://www.twapperkeeper.com/hashtag/GtownLFE |
|
4:46 pm
|
LindsayGriffith:
|
@twapperkeeperR5 Unfortunately, there seem to be no tweets captured - why might that be? #GtownLFE |
|
4:49 pm
|
Elliottmarkc:
|
RT @LindsayGriffith: RT @ronfriedmann: #GtownLFE - Paul Smith, Partner, Eversheds - shares results of study of future of law firms. See post http://bit.ly/9TfTZ2 |
|
5:04 pm
|
lancegodard:
|
RT @ronfriedmann: #GtownLFE - Paul Smith, Partner, Eversheds - shares results of study of future of law firms. See post http://bit.ly/9TfTZ2 |
|
5:12 pm
|
econwriter5:
|
RT @lancegodard @ronfriedmann: #GtownLFE - Paul Smith, Partner, Eversheds shares results -study of future of law firms. http://bit.ly/9TfTZ2 |
|
5:14 pm
|
MsSubRosa:
|
follow @ronfriedmann for his stream on #GtownLFE for some great summaries on law biz |
|
5:33 pm
|
LindsayGriffith:
|
@MsSubRosa Same out of the #GtownLFE stream today - they're facing pressure & want to feel that their firms are really partnering with them |
|
5:37 pm
|
jordan_law21:
|
Westfahl: New market for legal services, our current model is far too rigid. McKinsey: Develop people and serve clients. #GtownLFE |
|
5:38 pm
|
ABAesq:
|
RT @ABAJournal Business of law reporter @LawScribbler is in D.C. covering Georgetown's Law Firm Evolution Symposium #GtownLFE |
|
5:39 pm
|
jordan_law21:
|
Westfahl: new competency models, rethink up-and-out in favour of "grow or go." Advancement based on what you're ready to do. #GtownLFE |
|
5:40 pm
|
jordan_law21:
|
Westfahl: Next wave: how do we measure efficiency? Stop counting hours. Redefine productivity. #GtownLFE |
|
5:41 pm
|
jordan_law21:
|
Westfahl: women compete better than men when productivity defined by efficiency rather than volume. #GtownLFE |
|
5:42 pm
|
LawScribbler:
|
RT @jordan_law21: Westfahl: women compete better than men when productivity defined by efficiency rather than volume. #GtownLFE |
|
5:42 pm
|
jordan_law21:
|
Westfahl: We do a very poor job sourcing talent, tremendous inefficiency. #GtownLFE |
|
5:43 pm
|
LawScribbler:
|
RT @jordan_law21: Westfahl: We do a very poor job sourcing talent, tremendous inefficiency. #GtownLFE |
|
5:44 pm
|
jordan_law21:
|
Westfahl: work channeled in firms either thru free market (wander the halls) or partner-controlled (send work to my people). #GtownLFE |
|
5:45 pm
|
LawScribbler:
|
Which work should be delegated to associates and which should be given to support staff or outsourced? #GtownLFE |
|
5:45 pm
|
LawScribbler:
|
RT @jordan_law21: Westfahl: work channeled in firms either thru free market (wander the halls) or partner-controlled (send work to my people). #GtownLFE |
|
5:47 pm
|
jkubicki:
|
Westfahl: emphasizing project management skills in law firms. Firms must be committed to training beyond traditional legal #GtownLFE |
|
5:47 pm
|
jordan_law21:
|
Westfahl: Training in project management, leadership for associates. Don't infantalize associates! #GtownLFE |
|
5:48 pm
|
jordan_law21:
|
Westfahl: Don't stigmatize leaving the law firm. Alumni networks extremely useful. #GtownLFE |
|
5:53 pm
|
jordan_law21:
|
McLean (Akin Gump): In 2007, 900-lawyer firm hired 100 summer students. Not unusual among big firms. #GtownLFE |
|
5:54 pm
|
MsSubRosa:
|
not all firms offer networkingRT @jordan_law21 Westfahl: Don't stigmatize leaving the law firm. Alumni networks extremely useful. #GtownLFE |
|
5:55 pm
|
MsSubRosa:
|
sorry, i meant follow @jordan_law21 for the #GtownLFE stream! |
|
5:55 pm
|
LawScribbler:
|
RT @jordan_law21: McLean (Akin Gump): In 2007, 900-lawyer firm hired 100 summer students. Not unusual among big firms. #GtownLFE |
|
5:56 pm
|
jordan_law21:
|
McLean: Up-or-out's day has passed. First-year associate hiring will decline markedly. More staff/part-time/home-based lawyers. #GtownLFE |
|
5:57 pm
|
LawScribbler:
|
Henry (Flex-Time): The war for talent will return, but compensation will be less of an enticement to recruit or retain talent. #GtownLFE |
|
5:57 pm
|
LawScribbler:
|
RT @jordan_law21: McLean: Up-or-out's day has passed. First-year associate hiring will decline markedly. More staff/part-time/home-based lawyers. #GtownLFE |
|
5:57 pm
|
lancegodard:
|
RT @jordan_law21: McLean (Akin Gump): In 2007, 900-lawyer firm hired 100 summer students. #GtownLFE | 100 X $150K = expensive training prgm |
|
5:58 pm
|
LawScribbler:
|
McLean: As firms became smaller in last 18 months, de-emphasis on diversity is a cause for great alarm. #GtownLFE |
|
6:01 pm
|
jordan_law21:
|
Henry: talent wars will return, firms will rethink how to work, culture/environment will be recruitment/retention tools #GtownLFE |
|
6:04 pm
|
jordan_law21:
|
Henry: 20-25 years ago, women reached half of all law school grads; today, 18% are equity partners. Rethink "non-traditional" #GtownLFE |
|
6:07 pm
|
LawScribbler:
|
Henry: Women have comprised 40-50% of law scchool grads for 25 yrs, only 16% are equity partners. #GtownLFE |
|
6:10 pm
|
jordan_law21:
|
Henry: flexible billable-hour targets, varying by years of experience, actually increases profitability. Multiple BH tracks. #GtownLFE |
|
6:11 pm
|
jordan_law21:
|
Henry: AFAs are a golden opportunity for women in law firms. #GtownLFE |
|
6:11 pm
|
vPanelLegal:
|
RT @jordan_law21: Henry: flexible billable-hr targets, varying by yrs of exp, actually increases profitability. Multiple BH tracks #GtownLFE |
|
6:13 pm
|
LawScribbler:
|
Henry: Go back to your firm and run profit reports. UK's Norton Rose has higher profits with reduced pay, fewer hours, no layoffs #GtownLFE |
|
6:14 pm
|
MarkCRobins:
|
RT @jordan_law21: Henry: AFAs are a golden opportunity for women in law firms. #GtownLFE |
|
6:14 pm
|
Riskin:
|
RT @jordan_law21: ...varying by years of experience, actually increases profitability. Multiple BH tracks. #GtownLFE |
|
6:15 pm
|
LawScribbler:
|
Henry: Accounting big four made women a part of redesign plan, law firms need to create new structure for female talent pool. #GtownLFE |
|
6:17 pm
|
LawScribbler:
|
Should firms accept that high attrition is nature of the beast? Henry: 42% of women lawyers leave, independant of materinty leave #GtownLFE |
|
6:19 pm
|
Riskin:
|
Bruce McLean (MP Akin Gump) presentation demonstrates how "reality" drives change... not theory... My take theory+timing=change #GtownLFE |
|
6:22 pm
|
LawScribbler:
|
McLean: At the height of the market, Akin Gump interviewed thousands of law students to get 100 summer associates. #GtownLFE |
|
6:22 pm
|
worklawyer:
|
RT @jordan_law21: McLean: Up-or-out's day has passed. First-year associate hiring will decline markedly. More staff/part-time/home-based lawyers. #GtownLFE |
|
6:24 pm
|
LawScribbler:
|
McLean: Recruitment trad grade-driven, yet least satisfied are grads from elite law schools. Rethink who interviewing/hiring. #GtownLFE |
|
6:26 pm
|
Riskin:
|
RT @LawScribbler: McLean: At the height of the market, Akin Gump interviewed thousands of law students to get 100 summer associates. #GtownLFE |
|
6:36 pm
|
LawScribbler:
|
Sentiment among women partners in the restroom: Henry's numbers aren't surprising and good 'ol boys club is still going strong. #GtownLFE |
|
6:38 pm
|
jkubicki:
|
MacEwan: don't think the UK Legal Services Act will not directly impact the US. #GtownLFE http://myloc.me/57l63 |
|
6:39 pm
|
LawScribbler:
|
Could the shift from billables-focus to culture-focus as ways to boost profits and retain lawyers be the paradigm women need? #GtownLFE |
|
6:49 pm
|
Riskin:
|
Stephen Mason says law firms give their marketing depts an indeterminate target and says "hit it" #GtownLFE |
|
6:53 pm
|
LindsayGriffith:
|
@legalmediagirl Yup, there's a hashtag - #GtownLFE Good stuff coming out from there! |
|
7:02 pm
|
jkubicki:
|
Now up: Peter Sherer: Law firm lessons from the great depression #GtownLFE |
|
7:05 pm
|
KStromPhoto:
|
RT @jordan_law21: Westfahl: women compete better than men when productivity defined by efficiency rather than volume. #GtownLFE |
|
7:05 pm
|
jkubicki:
|
Sherer: Both Evolutionary and Revolutionary changes occurring - Revolution: Tech, social change, economic (recession/depression) #GtownLFE |
|
7:07 pm
|
jkubicki:
|
Sherer: Quoting Michael Porter of Harvard "we are in a period where everything is now going to open and unfreeze." #GtownLFE |
|
7:19 pm
|
Riskin:
|
#GtownLFE sadly has pot light shining directly on the PowerPoint screen... obliterating content... is this 2010 or 1950 ? |
|
7:19 pm
|
jkubicki:
|
Dan DiPietro of The Law Firm Group/Citi Private Bank: The model is under-stress but not broken #GtownLFE |
|
7:21 pm
|
jkubicki:
|
DiPietro: Managing Partners are characterized by a very high IQ and a very low CEO-IQ #GtownLFE |
|
7:21 pm
|
sallyschmidt:
|
RT @legalmediagirl: Is anyone tweeting from Gtown? RT @sallyschmidt Yes, follow jordan_law21 #GtownLFE |
|
7:24 pm
|
jkubicki:
|
Ralph Baxter CEO of Orrick: Is there flight to value by clients? Yes - clients will look to market to find best value. #GtownLFE |
|
7:25 pm
|
jkubicki:
|
Baxter: This market will welcome new competitors - as in new firms as in other legal services providers. #GtownLFE |
|
7:27 pm
|
jkubicki:
|
Baxter: clients may not always want a Cadillac but a Chevy. Many providers can offer Chevy. Me: Can't others also offer Caddie? #GtownLFE |
|
7:28 pm
|
LawScribbler:
|
MacEwen: Often hear partners say: 'This isnt the firm I joined.' Baxter: I hope so, firms shouldn't be the same as 20 years ago. #GtownLFE |
|
7:29 pm
|
jkubicki:
|
DiPietro: consensus building is becoming a more critical skill to have, also ability to take calculated risks #GtownLFE |
|
7:30 pm
|
jkubicki:
|
Baxter: We need both leaders and managers. Right now we really need managers - focus has been on leadership only. #GtownLFE |
|
7:30 pm
|
ShatterboxVox:
|
RT @jkubicki: Baxter: This market will welcome new competitors - as in new firms as in other legal services providers. #GtownLFE |
|
7:31 pm
|
LawScribbler:
|
Baxter: Most AmLaw firms don't get what's going on in the marketplace. They're not paying attention. #GtownLFE |
|
7:32 pm
|
FollowtheLawyer:
|
Value is total return, not just $ RT @jkubicki: Ralph Baxter CEO of Orrick: Yes - clients will look to market to find best value. #GtownLFE |
|
7:35 pm
|
jkubicki:
|
Baxter & MacEwen: change happening but this is not the newspaper industry - legal will be around but be careful not next Hellerman #GtownLFE |
|
7:36 pm
|
LawScribbler:
|
Baxter: If private equity is permitted to invest, they are going to. #GtownLFE |
|
7:37 pm
|
jkubicki:
|
Baxter: Mentioning "Metrics" and their importance. Me: more and more mentions of measurement and metrics. #GtownLFE |
|
7:37 pm
|
Riskin:
|
Strategy and Governance panel has great people but stuck on generalities and abstract thoughts... #GtownLFE |
|
7:39 pm
|
jkubicki:
|
Baxter: We are leaving "revenue per lawyer" metric. Many lawyers will earn less, because we charge less, until we learn & retool #GtownLFE |
|
7:41 pm
|
jkubicki:
|
DiPietro: any metrics used out there - the models have not caught up yet to do anything Will take time so start measuring now! #GtownLFE |
|
7:42 pm
|
KrebsatACC:
|
RT @lancegodard: Paul Smith (Eversheds): hourly billing not done in Sweden; all billing based on value #GtownLFE |
|
7:45 pm
|
LawScribbler:
|
DiPietro: Disconnect b/t compensation and ownership interest makes partners want to leave. Firms should worry a/b where they go. #GtownLFE |
|
7:45 pm
|
jkubicki:
|
MacEwen: Partners leaving firms not necessarily for more $$ but to leave a firm with no strategy to one with a better strategy. #GtownLFE |
|
7:46 pm
|
KrebsatACC:
|
RT @HackettInHouse: Aric Press: http://bit.ly/9qaeYW - Day 2- momentum for firm & client business model shift in every panel.#GtownLFE |
|
7:47 pm
|
LawScribbler:
|
Will partner income go down? Baxter: Yes, income will be reformulated. #GtownLFE |
|
7:47 pm
|
KrebsatACC:
|
RT @jordan_law21: Henry: flexible billable-hour targets, varying by years of experience, actually increases profitability. . #GtownLFE |
|
7:48 pm
|
jkubicki:
|
Baxter: Will partner comp be reformulated? Yes. Shift to new model akin to real compensation vs. sharing of profits. #GtownLFE |
|
7:48 pm
|
KrebsatACC:
|
RT @jordan_law21: Henry: AFAs are a golden opportunity for women in law firms. #GtownLFE |
|
7:50 pm
|
LawScribbler:
|
DiPietro: High to low compensation at firms will widen significantly. #GtownLFE |
|
7:53 pm
|
jkubicki:
|
Baxter: Big Law is not dead - some will go away but Big Law has too many resources & huge advantage of deep relationships w/client #GtownLFE |
|
7:55 pm
|
jkubicki:
|
Next up: Thomas Morgan - abandoning Homogeneity on Legal Ed." & Jordon Furlong @jordan_law21 "The Return of the Apprentice" #GtownLFE |
|
8:09 pm
|
jkubicki:
|
In case you missed it - Thomas Morgan new book"The Vanishing American Lawyer." Incredible value in research. http://ow.ly/1pwI0 #GtownLFE |
|
8:15 pm
|
Riskin:
|
@jordan_law21 about to present (disclosure - one of my Edge International partners) - "brilliant"
#GtownLFE |
|
8:21 pm
|
jkubicki:
|
Now up Thomas Morgan Prof. at GW Law. #GtownLFE |
|
8:23 pm
|
jkubicki:
|
Morgan: talking legal education : law schools must see what is happening in the market place to better prepare students- #GtownLFE |
|
8:24 pm
|
jkubicki:
|
Morgan: Don't forget law school is still part of the University system and so have to follow to some extent those principles: #GtownLFE |
|
8:25 pm
|
jkubicki:
|
Morgan: Further Law schools still need accreditation. ABA controls standards for this. Standards make most law schools alike. #GtownLFE |
|
8:27 pm
|
jkubicki:
|
Morgan: There is a growing need for lawyers to differentiate themselves not jsut from other lawyers but also from consultants. #GtownLFE |
|
8:28 pm
|
jkubicki:
|
Morgan: Grads need to look beyond just their peers as competition but also other non in law related study. #GtownLFE |
|
8:31 pm
|
GabeAcevedo:
|
RT @jkubicki: In case you missed it - Thomas Morgan new book"The Vanishing American Lawyer." Incredible value in research. http://ow.ly/1pwI0 #GtownLFE |
|
8:33 pm
|
jkubicki:
|
Morgan: Current "skills" instruction in law schools is inadequate for today's market and falls short of what is needed. #GtownLFE |
|
8:35 pm
|
jkubicki:
|
Morgan: ABA is facing a reality after being sued for antitrust issues in MA. Now ABA ultimately will accredit any school. #GtownLFE |
|
8:36 pm
|
jkubicki:
|
Morgan: Law schools lack any real measurement of what students learn - especially when it comes to actual client representation. #GtownLFE |
|
8:36 pm
|
ProjectCounsel:
|
From Georgetown Law: ?Law Firm Evolution-Brave New World or Business as Usual?? http://bit.ly/bTmTK0 #GtownLFE |
|
8:38 pm
|
jkubicki:
|
Morgan: there is a proposal to change longstanding ABA rule that you cannot get paid when doing work for law school (clinics). #GtownLFE |
|
8:39 pm
|
posselist:
|
From Georgetown Law: ?Law Firm Evolution-Brave New World or Business as Usual?? http://bit.ly/bTmTK0 #GtownLFE |
|
8:39 pm
|
posselist:
|
RT @jkubicki: Morgan: Law schools lack any real measurement of what students learn - especially when it comes to actual client representation. #GtownLFE |
|
8:39 pm
|
jkubicki:
|
Morgan: "Exciting chaos"is ahead of us in legal education - many opportunities for creativity, risk taking, innovation, etc. #GtownLFE |
|
8:39 pm
|
posselist:
|
RT @jkubicki: Morgan: ABA is facing a reality after being sued for antitrust issues in MA. Now ABA ultimately will accredit any school. #GtownLFE |
|
8:40 pm
|
posselist:
|
RT @jkubicki: In case you missed it - Thomas Morgan new book"The Vanishing American Lawyer." Incredible value in research. http://ow.ly/1pwI0 #GtownLFE |
|
8:40 pm
|
ProjectCounsel:
|
RT @jkubicki: In case you missed it - Thomas Morgan new book"The Vanishing American Lawyer." Incredible value in research. http://ow.ly/1pwI0 #GtownLFE |
|
8:40 pm
|
Molly_McDonough:
|
RT @LawScribbler: Will partner income go down? Baxter: Yes, income will be reformulated. #GtownLFE |
|
8:41 pm
|
ProjectCounsel:
|
RT @jkubicki: Baxter: Big Law is not dead - some will go away but Big Law has too many resources & huge advantage of deep relationships w/client #GtownLFE |
|
8:41 pm
|
jkubicki:
|
Now up Jordan Furlong: The Return of the Apprentice #GtownLFE |
|
8:41 pm
|
posselist:
|
RT @jkubicki: Baxter: Big Law is not dead - some will go away but Big Law has too many resources & huge advantage of deep relationships w/client #GtownLFE |
|
8:41 pm
|
lancegodard:
|
Morgan: we are moving toward a period of fairly exciting chaos in legal education. #GtownLFE |
|
8:42 pm
|
posselist:
|
RT @jkubicki: MacEwen: Partners leaving firms not necessarily for more $$ but to leave a firm with no strategy to one with a better strategy. #GtownLFE |
|
8:42 pm
|
LawScribbler:
|
RT @jkubicki: Baxter: Big Law is not dead - some will go away but Big Law has too many resources & huge advantage of deep relationships w/client #GtownLFE |
|
8:42 pm
|
eilerslawgroup:
|
RT @jkubicki: In case you missed it - Thomas Morgan new book"The Vanishing American Lawyer." Incredible value in research. http://ow.ly/1pwI0 #GtownLFE |
|
8:42 pm
|
posselist:
|
RT @KrebsatACC: RT @lancegodard: Paul Smith (Eversheds): hourly billing not done in Sweden; all billing based on value #GtownLFE |
|
8:42 pm
|
econwriter5:
|
Oh goody. RT @ lancegodard: Morgan: we are moving toward a period of fairly exciting chaos in legal education. #GtownLFE |
|
8:42 pm
|
jkubicki:
|
Furlong: Apprenticeship still exists in Germany, UK and Canada #GtownLFE |
|
8:42 pm
|
eilerslawgroup:
|
RT @jkubicki: Baxter: Big Law is not dead - some will go away but Big Law has too many resources & huge advantage of deep relationships w/client #GtownLFE |
|
8:43 pm
|
Riskin:
|
@jordan_law21 predicts the return of apprenticeship for law #GtownLFE |
|
8:44 pm
|
LawScribbler:
|
RT @lancegodard: Morgan: we are moving toward a period of fairly exciting chaos in legal education. #GtownLFE |
|
8:44 pm
|
jkubicki:
|
Furlong: Apprenticeships did not last: why? work was really boring, truly little mentoring/guidance, #GtownLFE |
|
8:45 pm
|
jkubicki:
|
Furlong: Drinker Biddle, Howrey, Frost Brown, Ford Harrison, Strasburger - all have Apprentice programs now. #GtownLFE |
|
8:46 pm
|
posselist:
|
RT @jkubicki: Furlong: Drinker Biddle, Howrey, Frost Brown, Ford Harrison, Strasburger - all have Apprentice programs now. #GtownLFE |
|
8:46 pm
|
complexd:
|
RT @posselist: From Georgetown Law: ?Law Firm Evolution-Brave New World or Business as Usual?? http://bit.ly/bTmTK0 #GtownLFE |
|
8:46 pm
|
LawScribbler:
|
Furlong: Drinker, Howrey, Strasburger, Frost Brown, Ford&Harrison ar the "5 experimenters" w/ associate apprenticeships. #GtownLFE |
|
8:48 pm
|
jkubicki:
|
Furlong: Drinker model - starting salary $105k - Billable hour expectations - zero #GtownLFE |
|
8:48 pm
|
LawScribbler:
|
Furlong: Apprenticeships: focused, systemactic skills training, reduced hours & salary, direct involvement of senior lawyers. #GtownLFE |
|
8:49 pm
|
jkubicki:
|
Furlong: Howrey model: one great aspect - shadowing opportunities - firms just do not do enough of that #GtownLFE |
|
8:50 pm
|
LawScribbler:
|
Howrey associates start at $100K and spend 1/3 time on billables and 2/3 on training/pro bono. #GtownLFE |
|
8:50 pm
|
jkubicki:
|
Furlong: Frost Brown model: assign a Knowledge Coach - Sr., lawyer who will mentor the Apprentice. $80k starting salary #GtownLFE |
|
8:51 pm
|
jkubicki:
|
Furlong: "Articling" in Canada is mandatory - year between school and practice. #GtownLFE |
|
8:53 pm
|
jkubicki:
|
Furlong: Best practices for apprenticeships: diversity n training, commitment to mentoring, #GtownLFE |
|
8:53 pm
|
Riskin:
|
Very cool... @jordan_law21 describes firm with "Knowledge Coach" #GtownLFE |
|
8:54 pm
|
jkubicki:
|
Furling: cont. new core skills training (e.g. collaboration) & firm specific knowledge (think culture and politics of firm) #GtownLFE |
|
8:55 pm
|
eilerslawgroup:
|
RT @jkubicki: Morgan: Don't forget law school is still part of the University system and so have to follow to some extent those principles: #GtownLFE |
|
8:55 pm
|
LawScribbler:
|
Is everyone on board w/ need 4 change? Furlong: There is a sense in some quarters that everything is OK now, the crisis is over. #GtownLFE |
|
8:56 pm
|
jkubicki:
|
Now up Jose M de Areilza Dean of IE Law School Madrid. #GtownLFE |
|
8:57 pm
|
jkubicki:
|
Areilza: His school was founded by business interests. #GtownLFE intersting . . |
|
8:58 pm
|
jkubicki:
|
Areilza: law schools are professional schools - not sustainable to be disconnected from everything outside academia. #GtownLFE |
|
9:00 pm
|
jkubicki:
|
Areilza: Law schools can and should educate on global legal systems not just one. Non US schools do this. US focus on US. #GtownLFE |
|
9:00 pm
|
LindsayGriffith:
|
RT @jkubicki: Areilza: law schools are professional schools - not sustainable to be disconnected from everything outside academia. #GtownLFE |
|
9:02 pm
|
josh_landsman:
|
Other thought re law schools (law student perspective): Is 3 years to long? I wonder if this was touched on at #GtownLFE |
|
9:02 pm
|
KrebsatACC:
|
RT @lancegodard: Morgan: we are moving toward a period of fairly exciting chaos in legal education. #GtownLFE |
|
9:03 pm
|
LawScribbler:
|
Not yet. RT @Josh_Landsman: Other thought re law schools (law student perspective): Is 3yrs to long? Was this touched on at #GtownLFE |
|
9:03 pm
|
jkubicki:
|
Areilza: Some things that work for him: mandatory course on the inside of the legal industry - how do law firms work. #GtownLFE |
|
9:03 pm
|
jkubicki:
|
Areilza: we offer MBA modules - re rethink the case method and use business cases to supplement legal cases. #GtownLFE |
|
9:05 pm
|
jkubicki:
|
Now Heather Bock Chief Professional Development at Howrey #GtownLFE |
|
9:07 pm
|
LindsayGriffith:
|
RT @jkubicki: Areilza: Law schools can & should educate on global legal systems not just 1. Non US schools do this. US focus on US #GtownLFE |
|
9:13 pm
|
jkubicki:
|
Long Fail Whale on Twitter - took me out of commission #GtownLFE |
|
9:14 pm
|
jkubicki:
|
Bock: Howrey model has peer/action learning - basically role playing as a partner acting as the client - associates work in team. #GtownLFE |
|
9:17 pm
|
jkubicki:
|
Elizabeth Chambliss of New York Law School - are we ready to give up on a unified profession? #GtownLFE |
|
9:19 pm
|
jkubicki:
|
Morgan: We do not have a single profession anymore. Many lawyers doing many different things. #GtownLFE |
|
9:21 pm
|
jkubicki:
|
Furlong: we should have as many professions as clients need. We exist for clients' benefits not the other way around. #GtownLFE |
|
9:21 pm
|
jkubicki:
|
Furlong: few ties bind lawyers together anymore -we need to look at those ties - few they may be. Ask what exactly is a "lawyer?" #GtownLFE |
|
9:22 pm
|
jkubicki:
|
Moliterno: Will stratification of profession lead to stratification of education? That is unclear. #GtownLFE |
|
9:24 pm
|
jkubicki:
|
Jeff Carr @onedegreelaw talking about asking firms to send his company a summer assoc for a week to learn - not ONE firm did. #GtownLFE |
|
9:25 pm
|
jkubicki:
|
Bock: Howrey is now sending second years into clients' environments. #GtownLFE |
|
9:25 pm
|
LawScribbler:
|
Carr: Asked outside firms to send them summer associates for a week to shadow inhouse lawyers. Not one firm accepted the offer. #GtownLFE |
|
9:25 pm
|
jkubicki:
|
Carr: Does not want associates he wants Summers - view it as part of the legal education. #GtownLFE |
|
9:29 pm
|
jkubicki:
|
Question: is real training being put on the backs of firms? Moliterno: Washington&Lee has simulations as evidence of training #GtownLFE |
|
9:33 pm
|
jkubicki:
|
Signing off from #GtownLFE - thanks for all RTs and DMs and new follows. Will be back on tomorrow. |
|
9:34 pm
|
KrebsatACC:
|
RT: @jordan_law21 Burk: If dumb people are handing out money, you need to be first in line. (cf. clients paying out to firms) #GtownLFE |
|
9:38 pm
|
KrebsatACC:
|
Bock: Howrey training program competitive advantage. #GtownLFE |
|
9:40 pm
|
LawScribbler:
|
Furlong: The Seven Year Law Degree: Should firms consider the med school model of interns for legal education? #GtownLFE |
|
9:48 pm
|
legalmediagirl:
|
@sallyschmidt Thanks! Now following #GtownLFE - great info. |
|
9:54 pm
|
KrebsatACC:
|
Furlong: regarding training quotes friend "we credential lawyers too soon" #GtownLFE |
|
10:07 pm
|
JuridicaCapital:
|
RT @posselist: From Georgetown Law: ?Law Firm Evolution-Brave New World or Business as Usual?? http://bit.ly/bTmTK0 #GtownLFE |
|
11:34 pm
|
jkubicki:
|
Listening to Richard Susskind speak at #GtownLFE http://myloc.me/57B0f |
|
11:40 pm
|
ronfriedmann:
|
#GtownLFE Susskind presenting: high end of BigLaw act as (unintentional) cartel. But what if one breaks rank? |
|
11:41 pm
|
ronfriedmann:
|
#GtownLFE Susskind - Two strategies to survive in new legal market: efficiency and collaboration |
|
11:42 pm
|
ronfriedmann:
|
#GtownLFE Susskind - for more efficiency, take cost out of lawyering of routine elements of practice |
|
11:43 pm
|
ronfriedmann:
|
#GtownLFE Susskind - Clients may come together to share the cost (collaboration) of legal, e.g., each big bank re-invents compliance |
|
11:48 pm
|
ronfriedmann:
|
#GtownLFE Susskind - most law firms don't really get project management. They think a couple days training is enough. It's not |
|
11:49 pm
|
ronfriedmann:
|
#GtownLFE Susskind - Legal work can be decomposed, broken down, and farmed out appropriately. But requires project management |
|
11:50 pm
|
ronfriedmann:
|
#GtownLFE Susskind - Even very high end work has elements that are low-end and can be resourced with lower cost resources |
|
11:52 pm
|
ronfriedmann:
|
#GtownLFE Susskind - Most lawyers today view Facebook as they did e-mail in 1996 - dismissive |
|
11:53 pm
|
ronfriedmann:
|
#GtownLFE Susskind - By 2020, desktop computers likely to have computing power of the human brain |
|
11:53 pm
|
ronfriedmann:
|
#GtownLFE Susskind - Last week, Facebook had as many hits as Google |
|
11:55 pm
|
ronfriedmann:
|
#GtownLFE Susskind - Law firm tech investment focused on 'back-end', not on client-facing systems. Compare BA, where opposite true |
|
11:56 pm
|
ronfriedmann:
|
#GtownLFE Susskind - Advising PE firm on legal market investments. They have no vested interest in how things have been done |
|
11:57 pm
|
ronfriedmann:
|
#GtownLFE Susskind - PE investment will not go to existing law firms. It will go to alternate providers or to new types of law firms. |
|
11:58 pm
|
ronfriedmann:
|
#GtownLFE Susskind - PE does not view current BigLaw as attractive because BigLaw perpetuates inefficiencies |
|
11:59 pm
|
ronfriedmann:
|
#GtownLFE Susskind - 4 big trends: Clients demand more for less, commoditizing, tech becomes central, regulatory liberalization. |
| |
|
March 23, 2010
|
|
|
ronfriedmann:
|
#GtownLFE Susskind - PE investment in legal market won't make difference in 3-4 years; it will take up to a decade |
|
12:03 am
|
ronfriedmann:
|
#GtownLFE Susskind - US and UK have too many new laws. Legal advice too expensive. This is bad combo for citizens |
|
12:06 am
|
ronfriedmann:
|
RT @AmLawDaily The Change Agenda: Is Mega Law a Dead Man Walking? http://bit.ly/9lUhrd || good wrap up of #GtownLFE |
|
12:07 am
|
ronfriedmann:
|
#GtownLFE Susskind - The most conservative group I speak to in UK is students |
|
12:08 am
|
ronfriedmann:
|
#GtownLFE Susskind - We need more people thinking about delivery of legal services in future. We are not leaving a good legacy. |
|
12:12 am
|
ronfriedmann:
|
#GtownLFE Susskind - Need to take action to change the world. The thought leaders need to share better. Get better at external arguments |
|
12:21 am
|
ronfriedmann:
|
#GtownLFE Lippe - Law firm model is 'Lewis & Clark' - go out and explore. Rest of world uses Google maps |
|
12:23 am
|
ronfriedmann:
|
#GtownLFE - Lippe - Change is happening in legal, the only question is how fast |
|
12:25 am
|
ronfriedmann:
|
#GtownLFE - Lippe - Talked to many BigLaw recently - most firms are doing new things; question is how many things |
|
12:27 am
|
ronfriedmann:
|
#GtownLFE - Jeff Carr on Client Intimacy - lawyers who work for him are part of 'FMC law firm', not their own firms. |
|
12:29 am
|
ronfriedmann:
|
#GtownLFE - Carr, Client Intimacy - Does not know why more GC not taking more action |
|
12:35 am
|
ronfriedmann:
|
#GtownLFE - Mark Harris of Axiom Legal - created new category of firm that has eliminated 2/3 of overhead |
|
12:36 am
|
ronfriedmann:
|
#GtownLFE - Harris, Axiom - Has eliminated most office space and pyramid structure. Now 400 people, 300 Lawyers |
|
12:39 am
|
ronfriedmann:
|
#GtownLFE - John Palfrey, Berkman Center - source of revolution in legal will come from law schools (RF: ????) |
|
12:42 am
|
ronfriedmann:
|
#GtownLFE - Palfrey, Berkman - law schools starting to teach metrics |
|
1:08 am
|
jpalfrey:
|
At #gtownlfe conference on future of legal profession (@ Liaison Capitol Hill, An Affinia Hotel) http://4sq.com/54WgHs |
|
1:10 am
|
GregCastanias:
|
RT: @ronfriedmann #GtownLFE Susskind-4 trends: Clients demand more for less, commoditizing, tech becomes central, regulatory liberalization. |
|
1:30 am
|
ValoremLamb:
|
Perfect! RT @ronfriedmann: #GtownLFE Lippe - Law firm model is 'Lewis & Clark' - go out and explore. Rest of world uses Google maps |
|
1:54 am
|
KrebsatACC:
|
Susskind dinner speech: we are in "incremental revolution"; the legal system not fit for purpose #GtownLFE |
|
1:57 am
|
KrebsatACC:
|
Susskind: law firms myopic-do not look ahead, very little strat planning. Academics do not take future seriously. #GtownLFE |
|
2:00 am
|
KrebsatACC:
|
Susskind: thought leaders in this room. You can make change happen but need better clarity in arguments. #GtownLFE |
|
2:04 am
|
KrebsatACC:
|
Susskind: trend-GCs "must do more w/ less". 2strategies: efficiency-take cost out by reducing cost of lawyering-use LPO/paralegal #GtownLFE |
|
2:07 am
|
KrebsatACC:
|
Susskind: strategy 2; collaboration- clients share cost #GtownLFE |
|
2:11 am
|
KrebsatACC:
|
RT: @ValoremLamb Perfect! RT @ronfriedmann: #GtownLFE Lippe - Law firm model 'Lewis & Clark' go & explore. Rest of world uses Google maps |
|
2:14 am
|
KrebsatACC:
|
Carr: we are in business of providing shareholder value. Every GC and law firm should think that every day. #GtownLFE |
|
2:23 am
|
KrebsatACC:
|
RT: @jordan_law21 Smith: 86% of clients, 88% of partners use value billing at least sometimes. #GtownLFE |
|
2:25 am
|
KrebsatACC:
|
RT: @jordan_law21 Sako: focus away from cost, towards larger strategic question of value creation and value capture. #GtownLFE |
|
2:27 am
|
KrebsatACC:
|
RT: @jordan_law21 Sako: ACC: Used to be for every $1 spent in-house, $2 spent outside; today, $1.60. #GtownLFE |
|
2:58 am
|
IntegreonEDD:
|
RT @PosseList From Georgetown Law: ?Law Firm Evolution-Brave New World or Business as Usual?? http://bit.ly/bTmTK0 #GtownLFE |
|
3:01 am
|
lancegodard:
|
RT @IntegreonEDD: RT @PosseList Georgetown Law: ?Law Firm Evolution-Brave New World or Business as Usual?? http://bit.ly/bTmTK0 #GtownLFE |
|
3:12 am
|
statebaroftexas:
|
RT @ronfriedmann: #GtownLFE Susskind - Need to take action to change the world. The thought leaders need to share better. Get better at external arguments |
|
3:12 am
|
statebaroftexas:
|
RT @ronfriedmann: #GtownLFE - Jeff Carr on Client Intimacy - lawyers who work for him are part of 'FMC law firm', not their own firms. |
|
3:17 am
|
statebaroftexas:
|
RT @ronfriedmann: #GtownLFE Susskind - most law firms don't really get project management. They think a couple days training is enough. It's not |
|
3:23 am
|
IntegreonEDD:
|
The Change Agenda: Is Mega Law a Dead Man Walking? http://bit.ly/9TzP60 | amlawdaily.typepad.com #GtownLFE |
|
3:25 am
|
IntegreonEDD:
|
Integreon's @RonFriedmann providing Twitter coverage at Georgetown Law #GtownLFE |
|
3:37 am
|
IntegreonEDD:
|
Creative Destruction and Innovation (session report, Georgetown Law) http://bit.ly/9HjV2q | via @RonFriedmann #GtownLFE |
|
3:38 am
|
IntegreonEDD:
|
Business Models: Strategy and Governance (Session Report, Georgetown Law Conf) http://bit.ly/ainDyo | via @RonFriedmann #GtownLFE |
|
3:40 am
|
IntegreonEDD:
|
Emerging Relationships Between Law Firms and Clients (Tweeted Conference Report) http://bit.ly/aZ48EZ | via @RonFriedmann #GtownLFE |
|
3:41 am
|
AmyParalegal7:
|
RT @IntegreonEDD: Creative Destruction and Innovation (session report, Georgetown Law) http://bit.ly/9HjV2q | via @RonFriedmann #GtownLFE |
|
3:42 am
|
AmyParalegal7:
|
RT @IntegreonEDD: Emerging Relationships Between Law Firms and Clients (Tweeted Conference Report) http://bit.ly/aZ48EZ | via @RonFriedmann #GtownLFE |
|
3:52 am
|
lancegodard:
|
Great day at #GtownLFE. I haven't learned this much in years. More to come tomorrow on labor force, capitalizing firms & globalization. |
|
3:57 am
|
globaledd:
|
RT @IntegreonEDD: Creative Destruction and Innovation (session report, Georgetown Law) http://bit.ly/9HjV2q | via @RonFriedmann #GtownLFE |
|
3:57 am
|
FCSRoland:
|
RT @IntegreonEDD: Creative Destruction and Innovation (session report, Georgetown Law) http://bit.ly/9HjV2q | via @RonFriedmann #GtownLFE |
|
3:57 am
|
KrebsatACC:
|
lancegodard
Agreed RT @lancegodardGreat day at #GtownLFE. I haven't learned this much in years. |
|
3:58 am
|
globaledd:
|
RT @ronfriedmann: #GtownLFE Susskind - US and UK have too many new laws. Legal advice too expensive. This is bad combo for citizens |
|
3:59 am
|
globaledd:
|
RT @ronfriedmann: #GtownLFE Susskind - Two strategies to survive in new legal market: efficiency and collaboration |
|
4:22 am
|
Riskin:
|
I third that ! RT @KrebsatACC: lancegodard Agreed RT @lancegodard Great day at #GtownLFE. I haven't learned this much in years. |
|
5:20 am
|
Christianuncut:
|
RT @ronfriedmann: #GtownLFE Susskind - The most conservative group I speak to in UK is students |
|
8:31 am
|
KMHobbie:
|
RT @ronfriedmann: #GtownLFE Susskind - Need to take action to change the world. The thought leaders need to share better. Get better at external arguments |
|
8:37 am
|
KMHobbie:
|
RT @Riskin: Very cool... @jordan_law21 describes firm with "Knowledge Coach" #GtownLFE (would like more detail-I do some of this perhaps) |
|
8:55 am
|
KMHobbie:
|
Thank you @jordan_law21 @ronfriedmann @jkubicki for posts and info on #GTownLFE. Sounds like a great collection of speakers and listeners. |
|
9:09 am
|
KrebsatACC:
|
@kevinokeefe Drs-no 2 Social Networks-Ethical Prob (@techdirt) http://bit.ly/apitjj like law? #GtownLFE per Ribstein rules keep biglaw alive |
|
10:57 am
|
jeffrey_brandt:
|
RT @ronfriedmann: #GtownLFE Lippe - Law firm model is 'Lewis & Clark' - go out and explore. Rest of world uses Google maps |
|
10:57 am
|
jeffrey_brandt:
|
RT @ronfriedmann: #GtownLFE Susskind - US and UK have too many new laws. Legal advice too expensive. This is bad combo for citizens |
|
10:58 am
|
jeffrey_brandt:
|
RT @ronfriedmann: #GtownLFE Susskind - PE does not view current BigLaw as attractive because BigLaw perpetuates inefficiencies |
|
10:59 am
|
jeffrey_brandt:
|
RT @ronfriedmann #GtownLFE Susskind-PE investment will not go 2 existing law firms. It will go 2 alternate providers or 2 new types of firms |
|
11:12 am
|
markgould13:
|
Excellent conference report on #GtownLFE from @ronfriedmann: http://icio.us/q2m2zf |
|
11:15 am
|
lancegodard:
|
RT @markgould13: Excellent conference report on #GtownLFE from @ronfriedmann: http://icio.us/q2m2zf |
|
11:28 am
|
lancegodard:
|
The Change Agenda: @AricPress take on #GtownLFE. Day 1: http://bit.ly/9qaeYW. Day 2: http://bit.ly/bThvE0. |
|
11:49 am
|
ProjectCounsel:
|
RT @lancegodard: RT @markgould13: Excellent conference report on #GtownLFE from @ronfriedmann: http://icio.us/q2m2zf |
|
11:49 am
|
posselist:
|
RT @lancegodard: RT @markgould13: Excellent conference report on #GtownLFE from @ronfriedmann: http://icio.us/q2m2zf |
|
11:49 am
|
posselist:
|
RT @jeffrey_brandt: RT @ronfriedmann #GtownLFE Susskind-PE investment will not go 2 existing law firms. It will go 2 alternate providers or 2 new types of firms |
|
11:50 am
|
ProjectCounsel:
|
RT @jeffrey_brandt: RT @ronfriedmann #GtownLFE Susskind-PE investment will not go 2 existing law firms. It will go 2 alternate providers or 2 new types of firms |
|
11:51 am
|
ProjectCounsel:
|
Later today on @PosseList : video interview with Richard Susskind from #GtownLFE |
|
11:51 am
|
posselist:
|
Later today on @PosseList : video interview with Richard Susskind from #GtownLFE |
|
11:53 am
|
ProjectCounsel:
|
... and later this week from @PosseList all 20 video interviews we did at #GtownLFE. We are in the editing room now! |
|
11:53 am
|
posselist:
|
... and later this week from @PosseList all 20 video interviews we did at #GtownLFE. We are in the editing room now! |
|
11:53 am
|
jeffrey_brandt:
|
RT @posselist: ... and later this week from @PosseList all 20 video interviews we did at #GtownLFE. We are in the editing room now! |
|
12:05 pm
|
eicdocket:
|
RT @PosseList: Later today on @PosseList : video interview with Richard Susskind from #GtownLFE |
|
12:52 pm
|
jkubicki:
|
Back on this morning. First up Ted Burke Chief Executive & Partner at Freshfields will provide opening remarks beginning at 9am #GTownLFE |
|
12:53 pm
|
jkubicki:
|
RT @lancegodard: RT @markgould13: Excellent conference report on #GtownLFE from @ronfriedmann: http://icio.us/q2m2zf |
|
12:55 pm
|
jordan_law21:
|
Day 2 of the Georgetown Law Firm Evolution conference in Washington, DC: updates where possible. #GtownLFE |
|
12:55 pm
|
KMHobbie:
|
RT @markgould13: Excellent conference report on #GtownLFE from @ronfriedmann: http://icio.us/q2m2zf |
|
12:56 pm
|
LawScribbler:
|
RT @jordan_law21: Day 2 of the Georgetown Law Firm Evolution conference in Washington, DC: updates where possible. #GtownLFE |
|
12:57 pm
|
jkubicki:
|
Burke: A year ago I was really worried about the legal sector - after the glorious times in the preceding years. #GTownLFE |
|
12:57 pm
|
jkubicki:
|
Burke: There may be a double dip in the legal sector. #GTownLFE |
|
12:58 pm
|
jkubicki:
|
Burke: The level confidence is fairly law amongst law firm leaders - change is coming but it is NOT truly revolutionary change. #GTownLFE |
|
1:00 pm
|
jkubicki:
|
Burke: What will change? There is purely cyclical change - not permanent. Part of what is occurring now is just that - cyclical. #GTownLFE |
|
1:01 pm
|
jkubicki:
|
Burke: We need to be careful not to read too deeply into current trends. #GTownLFE |
|
1:02 pm
|
jkubicki:
|
Burke: Some change is universal change. Who was first firm to use blackberry's or PCs? Nobody remembers - everyone did it. #GTownLFE |
|
1:03 pm
|
jkubicki:
|
Burke: Some change is here to stay: The Pyramid model of firms is under a lot of stress. #GTownLFE |
|
1:04 pm
|
jkubicki:
|
Burke: His firm's CIO says his job is not about wires it is about building community #GTownLFE #CIO |
|
1:05 pm
|
jordan_law21:
|
Ted Burke of Freshfields, like many firm MPs, thinks only some changes are revolutionary & permanent. I'd say, not so much. #GtownLFE |
|
1:06 pm
|
jkubicki:
|
Burke: Freshfields has represented the Bank of England since 1743. Talk about a long client relationship. #GTownLFE |
|
1:09 pm
|
jkubicki:
|
Burke: Firms that figured out what clients will want (not just want now) have succeeded #GTownLFE |
|
1:10 pm
|
jkubicki:
|
Burke: Quinn Emanuel is a good example of a firm that is changing and succeeding. #GTownLFE |
|
1:11 pm
|
jkubicki:
|
Burke: Innovation in legal sector will not come from the US - Me: already seeing this - most innovation is outside US see BRICs. #GTownLFE |
|
1:12 pm
|
jordan_law21:
|
Burke: We're at the end of the American century. BRIC economies exploding. Winning law firms will find these clients. #GtownLFE |
|
1:12 pm
|
jkubicki:
|
Burke: Overall he downplayed much of the current transformation in the legal sector. #GTownLFE |
|
1:13 pm
|
jordan_law21:
|
Next up: Managing the law firm labour force. #GtownLFE |
|
1:14 pm
|
jkubicki:
|
Next up Managing the Law Firm Labor force with Aric Press @aricpress as Moderator. #GTownLFE |
|
1:16 pm
|
jeffrey_brandt:
|
RT @jkubicki Burke level confidence is fairly law amongst law firm leaders-change is coming but its NOT truly revolutionary change #GTownLFE |
|
1:16 pm
|
jkubicki:
|
Press: Struck by the narrow vision by firms at this conference thus far. #GTownLFE |
|
1:16 pm
|
jeffrey_brandt:
|
RT Amen! Not the tech!! @jkubicki: Burke: His firm's CIO says his job is not about wires it is about building community #GTownLFE #CIO |
|
1:17 pm
|
jkubicki:
|
Press: Emphasizing public service obligation of the legal profession. These values cannot be ignored. The missing topic here. #GTownLFE |
|
1:18 pm
|
jkubicki:
|
Paul Oyer - Prof of Economics at Stanford. "Layoffs, Lawyers, and Learning" #GTownLFE |
|
1:21 pm
|
TamiSchiller:
|
Burke: His firm's CIO says his job is not about wires it is about building community #GTownLFE #CIO (RT @jeffrey_brand @jkubicki) |
|
1:21 pm
|
jkubicki:
|
Oyer: I am here because I am an economist and look for interesting labor markets. Legal puts all its info out there (e.g. bios) #GTownLFE |
|
1:22 pm
|
jordan_law21:
|
Oyer: What drives turnover and layoffs at large law firms? Studied info from 300 biggest US firms websites. #GtownLFE |
|
1:22 pm
|
LawScribbler:
|
RT @jordan_law21: Oyer: What drives turnover and layoffs at large law firms? Studied info from 300 biggest US firms websites. #GtownLFE |
|
1:23 pm
|
KrebsatACC:
|
Aric Press on Day 1 of Future of Law Firm Conference at Georgtown http://bit.ly/9TzP60 #GtownLFE |
|
1:25 pm
|
jkubicki:
|
Oyer: Tracked layoffs and relative attrition rates before and after layoffs. #GTownLFE |
|
1:27 pm
|
jweber_tymetrix:
|
@jordan_law21 Thanks for the great updates from #GtownLFE. I'll feel like i'm there! |
|
1:27 pm
|
jkubicki:
|
Oyer: Year of graduation of lawyers who left (left and laid off) was 2005. #GTownLFE |
|
1:28 pm
|
econwriter5:
|
RT @IntegreonEDD: Integreon's @RonFriedmann providing Twitter coverage at Georgetown Law #GtownLFE |
|
1:28 pm
|
jordan_law21:
|
Oyer: non-layoff associate attrition higher for more recent grads, top-10 law grads, women; no differences by specialty. #GtownLFE |
|
1:28 pm
|
LawScribbler:
|
RT @jordan_law21: Oyer: non-layoff associate attrition higher for more recent grads, top-10 law grads, women; no differences by specialty. #GtownLFE |
|
1:29 pm
|
jkubicki:
|
Oyer: Non-layoff who left: Top 10 law school grads, women, are more likely to leave. #GTownLFE |
|
1:30 pm
|
wpollak:
|
Amlaw Daily: Aric Press on "Is MegaLaw a Dead Man Walking?" http://bit.ly/9TzP60 #GtownLFE |
|
1:30 pm
|
jordan_law21:
|
Oyer: layoffs more likely for more recent grads + those at securities-heavy firms; not labour/IP/bankruptcy #GtownLFE (Not exactly shocking) |
|
1:31 pm
|
jkubicki:
|
Oyer: No evidence that lower-ranked school grads are "riskier" #GTownLFE |
|
1:32 pm
|
jkubicki:
|
Oyer: But grads of top schools are a lot more fluid and have a lot more options in labor market. #GTownLFE |
|
1:33 pm
|
jordan_law21:
|
Oyer: no evidence that lower-ranked law grads are riskier for layoffs; so much for elite-school advantage. #GtownLFE |
|
1:34 pm
|
LawScribbler:
|
Hindsight is 20/20 @jordan_law21 Oyer: layoffs more likely for recent grads + securities-heavy firms; not labour/IP/bankruptcy #GtownLFE |
|
1:35 pm
|
jkubicki:
|
Now up Patricia Gillette Labor and Employment Partner at Orrick. founder "Opt-In Project" #GTownLFE |
|
1:37 pm
|
jeffrey_brandt:
|
RT @jordan_law21: Oyer: no evidence that lower-ranked law grads are riskier for layoffs; so much for elite-school advantage. #GtownLFE |
|
1:38 pm
|
jkubicki:
|
Gillette: Change is like heaven, everyone wants to go there but no one wants to die :#GTownLFE |
|
1:38 pm
|
LawScribbler:
|
RT @jeffrey_brandt: RT @jordan_law21: Oyer: no evidence that lower-ranked law grads are riskier for layoffs; so much for elite-school advantage. #GtownLFE |
|
1:40 pm
|
jkubicki:
|
Gillette: Firm layoffs forever impact trust within the firm. This needs to be considered prior to any layoff. #GTownLFE |
|
1:41 pm
|
jordan_law21:
|
Gillette: Layoffs hurt culture, breaks trust btwn firm & lawyers. But PPP worries drive layoffs, fear of partner flight. #GtownLFE |
|
1:42 pm
|
bradleybclark:
|
#GtownLFE Confirming what many of us have been saying: http://ow.ly/1pNYw (thx @donnaseyle) @larrybodine @StephKimbro @mhtweets |
|
1:42 pm
|
LawScribbler:
|
RT @jordan_law21: Gillette: Layoffs hurt culture, breaks trust btwn firm & lawyers. But PPP worries drive layoffs, fear of partner flight. #GtownLFE |
|
1:42 pm
|
jordan_law21:
|
Gillette: Hire fewer first-years, reduce BH targets, train them as apprentices, pay by merit, invest in people for future profits #GtownLFE |
|
1:42 pm
|
jkubicki:
|
Gillette: advocating alternatives to lay offs: fewer hires, lower compensation expectations, measure performance. #GTownLFE Culture change! |
|
1:43 pm
|
LawScribbler:
|
Gillette: Ps should consider pay cuts (even if just for a couple years) in lieu of layoffs to better serve clients and assoc. #GtownLFE |
|
1:45 pm
|
jeffrey_brandt:
|
RT @jordan_law21 Gillette Layoffs hurt culture breaks trust btwn firm/lawyers But PPP worries drive layoffs fear of partner flight #GtownLFE |
|
1:45 pm
|
LawScribbler:
|
Gillette (Orrick): It is a mistake to think of change in terms of silos, change must be sweeping or firms will die. #GtownLFE |
|
1:46 pm
|
jordan_law21:
|
Gillette: domino effect: can't just change one thing; everything a firm does will be affected; organizational transformation #GtownLFE |
|
1:46 pm
|
jkubicki:
|
Peter Zeughauser: Is there a sense of entitlement among top-tier grads? Are they in firm simply to pay back loans? #GTownLFE |
|
1:47 pm
|
jmrosenth:
|
#LMA #lawyer RT @KrebsatACC Aric Press on Day 1 of Future of Law Firm Conference at Georgtown http://bit.ly/9TzP60 #GtownLFE |
|
1:50 pm
|
jkubicki:
|
Zeughauser: Baker McKenzie has developed a psychological profile of what a successful attorney will look like - use it in hiring. #GTownLFE |
|
1:51 pm
|
jkubicki:
|
Oyer; Maybe you should not give offers out to each Summer Assoc - use it to winnow the field and evaluate. #GTownLFE |
|
1:53 pm
|
tcorcoran:
|
Enjoying the Twitterstream from #GtownLFE, particularly from @jordan_law21, @ronfriedmann & @jkubicki. Bummed I couldn't attend this year |
|
1:53 pm
|
LawScribbler:
|
The more elite the law school grad, the more likely they are to quit BigLaw within 2 years. #GtownLFE |
|
1:55 pm
|
lancegodard:
|
Gillette: layoffs affect culture forever. Forever. #GtownLFE |
|
1:55 pm
|
jkhoey:
|
RT @jkubicki: Gillette: Change is like heaven, everyone wants to go there but no one wants to die :#GTownLFE |
|
1:56 pm
|
MsSubRosa:
|
RT @jordan_law21: Burke: We're at the end of the American century. BRIC economies exploding. Winning law firms will find these clients. #GtownLFE |
|
1:56 pm
|
jkubicki:
|
Sida Liu Prof. of Sociology & Law Univ. Wisc. "Chinese Law Firms After the Financial Crisis: The Case of Shanghai" #GTownLFE |
|
1:57 pm
|
jkubicki:
|
Liu; China is the hottest place for legal expansion right now. #GTownLFE indeed and who is there? |
|
1:59 pm
|
jkubicki:
|
Liu: 2006 149 foreign law firms in China. 2008 200 foreign law offices ( some firms had more than one office). #GTownLFE |
|
1:59 pm
|
LawScribbler:
|
Should law school grads be frozen until the market improves? This Onion story prompted awkward laughter... http://onion.com/dtNnrf #GtownLFE |
|
2:00 pm
|
jkubicki:
|
Liu: He graduated in 2002 the biggest chinese firm had 200 lawyers - now the largest has almost1000 lawyers. #GTownLFE |
|
2:05 pm
|
jkubicki:
|
Liu: Foreign firms are finding Chinese firms becoming stronger competitors. Same level of service and lower price. #GTownLFE sounds familiar |
|
2:08 pm
|
jkubicki:
|
Liu: 10 years ago no foreign firm would hire a Chinese lawyer. Then only highly experienced. But it was up AND out for them #GTownLFE |
|
2:10 pm
|
jkubicki:
|
Foreign firms helped build their future competitors: hired, trained, then pushed out Chinese lawyers. They built new firms. #GTownLFE #fail |
|
2:11 pm
|
jordan_law21:
|
Liu: Big Chinese firms suffered from downturn too, but few layoffs: more confidence in Chinese economy recovery. #GtownLFE |
|
2:11 pm
|
jkubicki:
|
Liu: Impact of financial crisis on Chinese law firm has been relatively mild. But this was the first time they saw downturn #GTownLFE |
|
2:14 pm
|
jordan_law21:
|
Liu: When will Chinese market open up to foreign firms? At least 5-10 years, prob. longer; Chinese firms need time to prepare. #GtownLFE |
|
2:15 pm
|
jkubicki:
|
Liu: When will China open up legal market? This is not just matter of China policy. China firms are gearing up and will lead. #GTownLFE |
|
2:15 pm
|
jordan_law21:
|
Liu: Challenge for incoming foreign firms: when they arrive in China, they'll face big, powerful, sophisticated local firms. #GtownLFE |
|
2:15 pm
|
LawScribbler:
|
RT @jordan_law21: Liu: When will Chinese market open up to foreign firms? At least 5-10 years, prob. longer; Chinese firms need time to prepare. #GtownLFE |
|
2:18 pm
|
jkubicki:
|
Zeghauser: we need to get beyond Euro-US-centricity and look at Asia more closely. #GTownLFE |
|
2:19 pm
|
jkubicki:
|
Zeughauser: Will big law go the way of Google in China? #GTownLFE http://ow.ly/1pPfh |
|
2:21 pm
|
awestrup:
|
RT @jkubicki: Gillette: Change is like heaven, everyone wants to go there but no one wants to die :#GTownLFE |
|
2:24 pm
|
IntegreonEDD:
|
RT @posselist: ... and later this week from @PosseList all 20 video interviews we did at #GtownLFE. We are in the editing room now! |
|
2:26 pm
|
jkubicki:
|
Zeughauser: No FCPA in China. Growing in face of property & human rights, environmental issues, etc. Rule of law not respected #GTownLFE |
|
2:30 pm
|
jkubicki:
|
Interesting dialogue on public interest law in China - role of Chinese firms and foreign firms. Great risk due to China gov.. #GTownLFE |
|
2:36 pm
|
jordan_law21:
|
Liu: Chinese gov't building harmonious society, Chinese firms building harmonious offices. Confucian culture. #GTownLFE |
|
2:38 pm
|
jkubicki:
|
Liu: Today there are more than 600 law schools in China - around 100,000 graduates every year. Around 300,000 take bar exam #GTownLFE |
|
2:38 pm
|
jordan_law21:
|
Liu: 500 new law schools opened up in China in last 10 years. #yikes #GTownLFE |
|
2:38 pm
|
jkubicki:
|
Liu: Law is becoming the least valuable degree due to market saturation in China. #GTownLFE |
|
2:39 pm
|
LawScribbler:
|
Explains less layoffs despite economic hit? RT @jordan_law21: Liu: China gov't/firms build harmonious offices, Confucian culture. #GTownLFE |
|
2:43 pm
|
jkubicki:
|
Zeughauser: The future of big law is multi-culturural and cross border practices that operate smoothly. #GTownLFE |
|
2:44 pm
|
LawScribbler:
|
Gillette: Question: How do foreign associates feel/ respond when they are treated like 2nd class citizens at big U.S. firms? #GtownLFE |
|
2:47 pm
|
jweber_tymetrix:
|
RT @tcorcoran: Enjoying the Twitterstream from #GtownLFE, particularly from @jordan_law21, @ronfriedmann & @jkubicki. Bummed I couldn't attend this year |
|
2:48 pm
|
LindsayGriffith:
|
RT @jkubicki: Gillette: Change is like heaven, everyone wants to go there but no one wants to die :#GTownLFE |
|
2:51 pm
|
LindsayGriffith:
|
RT @LawScribbler: Gillette (Orrick): Mistake to think of change in terms of silos, change must be sweeping or firms will die. #GtownLFE |
|
2:53 pm
|
MsSubRosa:
|
RT @LawScribbler: Should law school grads be frozen until the market improves? This Onion story prompted awkward laughter... http://onion.com/dtNnrf #GtownLFE |
|
3:01 pm
|
LindsayGriffith:
|
RT @jkubicki: Zeghauser: we need to get beyond Euro-US-centricity and look at Asia more closely. #GTownLFE |
|
3:01 pm
|
jkubicki:
|
Just met Rachel Zahorsky @LawScribbler, Jordan Furlong @jordan_law21 & Lance Godard @lancegodard at #GTownLFE Taking virtual to personal |
|
3:02 pm
|
jkubicki:
|
Now up "Capitalizing Law Firms" #GTownLFE |
|
3:04 pm
|
jordan_law21:
|
Tweetup during break at #GTownLFE: @jkubicki, @LawScribbler (Rachel Zahorsky), @lancegodard, @ronfriedmann. Way cool. |
|
3:06 pm
|
LawScribbler:
|
Agreed! Thanks! RT @jordan_law21: Tweetup during break at #GTownLFE: @jkubicki, @LawScribbler (Rachel Zahorsky), @lancegodard. Way cool. |
|
3:07 pm
|
jkubicki:
|
Davis: talking capital expansion is not just about money - it is also about human capital. there will be an influx of new HC. #GTownLFE |
|
3:08 pm
|
jkubicki:
|
Anthony Sebok: Prof of Law at Cardozo "Third-Party Litigation Funding" #GTownLFE |
|
3:09 pm
|
jkubicki:
|
Sebok: Look to Vanderbilt Law Review for upcoming article: re: commodification of rights to litigate/causes of action. #GTownLFE |
|
3:11 pm
|
jordan_law21:
|
Sebok: Third-party capital investment in litigation: net increase in volume or quality of litigation likely #GTownLFE |
|
3:12 pm
|
jordan_law21:
|
Sebok: Pressure on contingency fees as non-lawyers provide outside funding - competition in lending money to parties. #GTownLFE |
|
3:13 pm
|
lancegodard:
|
Nice to meet you IRL @LawScribbler @jordan_law21 @jkubicki at #GtownLFE. And thanks for your comprehensive tweetstream from the conference! |
|
3:14 pm
|
jkubicki:
|
Third party funding of litigation: who would this favor? investors, business, plaintiff classes #GTownLFE |
|
3:15 pm
|
jordan_law21:
|
Sebok: third-party funding limited by traditional fears of creating a market in litigation. [Still a serious objection, IMO] #GTownLFE |
|
3:16 pm
|
jkubicki:
|
Me: 3rd party litigation funding: does this displace legal rights by advancing business/investment interests? Can they coexist? #GTownLFE |
|
3:16 pm
|
jordan_law21:
|
Sebok: Distinction between assignment and maintenance much less clear than generally supposed. #GTownLFE |
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3:17 pm
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LawScribbler:
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RT @jordan_law21: Sebok: third-party funding limited by traditional fears of creating a market in litigation. [Still a serious objection, IMO] #GTownLFE |
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3:20 pm
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jkubicki:
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Sebok: Maintenance can look just like Assignment by contracting away control. #GTownLFE |
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3:22 pm
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jkubicki:
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John Flood Univ. of Westminster: Skadden is actively seeking money in UK and in US they oppose it. #GTownLFE |
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3:24 pm
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jkubicki:
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Flood: Third party funding is a minority sport in the UK right now. ROI is not well established. #GTownLFE |
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3:24 pm
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LawScribbler:
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Flood: UK Skadden Arps seeks third-party litigation funding, while US Skadden opposes this trend. #GtownLFE |
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3:25 pm
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jordan_law21:
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Flood: 130 DR systems in UK today, public & private. Exciting landscape. #GTownLFE |
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3:26 pm
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jkubicki:
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Timothy Scrantom President of Juridica #GTownLFE see http://www.juridicacapital.com/ @JuridicaCapital |
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3:28 pm
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jkubicki:
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Scrantom: Lawyers in US have enjoyed monopoly in investing in claims. #GTownLFE |
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3:28 pm
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jordan_law21:
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Scrantom: Lawyer monopoly over legal claim investment: why? And do lawyers really want it? #GTownLFE |
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3:29 pm
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jordan_law21:
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Andrew von Nordenflycht: lessons about outside ownership of law firms from the ad industry. #GTownLFE |
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3:29 pm
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jkubicki:
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Andrew von Nordenflycht Simon Fraser University "The Consolidation of the Global Advertising Industry: Lesson for Law Firms?" #GTownLFE |
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3:31 pm
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jordan_law21:
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AvN: Why would firms need ext. capital? To help partners cash out. Book value leaves a lot of money on the table. #GTownLFE |
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3:35 pm
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jordan_law21:
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AvN: But doesn't partner departure hurt firm value? Ad agency IPOs started hot, cooled off quickly. Smaller firms fared poorer. #GTownLFE |
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3:36 pm
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jordan_law21:
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AvN: Emergence of holding companies, own many competing subsidiaries, keeps them independent, compete over same clients. #GTownLFE |
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3:39 pm
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jordan_law21:
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AvN: HCs add value by helping manage conflicts and bring financial and mgmt expertise. Improve long-term value. #GTownLFE |
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3:41 pm
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jkubicki:
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Nordenflycht: Holding companies roll up an industry they participate in. Implications for firms - there is a roll for HCs. #GTownLFE |
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3:42 pm
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jordan_law21:
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AvN: Some firms will go public to cash out, some of those will stay public. Equity investment may catalyze innovation. #GTownLFE |
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3:44 pm
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LawScribbler:
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RT @jordan_law21: AvN: Some firms will go public to cash out, some of those will stay public. Equity investment may catalyze innovation. #GTownLFE |
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3:44 pm
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jkubicki:
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roll, role - you get the drift : #GTownLFE |
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3:53 pm
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jkubicki:
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Difficult to judge the sentiment in the room here as Scrantom describes litigation funding model - interest, confusion, fear? #GTownLFE |
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3:54 pm
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jkubicki:
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John Flood: "This is all about transformation." Brits are going to drive it.. #GTownLFE Agree! They already are |
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3:59 pm
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jkubicki:
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Flood argues the stereotypical law firm today is a blip on the screen. The 21st Century firm is more Google-like. #GTownLFE |
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4:00 pm
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jkubicki:
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Flood: Legal Services Act will create professional legal services firms where lawyer services are just one of many parts. #GTownLFE |
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4:01 pm
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jkubicki:
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Flood: LPO/firm joint ventures are happening now - this is evidence of transformation. #GTownLFE |
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4:02 pm
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josh_landsman:
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I know this is not the topic at #GtownLFE now but has anyone discussed the value of LL.M programs and its role in the future of firm hiring |
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4:04 pm
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jkubicki:
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@Josh_Landsman As to LLM - it has been touched upon a few times but not focused on. Your proposition? #GTownLFE |
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4:06 pm
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LindsayGriffith:
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RT @jkubicki: Flood argues the stereotypical law firm today is a blip on the screen. The 21st Century firm is more Google-like. #GTownLFE |
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4:09 pm
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lancegodard:
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@josh_landsman it may be covered in greater detail at lunch discussion on challenges of globalzation #GtownLFE. |
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4:10 pm
|
ValoremLamb:
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@jeffjarvis? RT @jkubicki: Flood: stereotypical law firm today is a blip on the screen. The 21st Century firm is more Google-like. #GTownLFE |
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4:12 pm
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jkubicki:
|
One of main points of this conference: Transformation will lead to many models not just one. Old and new will coexist = choice #GTownLFE |
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4:15 pm
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josh_landsman:
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@jkubicki If firms begin to focus on niche areas, LLM programs may become more impt. #GTownLFE |
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4:17 pm
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lancegodard:
|
RT @jkubicki: 1 of main points of conference: Transformation will lead to many models not just 1. Old & new will coexist = choice #GTownLFE |
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4:17 pm
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jkubicki:
|
Mark Ross of Integreon asking if there is a synergy between litigation funding and LPOs as to fees of underlying cases. #GTownLFE |
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4:19 pm
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jkubicki:
|
Scrantom of Juridica agrees with Ross as to synergy with LPOs and 3rd party funders. Ability to predict costs is key. #GTownLFE |
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4:22 pm
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ValoremLamb:
|
so true.RT @jkubicki: One key point of conference: Transformation will lead to many models not one. Old and new will coexist #GTownLFE |
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4:31 pm
|
jkubicki:
|
Davis: As to all of this transformation remember 70% of US lawyers are in firms of 5 or less - how will any of this impact them? #GTownLFE |
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4:34 pm
|
jkubicki:
|
Jeff Carr doing a bit on proactive law. 1) avoid 2) manage well and 3) learn from the process you are going through #GTownLFE |
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5:16 pm
|
LawScribbler:
|
RT @josh_landsman: I know this is not the topic at #GtownLFE now but has anyone discussed the value of LL.M programs and its role in the future of firm hiring |
|
5:17 pm
|
LawScribbler:
|
Do law firms implode not b/c of monetary reasons, but rather cultural reasons? #GtownLFE |
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5:22 pm
|
FollowtheLawyer:
|
Maybe both: a culture of money RT @LawScribbler: Do law firms implode not b/c of monetary reasons, but rather cultural reasons? #GtownLFE |
|
5:23 pm
|
lancegodard:
|
King: Clifford Chance insists all associates spend time in another office AND on secondment w/a client to be considered for P'ship #GtownLFE |
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5:24 pm
|
jkubicki:
|
Ed Ryan of GC Marriott now up #GTownLFE |
|
5:24 pm
|
LawScribbler:
|
RT @lancegodard: King: Clifford Chance insists all associates spend time in another office AND on secondment w/a client to be considered for P'ship #GtownLFE |
|
5:28 pm
|
jkubicki:
|
Ryan: we hire local - we are over the expat stage - too expensive to hire in US and transition into foreign country. #GTownLFE |
|
5:32 pm
|
jkubicki:
|
Now up Jeffrey Lehman - Founding Dean of Peking Univ. in Shenzhen China #GTownLFE |
|
5:34 pm
|
jkubicki:
|
Lehman: School of Transnational Law is meant to provide a western legal education in China. 4 year program - dual qualified grad #GTownLFE |
|
5:47 pm
|
jkubicki:
|
Wrapping up here at #GTownLFE. Thanks for all RTs, comments and DMs. Great conference - value rich environment. Looking forward to next |
|
5:59 pm
|
lancegodard:
|
My brain is full but hate to see #GtownLFE end. Tremendously valuable discussions, insight and questions to ponder. Can't wait til next year |
|
6:14 pm
|
LawScribbler:
|
Warnings Toll For BigLaw Firms Resistant to Change http://bit.ly/b5fHcH #GtownLFE |
|
6:19 pm
|
LegalRebels:
|
RT @LawScribbler: Warnings Toll For BigLaw Firms Resistant to Change http://bit.ly/b5fHcH #GtownLFE |
|
6:20 pm
|
LawScribbler:
|
Wilkins: There is no question that the heart of the global economy is moving to China. And, that's where talent will come from. #GtownLFE |
|
6:26 pm
|
lancegodard:
|
RT @LawScribbler: Warnings Toll For BigLaw Firms Resistant to Change http://bit.ly/b5fHcH #GtownLFE |
|
6:26 pm
|
LawScribbler:
|
Wilkins: Legal services are steadily being re-bundled, re-packaged and relocated in new ways. #GtownLFE |
|
6:28 pm
|
LawScribbler:
|
Wilkins: Competition moving away from credentials (ie. elite law schools, brand) to value of services presented. #GtownLFE |
|
6:30 pm
|
LawScribbler:
|
Wilkins: Client-based results = understanding business of client vs. doing the best work for the client at any cost. #GtownLFE |
|
6:31 pm
|
josh_landsman:
|
Refreshing RT @LawScribbler Competition moving away from credentials (ie. elite law schools, brand) to value of services presented #GtownLFE |
|
6:32 pm
|
jeffrey_brandt:
|
RT @LawScribbler: Wilkins: Client-based results=understanding business of client vs doing the best work for the client at any cost #GtownLFE |
|
6:32 pm
|
jeffrey_brandt:
|
@lancegodard I learned a lot from the Tweets alone. Sorry I missed the event in person! #GtownLFE |
|
6:33 pm
|
jeffrey_brandt:
|
@jkubicki Thank you kindly for all the great tweeting of #GTownLFE. It helped those of us who werent there! |
|
6:36 pm
|
LawScribbler:
|
Wilkins: Note to firms: Accenture sells commodified IT solutions to complex business problems (and makes a ton of $$ doing it!) #GtownLFE |
|
6:36 pm
|
LindsayGriffith:
|
Excellent article: RT @LawScribbler: Warnings Toll For BigLaw Firms Resistant to Change http://bit.ly/b5fHcH #GtownLFE |
|
6:39 pm
|
Elliottmarkc:
|
RT @LindsayGriffith Excellent article: RT @LawScribbler: Warnings Toll For BigLaw Firms Resistant to Change http://bit.ly/b5fHcH #GtownLFE |
|
6:41 pm
|
LawScribbler:
|
Wilkins: Firms need to build a common culture. Otherwise Ps should start talking to associates about leaving the day they arrive. #GtownLFE |
|
6:55 pm
|
ShatterboxVox:
|
RT @Elliottmarkc: RT @LindsayGriffith Excellent article: RT @LawScribbler: Warnings Toll For BigLaw Firms Resistant to Change http://bit.ly/b5fHcH #GtownLFE |
|
7:07 pm
|
gainyourgoals:
|
RT @LawScribbler: Warnings Toll For BigLaw Firms Resistant to Change http://bit.ly/b5fHcH #GtownLFE |
|
7:40 pm
|
shipmanwright:
|
RT @Riskin: @jordan_law21 predicts the return of apprenticeship for law #GtownLFE |
|
7:53 pm
|
SCartierLiebel:
|
RT @LawScribbler: Warnings Toll For BigLaw Firms Resistant to Change http://bit.ly/b5fHcH #GtownLFE |
|
7:53 pm
|
SCartierLiebel:
|
RT @LawScribbler: Wilkins: Competition moving away from credentials (ie. elite law schools, brand) to value of services presented. #GtownLFE |
|
7:54 pm
|
HaleyOdom:
|
RT @SCartierLiebel RT @LawScribbler: Warnings Toll For BigLaw Firms Resistant to Change http://bit.ly/b5fHcH #GtownLFE |
|
8:08 pm
|
sapreston:
|
RT Great article @LawScribbler: Warnings Toll For BigLaw Firms Resistant to Change http://bit.ly/b5fHcH #GtownLFE |
|
8:48 pm
|
gnawledge:
|
RT @sapreston: RT Great article @LawScribbler: Warnings Toll For BigLaw Firms Resistant to Change http://bit.ly/b5fHcH #GtownLFE |
|
8:52 pm
|
LindsayGriffith:
|
Reading Aric Press' The Change Agenda: Are We There Yet from #GtownLFE http://bit.ly/9qaeYW |
|
9:12 pm
|
ShatterboxVox:
|
Law Firms 2.0: So Long, Blank Checks: Clients Saying Get with the Program, or Get Out of the Way http://bit.ly/cSPmcl #GtownLFE |
|
9:12 pm
|
FollowtheLawyer:
|
Law Firms 2.0: So Long, Blank Checks: Clients Saying Get with the Program, or Get Out of the Way http://bit.ly/cSPmcl #GtownLFE |
| |
|
March 24, 2010
|
|
12:03 am
|
KrebsatACC:
|
RT @ValoremLamb: so true.RT @jkubicki: One key point of conference: Transformation will lead to many models not one. Old and new will coexist #GTownLFE |
|
1:14 am
|
NatSlavin:
|
RT @ValoremLamb: so true.RT @jkubicki: One key point of conference: Transformation will lead to many models not one. Old and new will coexist #GTownLFE |
|
4:24 am
|
lancegodard:
|
Re today's #GtownLFE discussion on Chinese law firms, see this piece on growth plans of Shenzhen-based SD & Partners http://bit.ly/98FrXt |
|
11:15 am
|
jeffrey_brandt:
|
RT @LawScribbler Wilkins:need 2 build a common culture. Otherwise Ps shld srt talking 2 associates abt leaving the day they arrive #GtownLFE |
|
1:44 pm
|
lancegodard:
|
I just created a "What the Hashtag?" page of #GtownLFE tweets: http://bit.ly/dfjv58 |
|
1:49 pm
|
jordan_law21:
|
RT @lancegodard I just created a "What the Hashtag?" page of #GtownLFE tweets: http://bit.ly/dfjv58 |
|
1:51 pm
|
Molly_McDonough:
|
RT @lancegodard I just created a "What the Hashtag?" page of #GtownLFE tweets: http://bit.ly/dfjv58 |
|
1:55 pm
|
KrebsatACC:
|
Nicely done. Thanks. Very hellpful RT @lancegodard: I just created a "What the Hashtag?" page of #GtownLFE tweets: http://bit.ly/dfjv58 |
|
1:59 pm
|
robertsawhney:
|
RT @jordan_law21: RT @lancegodard I just created a "What the Hashtag?" page of #GtownLFE tweets: http://bit.ly/dfjv58 |
|
2:00 pm
|
thetrialwarrior:
|
RT @jordan_law21: RT @lancegodard I just created a "What the Hashtag?" page of #GtownLFE tweets: http://bit.ly/dfjv58 < #HankSkinner |
|
2:12 pm
|
jkubicki:
|
Excellent reference. RT @lancegodard: I just created a "What the Hashtag?" page of #GtownLFE tweets: http://bit.ly/dfjv58 |
|
2:18 pm
|
josh_landsman:
|
Thanks to @lancegodard for the #GtownLFE page of tweets and to @jkubicki and @lawscribbler for their updates on the conference. Great stuff. |
|
2:28 pm
|
LindsayGriffith:
|
RT @lancegodard: I just created a "What the Hashtag?" page of #GtownLFE tweets: http://bit.ly/dfjv58 |
|
3:12 pm
|
jkubicki:
|
For kicks - the Wordle for #GtownLFE. http://ow.ly/1qk6q |
|
4:39 pm
|
TamiSchiller:
|
Very cool! RT @jkubicki: For kicks - the Wordle for #GtownLFE. http://ow.ly/1qk6q |
|
5:56 pm
|
lancegodard:
|
RT @jkubicki: For kicks - the Wordle for #GtownLFE. http://ow.ly/1qk6q || I like it, and not just because it's way cool |
