Tale of two law firms utah bar - january 25 2016 - final
1. A Tale of Two Lean Law Firms:
Starting Lean and Becoming Lean
Contact: gary.allen@leanlaw.co
Phone: 208.388.1257
Visit: LeanLaw.co
Helping Lawyers Create Lean Practices
14. Where Does Overhead Go?
Billing
Document
Management
Document Creation
Communication
Calendar
Management
General/Insurance
Practice
Development
Practice
Management
15. Lean Firms = Profitable
Lower overhead
More flexible
More resources for marketing
More competitive for talent
19. Falling Demand
1 Georgetown Law, Center for Study of the Legal Profession,
2014 Report on the State of the Legal Market.
0%
-5%
2005-8
CAGR
2009 2010 2011 2012 2013
Y/Y % change
+5%
21. Endangered Species?
“As for much smaller firms with very
few partners . . . I find it hard to
imagine how these legal
businesses will survive in the long
run.”
Richard Susskind,
Tomorrow’s Lawyers
22. Lean Firms = Competitive
Facilitates new business models
Fixed fees
Outsourced lit support & transactional
due diligence
Customized Rocket Lawyer
67. Document Management
Lean Leaders:
Key Considerations:
Less paper
Integration with practice management
Ease of use
E-filing compatibility
Best Add-Ons:
Outsourcing – think quality, cost, specialization,
consent
86. Where to Start
It’s a marathon not a sprint
Create the mindset
Follow the rules
Lay the foundation
One core workflow at a time
Set a goal
Execute
Repeat
How do you compete in a shrinking, highly competitive market?
The writing is on the wall – traditional, customized legal services will shrink dramatically – Unless you are at the very top of your market, it would not be wise to build your practice solely around this model. Here is Susskind’s grim prognosis:
As for much smaller firms with very few partners, aside from those which also offer a genuinely specialist or personal service that some market is prepared to pay for, I find it hard to imagine how these legal businesses will survive in the long run. Susskind, Richard (2013-01-10). Tomorrow's Lawyers: An Introduction to Your Future (p. 57). Oxford University Press, USA. Kindle Edition.
How do you compete in a shrinking, highly competitive market?
The writing is on the wall – traditional, customized legal services will shrink dramatically – Unless you are at the very top of your market, it would not be wise to build your practice solely around this model. Here is Susskind’s grim prognosis:
As for much smaller firms with very few partners, aside from those which also offer a genuinely specialist or personal service that some market is prepared to pay for, I find it hard to imagine how these legal businesses will survive in the long run. Susskind, Richard (2013-01-10). Tomorrow's Lawyers: An Introduction to Your Future (p. 57). Oxford University Press, USA. Kindle Edition.