Why do I keep banging on about inquiry (i.e., asking good questions rather than advocating an opinion or advice)? Because it’s so important and we’re so bad at it.
I still remember the first time I tracked dialogue in a group of lawyer-leaders. I was working with
We are all familiar with the allegations that CEOs of publicly traded companies manipulating their earnings from period to period by such actions as booking discretionary expenses at the end of a strong quarter or deferring a major sale until the beginning of a new period. No one thinks that these actions are laudable from an integrity standpoint, and sometimes they are sufficiently flagrant to result in securities-fraud allegations.
Thus, it is surprising to me that law firm managers have been boasting in the first quarter of 2021 about their prudence in prepaying in the last quarter of 2020 major expenses that were not due until 2021. See, e.g., Andrew Mahoney, “Big Firms Headed Off ‘Great Unknowns’ by Pre-Paying Bills,” Law.com, Mar. 10, 2021 (discussing prevalence of practice).
Continue Reading Is income manipulation by Big Law laudable behavior? (227)
Today’s post is the final part in the 5-part series #GreatExpectations for the #GreatReset. (Like the vaccine rollout 💉 and my workout plan 😁, this post is a bit delayed 🥺. A million thanks to Bill and the Legal Evolution audience for the patience!)
Continue Reading #GreatExpectations, Part V: Cloudy with a Chance of Digital Disruption (220)
This post is the third in a 5-part series, #GreatExpectations for the #GreatReset. The aim of this series is to provide a shared foundation of fact and data to help envision the market dislocations likely to occur in the current economic downturn and recovery.
Continue Reading #GreatExpectations, Part III: As the Mighty Fall, New Challengers Rise (218)
Part I (216) of this 5-part series (#GreatExpectations for the #GreatReset) provided a broad retrospective on the last downturn for both BigLaw and corporate clients, with emphasis on the socioeconomic context around the legal market. The next two posts comprise an experiment in format. Parts II (217) and III (218) are snack-sized posts 🍙🍿 (at least for me 😇), each covering a handful of charts 📊 as background for long-form posts in Parts IV (219) and V (220).
Continue Reading #GreatExpectations, Part II: Some Play to Win & the Rest Fight to Survive (217)
Now is the winter of our discontent: the worst (😧!) year (🤮!) EVER (😣!!) is finally in the rearview mirror. Although the first stretch of the new year presages some grim days ahead, I’m doing my best to look to 2021 and beyond with hope and optimism.
Continue Reading #GreatExpectations for the #GreatReset, Part I: a Recession Retrospective and a Post-Pandemic Reckoning (216)
Over the past three years, law firm tech businesses, sometimes called law firm subsidiaries, “New Law” or captive ALSPs, have generated quite a bit of buzz. See, e.g., Dan Packel, “
Markets have evolved dramatically over the centuries with the world moving from traditional markets like souks and bazaars to eCommerce. The differences in efficiency between the two are staggering with buyers and sellers now enjoying faster transaction cycle times, lower administrative costs, and, most important, greater value derived from their purchases and sales. A number of factors contribute to this development.
Continue Reading Competition based on better commercial contract terms (211)
Part of being a good lawyer is pattern recognition. We see patterns in case law, patterns in legal procedure, patterns in
Figure 1 above uses data from the 2020 Law School Survey of Student of Engagement (LSSSE) to visualize 10 average score “distributions” based on responses from 12,969 law students at 68 participating U.S. law schools. The distributions are at the law school level. Thus, for all ten measures, each participating law school’s average score exists somewhere within the orange-yellow-grey-blue-green distribution. The grey is the fat part of the underlying bell curve (25-75th percentiles). In addition, each Figure 1 measure maps to one or more of the ABA’s Accreditation Standards (see references in brackets).
Continue Reading What is an excellent legal education? Answers based on data (193)