And so, another biglaw firm — this time, 150 year-old New York based Thacher, Profitt — comes tumbling down. But though the names may change (think Heller, Ehrman, Thelen and Brobeck.com) the circumstances are virtually identical:
Step 1: Each firm suffers some kind of economic crisis.
Step 2: Rainmaking partners panic and begin…
For the past few decades, biglaw had a good thing going: a seemingly sustainable pyramid scheme. Large firms hired top talent and fed their appetites and egos with top salaries and assurances that these new associates constituted the cream of the legal caste system. Then, the firms turned around and billed the heck out…
For some time, I’ve been wanting to weigh in on the debate over at Simple Justice about lawyer marketing, such as its role in educating the public, whether the focus on marketing has overtaken the importance of honing our craft as lawyers and the extent to which we permit marketing to pervade everything we…
Long before work life balance (WLB) became acronymized and before young lawyers began fleeing law firms in droves, Lawyer Avenue Press (and its imprint, Decision Books), the company that published Solo by Choice served as a voice for a life in the law, with titles such as The Guide to Contract Lawyering or What Can…
As you may know, I’m a new fan of the art of the chart, i.e., the use of graphic depictions to convey an explanation. Today, thinking about all of the decisions that go into opening a law firm, I decided to attempt a Mind Map of the process. It’s more complex than I thought,…
There are still seats left for the upcoming, online program, Six Weeks til Solo Practice. Just click on the link which will take you to the registration page and class syllabus. Also, if you are a recent grad or not currently employed (or on the verge of a layoff), contact me at carolyn.elefant@gmail.com to…
Yes, I still read the local newspaper (in my case, the Washingtonpost) in hard copy every so often, and today I came across this article on the value of annuity contracts — or as Warren Buffett calls them toll bridge businesses — to small service providers like heating or air conditioning contractors.
So what’s…
I’m still fascinated by the concept of outsourcing innovation that I referenced in passing in this post from earlier today. According to this Business Week article, countries like India and China paying American corporations to develop products, or put another way, they are outsourcing innovation.
So I got to thinking…why couldn’t large law firms outsource…
So, do you want to get your law firm up and running by the end of 2008? What’s holding you back? You know, even if you’re starting your own firm, you don’t have to go it alone. Why not join with a group of like minded people to cross over into solo practice together. You’ll…
About four years ago, one of my very favorite bloggers, David Giacalone wrote this provocative post, Value Billing versus Value Bilking, arguing that in many instances, value billing represented just another way for lawyers to extract more money from clients when the billable hour didn’t yield as much. Back then, I didn’t completely agree…
