« September 23, 2008 | Main | September 25, 2008 »
September 24, 2008
Jim Hassett: More on the down economy--and what to do.
Like Tom Kane, Boston's Jim Hassett can tell you how to think about marketing and client retention in good or bad times. If you are not reading these two gentlemen these days--especially if you do higher-end work in a large or boutique firm--you are flat-out stone nuts (as in "Holden, get the net"). And then we will worry about you. See, e.g., Jim's "The Down Economy, Part 6: How Bad Is It?", and Parts 1-5, and his posts on "How To Improve Relationships With Large Clients".
Jim Hassett
Posted by JD Hull at 11:59 PM | Comments (0)
U.S. Justice Department investigates 26 large lenders.
The Associated Press reports that Fannie Mae, Freddie Mac, Lehman Brothers Holdings, AIG and Countrywide Financial (recently bought by Bank of America) are five of them. Failed IndyMac Bancorp is also being probed for possible fraud.
Posted by Holden Oliver (Kitzbühel Desk) at 12:59 AM | Comments (0)
"Pay Tuition, Then Pay For Experience?"
The Value Movement. As we were saying, we don't have all the answers. Maybe shortening law school to 3 or 4 semesters is one piece of the puzzle. We revisit the issue because growth and productivity by young lawyers who really want to be at their law firms and not just go through the motions is important for both junior lawyers and firms. So here's one small bite-sized thought at a time, lest some readers again become adrift from their moorings, get unhinged and blow tubes. Here's a reaction from The Legal Beat blog of Law.line, a CLE site:
Should recent law graduates have to pay law firms for the experience they receive?...
At first glance for any prospective law student, or current law student, this idea seems ludicrous. However, it is a notion that the United Kingdom has been practicing for a hundred and fifty years. Additionally, this is similar to the education structure we have in the United States for doctors. Some argue that if this concept was implemented, only those with a strong passion for law would seek to go to law school.
(Emphasis ours).
Currently, everyone is losing.
Clients are the biggest losers--if not victims. Clients in effect subsidize firms that retain high-priced but unhappy/unproductive associates who are not even likely to stay in their firms, and often serve to pad bills. The best clients do not need to pay high rates to cover "training overhead" for the very marginal (if any) value added by 1st/2nd year timekeepers. We can do better for clients.
If you are a Law Firm of any size: If you haven't heard, the markets worldwide are flirting with a recession. So why don't you guys get off your knees and keep/hire just the lawyers who really want to be there? You can't just wait until your clients complain; and your clients will complain, in any economy, once they realize increased value in young talent at law firms is possible, and that the current "talent sweepstakes" and associate system does not work for anyone. Forget for a moment "what the market will bear". You still have duties to your firm and to your clients to make hiring and retaining associates more efficient, and a better investment.
To Associates: If you hate what you're doing, plan to do something different as soon as you can. You still have options. You can get out of debt another way, and keep your sanity and self-respect. You obviously have the talent to accomplish that.
Posted by Holden Oliver (Kitzbühel Desk) at 12:00 AM | Comments (5)