Controlling Expenses In The Digital Practice of Law: Innovations That Successful Law Firms Use To Lower Costs, Improve Service and Take Better Care of People

"Firms have recognized these factors and have already addressed them with proactive, forward-thinking strategies that combine strategic real estate reduction with robust technological investments."

Good Morning Folks,

Today, via the ALA on LinkedIN, we will discuss specific innovations that successful firms will employ to control expenses and thrive in the new era of legal services.

This article outlines external trends that affect the workplace, providing context for new challenges and opportunities that traditional AmLaw 200 law firms are facing.

Economics

On the economic front there is ample evidence of permanent structural change. Q1 2013 has reinforced the tight demand and projected economic growth does not guarantee a correlation with a law firm’s well-being due to rate growth pressure, AFA’s, increased competition and enabling technologies. Blind acceptance of fixed expense structures is not a viable strategy for long-term health.

Real Estate

Law firms get killed by real estate due to:

• Excess capacity
• Mismatch between actual functional requirements and space provided
• Expensive “Class A” lease rates
• Unproductive traditional layouts

However, rather than proactively deal with aging space and outdated models many firms continue to tolerate wasteful administration of their highest fixed expense after compensation. External forces demand new ways of thinking about the workplace.

Technology

Technology affects every aspect of legal practice and administration. With less physical “stuff” in the workplace, the total office footprint can be reduced, with no negative impact on productivity.

Mobile technologies invite further reductions in office space. A lawyer or staff employee no longer needs be attached to his or her desk to be productive. The promise of alternative work locations in the office and off-site is real.

Demographics

The new workplace must be conceived as a combination of space + technology. In fact, all demographic groups that follow Boomers prize flexibility and technology over space.

Within five years, Boomers will comprise less than 25% of the total workforce. While that percentage will be higher in law firms, the productivity potential of tech-driven attorneys and staff will outweigh accommodation of retiring partners.

Business Structures

Business structures are evolving too. In addition to slumping productivity and demand, the anemic rate of profits growth is also attributed to alternative fee arrangements (AFAs), and increasing fee competition.

Leverage strategies — associate ratios and temporary or staff attorneys, combined with multi-market management and AFAs — affect workplace dynamics and space needs. Traditional fixed partner and associate office layouts and assignments do not serve more fluid needs.

Competitive situation

In the context of these external pressures, failure to evolve the new workplace creates a serious competitive disadvantage. Firms have recognized these factors and have already addressed them with proactive, forward-thinking strategies that combine strategic real estate reduction with robust technological investments. 

Have a GREAT day. Love LIFE!

Mitchell D. Weiner
Chief Happiness Officer

.................................................................................
"You can't live a positive life with a negative mind."
........................................................................………….

via RoomTag via Creative Commons license.

Filed under: Legal, New Workplace Strategy and tagged CAFM, digital floor plans, IWMS, law firm technology, legal, legal administrators, legal industry, office productivity, online floor plans, optimize shared workplace, optimize workplace, real estate productivity, FSO, shared workplace, workplace consolidation, workplace management, workplace solutions

BIG NEWS: Denise Ngeow Promoted to Chief of Staff, SVP of Corporate Strategy

"After working with Denise over the past five years, I felt it was time due to her great work to give her a well deserved promotion in FSO. If one thing is for sure, we could not have exceeded our knowledge and results without her endless pursuit for perfection and achievement."

Good Morning Folks,

Starting a company from nothing but a white canvas and an idea is one of the most rewarding elements of business that an owner can realize. But ideas are only as good as the execution that becomes part of the core fabric of a company. “FSO” was a thought I had. It was my vision and passion, and I could not be more proud that it has been brought to life.

I always say, strategy is the first part of the plan and in this early phase it is not about the people, rather it is about defining who you are and where you want to go. Understanding the competitive landscape and overcoming market barriers, combined with fire and excitement, is when your strategy is actualized. Only then can you think about YOUR TEAM - who will do it and how will they help achieve the goals.

Since November of 2010, our official launch and first signed contract, we have come a long way. We had no employees, no revenue, no clients, lots of debt, but what we did have was lots of opportunity in NYC. Today, I am proud to announce that we have:

-          Over 213 clients
-          Operations in 57 cities across the country
-          Regional offices and management teams in six distinct locations across the US
-          Over 1,500 full time employees
-          And a profitable, healthy company.

THANK YOU! I could not have achieved this success without each and every one of you.

We will revel in our accomplishments this holiday season, but more importantly we will put in place the next phase of planning, strategy, and execution. Part of this includes identifying those same elements of business that I had to look at when deciding how to bring FSO and the Mitch brand to market in 2010. 

Today, we must ask: What are our inhibitors to growth? What are our inhibitors to sustainability? What are our competitive advantages and disadvantages? How do we ensure that we deliver our “Promises To Practice”? And, how do we ensure our commitment to our clients and employees exceeds what we have promised?

What makes a successful and sustainable company is not thinking you know it all, but in fact the other way around. I’m always thinking: What don’t I know? What do I need to hear? And what do we need to do to protect, grow, and thrive?

I can proudly say that because of you, I have that information to ensure the FSO and the Mitch brand are a force to be reckoned with forever and ever! To all of our awesome clients who have participated in the survey that was conducted by Frager Creative, “Thank you!” Your time, care, desire and passion to help my company is just simply amazing! And to all of our employees who write to me, attend our company meetings, CHO breakfasts & clubs, I must say thanks for your spirit and all of your great feedback.

I know that I am a very blessed man. Not only do I have a wonderful wife and two awesome children, (Chelsea who is now working as our trainer and providing motivational support to our teams), I have a great ELT (Executive Leadership Team) that supports my vision and legacy to build the Mitch brand to where it needs to be. And of course I have all of you - the amazing employees of FSO who have the passion and spirit to do whatever is necessary to exceed our clients and your wildest dreams and expectations.

Besides all of that, as an executive and owner, there is one other important piece of the puzzle – a person or people who serve as a friend, consigliore, confidante, intellectual property and capacity.

Well, I have been very lucky to have someone in my leadership team who is all of the above. I’m sure that many of you, if not all of you, know who she is - Denise Ngeow. For those who know her personally, she has an easy going approachable way about her, a wonderful smile, kind view of people, and yes that Australian accent does not hurt (LOL). Beside all that, Denise is a winner and a brilliant young lady that has taken me to task and challenge the status quo in FSO every single minute of the day.

Denise is always bringing to me ideas, issues, fires, concerns, and more importantly endless ideas with strategies that can be executed. If you are not aware Denise does not drink wine, or anything for that matter, and most of you are probably thinking, ‘How can such a person survive with Mitch without a drink!’ LOL! Well, thank god, she does J

To help me execute those plans, ideas, and strategies, I recognized that I cannot do it alone. I needed a friend and a caring, smart individual to sit by my side in NYC, on planes and more. With that said, I have decided that person, who many of you know and respect, is our own Denise Ngeow. After working with Denise over the past five years, I felt it was time due to her great work to give her a well deserved promotion in FSO. If one thing is for sure, we could not have exceeded our knowledge and results without her endless pursuit for perfection and achievement.

With all of that being said, I am pleased to announce the promotion of Denise Ngeow to Chief of Staff, SVP of Corporate Strategy! Please join in welcoming Denise to her new and well deserved promotion and position.

I need Denise to sit in every meeting across our enterprise and support our goals and our plans. After all, a company does not grow on one department. Rather all departments must work like a well oiled machine, together and not in silos. This is something I know that Denise can make happen allowing us to fulfill the dreams of our staff and bring our promises to practice for our clients.

Some of her expanded responsibilities will include working closely with me across all aspects of FSO enterprise-wide including Finance, IT, People Solutions, Operations and Marketing - ensuring all areas of our business are collaborating and in-sync across the country. Especially with our record growth and substantial investments in our corporate infrastructure, she will be strongly involved and engaged with our Clients and Employees. By doing so, she will be able to ensure we have strategic responses to our needs in the field, clientele and across our business.

With the above in place, you and our clients will experience the true difference in our ability to enhance, adjust, and act as needed to market trends, client needs, staff needs and more.

Our company is poised for amazing success and greatness due to all of our clients and staff, and I am not ever going to allow anything to get in the way of my promise to you and my personal commitment to ensure you all sleep easy and know that the Mitch brand and my legacy is protected until eternity.

Cheers to a bright and exciting future for the FSO and Mitch brand. Again, we could not have done it without you.

Have a GREAT day. Love LIFE!

Mitchell D. Weiner
Chief Happiness Officer

.....................................................................................
"People don’t buy what you do; people buy why you do it.” 
— Simon Sinek
......................................................................................

We've Gotta Run This Place Like a Business. A Primer on What Many Law Firm Managers Say They Have to Do, But Usually Do Not

"Excellent legal article. I plan to get this in front of my Managing Partners TODAY!"

Good Morning Folks,


John Remsen, Jr., Speaker, Author & Consultant on Law Firm Leadership, Management & Marketing | President & CEO, Managing Partner Forum presents an MPF White Paper - "We've Gotta Run This Place Like a Business."

Collectively, MPF Faculty member John Smock and his colleagues have more than 150 years’ experience working with professional services firms. They draw on this experience to regularly publish thoughtful articles on law firm leadership and planning. This one sets forth a strong approach to whip your firm into shape, including planning, governance, compensation and dealing with partners who aren’t pulling their weight.

Click here to read it: http://bit.ly/Wzpjsf

Have a GREAT day. Love LIFE!

Mitchell D. Weiner
Chief Happiness Officer

.....................................................................................
"The world steps aside to let any man pass if he knows where he is going."
~~ David S. Jordan
......................................................................................

Via ALA / LinkedIN