Firm
Philosophy
We
combine long-established traditions with new ideas. On the
one hand, we adhere to traditional values of professionalism,
honesty and loyalty to our clients’ interests. On the
other, we seek new ways of going about our work so as to solve
our clients' legal problems more quickly and cost effectively.
Our approach is based on seven principles:
Principle
No. 1 Reward results, not hours. Pay
for hours, you will get hours. Pay for results, you will
be more apt to get results. The key here is that not only
must lawyers and clients be able to define good results
but
both must be willing to take risks. That is, clients must
be willing to pay something extra for good results and
lawyers
must be willing to take a hit for poor results.
Principle
No. 2: Capitalize on experience.
An experienced lawyer generally will do a better job in less
time than an inexperienced lawyer. Clients should not be put
off by the experienced lawyer’s higher billing rate.
Considering the efficiency with which the experienced lawyer
works and the high cost of adverse outcomes, the experienced
lawyer will generally be much more cost effective in the
long
run.
Principle
No. 3: Shorten the cycle. Not
only is legal work time intensive and therefore expensive
but so too are the often overlooked internal costs associated
with legal problems. Based on discussions with lawyers in
a number of corporate legal departments, we estimate that
for every dollar a client pays a lawyer to handle a problem,
it costs another dollar in lost profits because of lost time,
internal distractions and loss of focus. The solution? If
the goal is to reduce legal costs, find a way to solve problems
more quickly. In other words, shorten the cycle.
Principle
No. 4: Build relationships. Retaining
a lawyer should involve more than simply hiring a technician – it should involve building relationships. Lawyers
and clients need to understand each others’ businesses,
know each others' staff and particularly learn each others’ expectations and goals. Solving legal problems
requires a creative environment. Good relationships foster
creativity; bad relationships destroy creativity.
Principle
No. 5: Use the billing process to build
trust. Too often the billing process is a point of friction
between lawyers and clients. A lawyer’s bill should
not be a relationship breaker. It should be a relationship
builder. We don’t charge more than a reasonable fee
and our Billing Policies infra give our clients the
final word on whether a bill for our services is reasonable.
Principal
No. 6: Make use of technology, outsourcing
and teaming. Before lawyers can move away from pricing
services solely on the basis of hours spent and begin pricing
on the basis of results, they need business plans which permit
profits to be made without leveraging off the time of others.
To do this requires that lawyers rely heavily on technology,
outsourcing and teaming rather than hiring three or four associates
per partner. This permits an experienced lawyer to prepare
large cases without a large, full time legal staff and the
high fixed costs and dependency on hourly rate billing that
go with such a staff.
Principal
No. 7: It is not enough for a lawyer to
be technically qualified. In addition to being
highly qualified from a technical standpoint, a lawyer must
add value by offering creative, practical solutions that help
clients do three things: (a) bring problems to satisfactory
conclusions in the shortest possible time; (b) avoid future
problems, and (c) discover profitable opportunities. For instance,
a lawyer may be the very best of trial lawyers but he does
his clients a disservice if he does not find creative ways
of solving most disputes without litigation. He also does
his client a disservice if he does not suggest periodic “near
miss” analysis. From time to time every business has
“near misses.” Some are problems thankfully avoided.
Others are missed opportunities. Either way they need to
be
identified and analyzed in an orderly fashion so that in
the future the dangerous near misses can be avoided and the
opportunities
can be seized.
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