law firm presentation
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Law Firm Presentation. Stephanie A. Conduff James J. Linhardt Bryan C. Holland William M. Jones. The Role of Happiness, Productivity and Sustainability of Lawyering . Stephanie A. Conduff. Why Happiness Matters . To Law Firms/Employers… To Legal Professionals…. - PowerPoint PPT PresentationTRANSCRIPT
Law Firm PresentationStephanie A. Conduff
James J. LinhardtBryan C. HollandWilliam M. Jones
The Role of Happiness, Productivity and Sustainability of Lawyering
Stephanie A. Conduff
Why Happiness Matters
To Law Firms/Employers… To Legal Professionals…. To the Perception of the Profession…
Business & Law
Comparative Analysis “Happiness in Business or Law” by Peter Huang
“… happiness and life satisfaction are both only parts of the first of these five elements of well-being: positive emotion, engagement, positive relationships, meaning and accomplishment … (PERMA).”
Return on Investment (ROI) for companies typically focused on making money should by cultivating well-being in terms of PERMA.
Clicker Question
There are 3 main approaches to work from perspectives of business and law professionals …
Choose A if: “It’s just a job, meaning one’s principal focus is on financial rewards instead of intrinsic rewards such as interests. What matters is money, so higher pay can motivate switching jobs.”
Choose B if: “It’s more of a career, meaning one cares about advancement. One desires to climb as far as possible on a career ladder or be among those most highly-regarded professionals in one’s field. What matters is power, prestige and status derived from work.”
Choose C if: “It’s really a calling, meaning one derives inspiration from work itself. What matters is fulfillment and satisfaction from work that is well-done, as opposed to financial gain or career advancement.”
Results
The majority, 45%, chose A “It’s just a job, meaning one’s principal focus is on financial rewards...”
Close second, 36%, chose C, ““It’s really a calling, meaning one derives inspiration from work itself…”
Remaining of class, 18%, chose B, “It’s more of a career, meaning one cares about advancement…”
Positive Experiences Each Day
Harvard Business Review, January 2012 Power of Repetition Importance of Perspective Importance in the Work Place Profitability
Clicker Question
Choose A if… “I believe students
enter law school happy and then become less happy and/or unhappy during law school. This then continues into the legal profession.”
Choose B if… “I believe the
demands on legal professionals makes for an unhappy life.”
Work Place Well-BeingActivity
1. Please Divide Into 3 Groups2. Please Take a Post-It Note & Marker3. Please Collaborate & Engage in Group
Discussion for a Few Minutes4. Class Discussion on Ideas
Activity: Decide What
Perks/Policies/Employer Benefits Would Make You “Happy” at 3
Stages of Your Career:
• Group 1: Graduation/Post-Law School
• Group 2: Ten Years Out of Law School
• Group 3: Near Retirement
Group 1 Results
Loan forgiveness Formal training Mentors Clear career expectations Positive work environments Time to prepare for the BAR EXAM
Group 2 Results
Not working a huge amount of hours per week (time for relationships)
Stable income to support a family (and pay off debts) Healthcare, retirement, 401k Nice office, colleagues that you enjoy Vacation time, free time Work/cases that interest you
Group 3 Results
Flexible hours Good retirement benefits More freedom to choose cases and clients Sweet going away parties Generous sick leave Good insurance
Examples of Empowering Workplace
PoliciesLaw Firms
Shopping Trip for New Suits to “put best foot forward”
“Happiness Committee” Food Delivery/Grocery
Shopping Services Buy/Sell Vacation Days Home Cleaning Escorts to your Car Child Care Referrals
Fortune 100 Child Care Stipend to pay for entry costs
of races, events & competitions Flexible Work Schedules Sabbatical Weekly Breakfast Meeting Massage On-Site Life Coaching Reverse-Mentoring Program to
understand millennials
WARNING: Too Many
Perks
“Perks are powerful drugs that can have positive effects; the downside is that perks, improperly used, can have bad effects as well.”
“After-hiring, the firm can encourage employees to aspire to greater and greater amounts of wealth, and to consume lavishly in the short-term, by using perks to ‘addict’ them to conspicuous consumption.
“Firms might encourage employees to get married and start families, as these obligations increase the employee’s demand for present consumption.”
“The employee will be less able to accumulate sufficient wealth to enable her to depart the firm, hence avoiding a final period problem.”
Corporate Heroin: A Defense of Perks, Executive Loans And
Conspicuous Consumption.Georgetown Law Journal
August, 2005M. Todd HendersonJames C. Spindler
Concluding Observations
Happiness is…A M
atter of PerspectiveIm
portant to the Legal ProfessionEnhanced by Positive Repetition
Technology’s Effect on Work Life Balance
Movie Clip
What is Work/Life Balance?
“Meaningful achievement and enjoyment in every day life.”
101 List. Discussion: How do you define work/life
balance?
Technology’s Positive Effects on Work/Life Balance
77% of professionals feel mobile communication devices enhance work/life balance.
Do you feel technology enhances or impedes your work/life balance?
Technology Allows for Alternative Types of Practice
Transitioning to retirement. Home-based practice. Virtual practices.
Transitioning to Retirement
78 million people are approaching retirement. 79% of workers 50+ desire to increase their
technology skills. Opportunities for the legal profession.
Home-Based Practices
Using technology to replace the trappings of a traditional practice.
Cost savings. Positive effects for work/life balance.
Virtual Law Firms
Example: Virtual Law Partners Over 40 partners, many from ivy-league
schools. Use technology to save money, make more
money, while still maintaining sense of community.
Virtual Law Firms
Traditional Practice 33% Partner Profits 33% Overhead 33% Attorney salaries
Virtual Law Partners65% Partner Profits20% Extra Profits for
Managers
15% Firm Overhead
Technology’s Negative Effects on Work/Life Balance
Technology’s Negative Effects on Work/Life Balance
80% of lawyers report that they use their phone for work after leaving the office.
Examples: In one study, a man admitted using his smartphone
during his wife’s stepfather’s funeral. A Congressman was seen writing emails throughout an
Ash Wednesday service. In stating what led to his divorce a man said “the thing
that really brought it home to me was we were in an intimate moment in bed, I lifted up my head and I caught my wife checking her email on her Blackberry.”
Technology’s Negative Effects on Work/Life Balance
Differences in perception between users and their friends and family. “Materialization of work”:
When mobile devices used for work physically cross into the home, all the negative connotations associated with work cross as well.
“Absent presence”: Being physically present but mentally absent.
How to Utilize the Positives and Minimize the Negatives
Recognize the Pygmalion Effect and take advantage of it. Make sure you set the expectations of the
lawyer/client relationship. Make a 101 List or Non-Negotiables List,
determine where technology will help or hurt, and stick to it!
Staying Financially Competitive Amid Changes in the Legal Landscape
The “Business” of the Modern Law Firm
Legal Fees: What is Appropriate?
“The amount of the matter in dispute, the labour of the sarjeant, his value as a pleader in respect of his learning, eloquence, and repute, and lastly the usage of the court.”
Factors considered to be important in determining legal fees as they were listed circa 1290 in The Mirror of Justices, Book II, c. 5. Seldon Society Ed., 1895
Balancing the Economic Interests of Employees and
ClientsAttorney Interests Client Interests
Larger fees Low fees
Large payout with minimal effort
Proportionality of fee to effort
Large salary Indifferent to attorney’s salary
Are flat fees for services (e.g., drafting an employment agreement) fair?
Client Billing
3 Predominant Practices: Hourly, Fixed, Contingent
Hourly billing is most widely used Contingency fees used most often in Plaintiff’s PI cases,
but hourly fees still most common Billable hour system is subject to substantial criticism
Alternatives for the Future
Method DescriptionCapped fee Billing based on time with total
max feeVolume rates Varying hourly rates depending
on the size of the engagementIncentive billing Success fees on top of reduced
hourly chargesValue billing Based on value of service to
clientLoaned lawyer Lawyer for firm works
exclusively for a single clientMixed billing Negotiate for different rates at
different stages
Attorney Compensation
Deferred Compensation Most common practice among law firms 1/3 of associate revenue generated deemed to be profit Profit distributed to partners Incentivizes associates to work hard on one day make
partner Can end up rewarding the most unproductive members of
the firm Probably better than pure productivity or seniority Should try to integrate more performance-based
incentives
The Rise of Lateral Hires
Ethical Considerations MRPC 1.7: No representation if it presents a conflict of interest MRPC 1.10: Imputes conflicts to firm MRPC 1.9: Creates duty to former clients
The 1.10(a) Ethical Screen Screen must be timely Notice given to former client Certificate of Compliance
Note: Even if hired MRCP 1.6 is still in effect!
Krutzfeldt Ranch LLC v. Pinnacle Bank
363 Mont. 366 (Mont. 2012) Arises out of loan dispute Krutzfeldt hires Harris, Harris retains Hoskins. Pinnacle represented by Crowley. Hoskins never formally terminates representation. He accepts a job with
Crowley. Harris moves for injunction prohibiting Crowley from representing Pinnacle in
light of conflict. Crowley claims it may continue representation because they screened Hoskins. Court holds that screen not timely. Should have been done before the discovery
of a conflict, not after. Also, Harris and Krutzfeldt not even considered former clients
The Role of the Managing Partner
Today, the role of the managing partner has been altered by the increased mobility of attorneys.
Firm loyalty is not what it once was. Effective managers will not only implement
financial policies to foster economic growth, but they will also create a workplace that will restore loyalty to the firm
Board of Overseers v. Warren
34 A.3d 1103 (Maine 2011) Duncan caught embezzling money from firm He willingly pays money back and offers his resignation Managing partners decide he can stay, they do not report his behavior, and they delayed
taking preventative measures for 4 months Later it is discovered that he had embezzled more than originally thought, and he also had
defrauded clients. Managing partners promptly reported him to authorities Bar complaint brought against managing partners. Did partners violated ethical obligation
by not initially reporting? By not taking preventative measures? Court finds that failure to report first instance not an ethical violation under Maine test, but
failure to take preventative measures was. Moral of the story? Consider ethical obligations before moral obligations to employees.
Work-Life Balance for Millennials
Which View is Correct?
“Job-hunting students should try to find a practice where they won’t have to work too many hours. Try to find a practice that enables you to maintain a human existence, time for your family, your church or synagogue, community...Boy Scouts, Little League.” – Justice Scalia
“There’s no such thing as work-life balance. There are work-life choices, and you make them, and they have consequences.” (Emphasizing viewpoint reflecting free-market employment system for competitive, high paid posts) – Jack Welch
What is Work-Life Balance?
Millennials seek a desire to shape their jobs to fit their lives rather than adapt their lives to the workplace.
Millennial’s Desires
Work Expectations
Entitlement
Higher Pay (74%)
Flexible Work Schedule (61%)
Promotion w/n Year (56%)
Personal/Vacation Time (50%)
Life (What’s Important)
Being Good Parent (52%)
Successful Marriage (30%)
Helping Those in Need (21%)
Owning Home (20%)
Successful in High-Paying Career (15%)
Having Lots of Free Time (9%)
Becoming Famous (1%)
Why is this Important?
Individually Sleep Deprivation
Substance Abuse
Long-Term Disease
Unhappiness
Lower Work Productivity
Society Broken Marriages and
Families.
Less Civic Engagement
Less Cultural Engagement
Diminished Relationships
Whose Responsibility?
Individual Choose Right Fit
Choose Higher $ vs. Less Hours Worked
Find Purpose and Enjoyment in Work
Law Firms Balanced Hours (tailored to
individual)
Career Associate Path
Cultivate Common Interests and Passions
Re-think Revenue Structure
Flexibility in Mobile Commuting
Trends
Respected firm in NY filed a brief asking judge to reschedule hearings set for four different days because the hearings were in the middle of their children’s Christmas break, one of the only times they can spend significant amounts of time with their children. Judge rescheduled the hearings.
Basketball court doubling as conference room.
Lawyer group in MD who surf and paddleboard most mornings before work.
Firm who doesn’t schedule anything past 3:00 to allow lawyers chance to leave early.
Conclusion
Questions? Final Thoughts? Perspectives?