Tomorrow’s profits are driven by today’s marketing - I’m constantly amazed by the number of Small and Medium Practices who tell us that they don’t need to do any marketing because “we have a loyal client base” and/or “we have plenty of work” (sometimes it’s “we’re swamped”).
It seems that 2019 is going to change the legal industry, says Exigent’s CEO David Holme in his report “Top 10 Trends for Legal and Beyond in 2019”. Are you ready? Download the report which covers: Law firms are not ready for what business is throwing at it, BlockChain will become real, private equity in law firms, growing LSPs and data security including GDPR.
Read more (Download the Report) at Exigent...
Predictions are a blend of facts, analysis, and aspiration. It’s a chance to pause and think – in a time where perhaps we don’t do this enough amid the pace of the business of law today. As we did last year, we asked several big legal thinkers for their take on the forecast for legal tech and the business of law in 2019. Some predictions are long, some of them are short, but all of them offer a thoughtful analysis that looks at current legal trends from many sides.
Read more at Aderant...
Back in 2009, Satoshi Nakamoto first introduced the concept of decentralized money which many considered unrealistic. Fast forward ten years after Bitcoin was created, cryptocurrencies invaded popular culture and showed that it could disrupt the financial world as we know it. Today, we will be looking at the fifteen most prominent crypto kings who currently hold the biggest storages of the world's digital money.
Read more at BitFortune.Net...
As the end of the year approaches, businesses start looking ahead and wondering what the next twelve months has in store. We’ve put that very question to over 1,700 businesses across the globe, and with their answers we have formulated the 2019 Vodafone Trends report – which has been released today. Here are a few of the most prominent trends...
Read more at Vodafone...
The UK survey results are presented by size of firm using the bandings Top 10, Top 11-25, Top 26-50 and Top 51-100. Our report is based on survey responses from firms at consistent response rates to prior years. We have also drawn upon selected information from our quarterly survey and, where relevant, other published financial information. This summary document focuses on the key findings from our survey. All key data and charts are available through our online tool which participants are able to access. Our thanks are due, as always, to the firms which participated in this survey.
Read more at PwC...
We interview Casey Kuhlman, CEO of Monax and discuss the deployment of smart, legally-binding contracts on the blockchain.
As the digital age has given rise to newer, more efficient technologies, legal professionals have begun to integrate them into standard legal processes. From video conferencing software to digital voice assistants, these new technologies are the future of law.
Read more at Lexology...
I’ve been in the SEO industry for over fourteen years and the legal SEO vertical for seven. In that time, I’ve seen the digital landscape change dramatically. The days where a few e-zine articles could rank a site, much less the old school link building strategies (compared to today’s complex architecture), are long gone.
Read more at Ranking.io...
"We do not bill by the hour. Instead, we bill a monthly, flat fee and, if a client prefers, we also will bill a flat monthly fee for the expenses, which we will then manage," said John Desmarais, founding partner of Desmarais.
Read more at The New York Law Journal...
Smart Contracts is an application of the blockchain technology to create an independently verifiable, secure, permanent and fault-tolerant agreement designed for satisfying common contractual conditions.
Read more at bmcBlogs...
Question: Is there a timeframe within which a notarially executed praedial servitude must be lodged in the deeds registry for registration?
Elevate co-founder and president John Croft talks to The Lawyer about why it doesn’t make sense for law firms to build their own technology and the top trends to watch out for in the next couple of years.
Read more at The Lawyer...
One of the most important decisions you’ll make with your law firm’s social marketing is its brand persona. How will you present yourself to prospective clients? What language and attitude should you convey? We’ll walk you through that and more.
The Financial Intelligence Centre Act, No 38 of 2001 (FICA) is a piece of legislation introduced in South Africa to combat money laundering and the financing of terrorism (MLFT).
Small and medium law firms in South Africa have the unique opportunity to harness their agile decision-making and more efficient cost structures to take advantage of realities in the profession such as disaggregation, legal process outsourcing and stratification, in order to grow their businesses.
Time is running out to book for the one-day Boot Camp seminar, specifically aimed at small and medium law firms. This seminar will give you the practical advice and tools you need to create and maintain a sustainable practice. Find out more about the future of Small Law in South Africa and gain insight into best practices to keep you on the road to success.
Law firms today need to be productive and efficient. In the past that was achieved by employing more people. Going forward, the only way to remain viable will be to embrace technology.
There are literally hundreds of thousands of legal practitioners, just like you, around the world. By searching the Internet you will find articles on virtually any topic you can imagine.
Beware of having one or two large clients that make up most of your revenue. While that may be necessary in the beginning, you don't want to have to close your doors if you lose a major client.
As mentioned before, you need to build and maintain strong relationships with your clients.
It is widely accepted that niche legal practices are more sustainable than general purpose law firms.
Technology is transforming the information landscape and rapidly changing the workplace. The generally conservative legal industry has in no way been spared, with new technologies and innovations disrupting – and enabling – the practice of law, demanding that law firms and in-house legal teams transform the way they operate in order to meet new workplace and client demands.
It is crucial that every practice compiles a budget at the start of every financial year. Income should be based on billable hours and disbursement “income”.
Skill gaps are emerging as legal operating models shift to keep pace with business. Four steps enable legal to close them proactively.
The South African Reserve Bank recently issued guidance regarding its position on the purchase and transfer of cryptocurrencies. The SARB does not regulate the exchange of cryptocurrencies in South Africa, but moving cryptocurrency overseas and buying or selling on a foreign exchange could get you into trouble with exchange control regulations.
Read more at My Boradband...
More and more small firms are outsourcing their admin and compliance functions so that they have more time to practise law and to grow their practice.
“Talked about” service is difficult. Especially in law, because it is regarded as a “grudge” spend.
By far your best source of new business will be through referrals from existing clients. But to get your clients to refer you to their friends and colleagues is not easy.
Growing your practice will invariably be the toughest challenge you will face.
This isn't the same as saying no to a discount – although that is equally important.
From improving legal education to storing police bodycam footage, hackathon teams have come up with a range of blockchain-based fixes to solve uniquely legal problems. For those who want to know more about how blockchain can solve real problems in the legal industry, it’s worth taking a look at some of the blockchain solutions that Global Legal Hackathon teams created over the course of a weekend in cities around the world.
Read more at Medium...
Most lawyers have some sort of engagement letter for new clients, but few realise that it is one of the most effective ways of ensuring payment.
Few lawyers realise just how much discounting costs. They also don't realise that a discount is a direct hit on take-home pay.
Newsletters work – that’s why so many lawyers and accountants use them. Their marketing magic lies in keeping you constantly top-of-mind with your target market in the most professional way possible.
While your client still needs you, they will be happy to pay your invoice.
With so few billable hours, you need to ensure that you bill for all of your time and disbursements, and that nothing slips through the cracks.
In South Africa, as with most other countries around the world, there is no guidance and regulation regarding cryptocurrencies such as Bitcoin. The Budget Review 2018 (Budget) proposes that the income tax and value-added tax (VAT) legislation be amended to deal with cryptocurrencies, which pose a risk to the South African tax system.