August, 2019

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Cue, Card: Change Your Business Card, for the Better

NCBA Law Practice Management Blog

Business cards are so lame. Yet, everybody carries one. Business cards are still the coin of the realm, even in this paperless age. Even so, everybody’s business card looks the same. Y’all went to Staples, too, right? But, in a massively competitive environment like that occupied by solo and small firm attorneys, it pays (literally) to access every possible advantage that you can.

Law Firm 100
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How Stupid is This?

Legal Research is Easy

Picture it. You're 9-years-old and you REALLY want this new toy. You'd give anything for that toy. Your folks are on a tight budget and your toy is simply not on their radar. What are you going to do? What can you do? Well, if you're in the state of Texas, you can now open a lemonade stand and sell lemonade to passing strangers (well, you can on September 1 - after the summer season ends).

Laws 90
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Verifying Accredited Investors in a Rule 506(c) Offering

Strictly Business

Companies raising capital that are relying on Rule 506(c) (often informally called “Accredited Investor Crowdfunding”) for their offering of securities have several options as to how to verify whether their investors’ are indeed “accredited investors.” Since most offerings of securities generally rely on Rule 506(b) which allows for the investor to self-verify (e.g., through a simple questionnaire), founders are not as familiar with the verification process of Rule 506(c).

Lawyer 66
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The future of legal business models and regulation

Open Law Lab

A quick sketch of Professor Gillian Hadfield’s presentation to the California Bar’s task force on innovation and access to legal services, on the need for business mod4l and legal regulatory reform. Can we create more efficient, accessible legal services if we create new business models that have scaled up entities that employ lawyers – but aren’t run by lawyers?

Legal 45
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Recipe for a Failed CLM Implementation

Selecting and implementing CLM technology can be daunting, leading to underutilization or abandonment. Factors like provider differentiation, inadequate planning, and lack of user training contribute to these failures. Recognizing these pitfalls is crucial for successful adoption, ensuring organizations harness the full potential of CLM for streamlined contract management.

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Paralegal Salaries by State in 2019

LexBlog

The “S” word in the Paralegal Profession. It’s not all about the money, right? But it helps. Paralegals assume a variety of roles in the workplace, and many do the jobs of three or more people. In this article, we take a look at paralegal salaries by state in 2019, and the influential factors behind the figures. It is interesting how your geographic location can make a substantial difference concerning your salary.

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Net Loss: Law Firms Have Really Poor Net Promoter Scores

NCBA Law Practice Management Blog

Did you know that law firms have a really poor not promoter score? Wait, wait. Let’s backtrack for a second. Do you know what a ‘net promoter score’ is ? Essentially, it’s a KPI (key performance indicator), that attempts to determine how likely your clients are to recommend you. The higher your net promotor score, the more likely your clients are to recommend you.

Law Firm 100
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Just like dad

Legal Research is Easy

Typically when I'm looking through the legal rags, I see countless lawsuits against corporations or some family law matter. The other day there was a story about a rear-end collision resulting in a $21 million verdict? 21 Million!!! That's insane. The topper of the week, though, was the lawsuit filed by a dad against this son. That's right - dad sued his son.

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Fastcase and the 2019 AALL Annual Meeting & Conference

LegalTalkNetwork

Legal Talk Network partnered with Fastcase to cover the 2019 American Association of Law Libraries Annual Meeting & Conference. This unique opportunity marked a special occasion for both organizations. For us, it was our first visit to the AALL Annual Meeting. But for Fastcase, it was something more. This year is their 20th anniversary as a company.

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Legal flowcharts from tax law class

Open Law Lab

Upon some online requests, here is a backlog of 2014-dated tax law flowcharts that I did while studying for my Tax final. Flowcharting turned out to be a great method to prep for memorizing lots of conditionalities and outcomes. Please note these flowcharts are out of date — so don’t rely on them for legal guidance. They’re here more to show how I used flowcharting the legal rules to study.

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Contract Lifecycle Management: A Business Enabler Exploring On-Ground Challenges

CLM tools have always strived to push contract management into the digital age for almost 30 years. But the complexities of digitising a legal document are numerous. The current scenarios in business development have shown that having a fully automated CLM has become a mandate for every law firm and in-house legal department. To determine if you need a CLM system, it's essential to clearly identify the on-ground business challenges you aim to solve.

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Trump's Justices (Part 1): Gorsuch to Date

NewYorkCourtWatcher

President Trump's first appointee, Neil Gorsuch, took his seat on the Supreme Court in the spring of 2017. By that time, judicial scholars--both political scientists and law professors--had studied his record on the federal appeals court from which he was elevated. Based on his voting patterns as an appellate judge, Gorsuch's position among the other federal judges on the ideological spectrum.

Court 40
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Net Benefit: How to Improve Your Law Firm’s Net Promoter Score

NCBA Law Practice Management Blog

Last week in this space, we addressed the fact that law firms have really low net promoter score s, with an NPS equal to about the average airline provider. As we discussed, that means that your clients like you about as much as they like Spirit Airlines. You can do better. Fi guring out your net promoter score is step one. Step two is improving your net promoter score.

Laws 100
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Flatlining: How to Immediately Reduce Your Law Firm Overhead

NCBA Law Practice Management Blog

If you haven’t examined your budget lately, I bet I can nevertheless predict how you can eliminate a good deal of your overhead. And, it’s a pretty simple solution: Convert to cloud services wherever you can. Look, nothing blows up a law firm budget like an unexpected technology expense. And, one of the biggest big ticket expenses is replacing a busted server.

Law Firm 100
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Fast Forward: Prepare Now to Make Money Later

NCBA Law Practice Management Blog

Lawyers are often so head - down on substantive work that they spend very little time considering their ‘ sales cycle ’, which every business has. Whereas software companies consider metrics like ‘ cost of acquisition ’, law firms merely send out cadres of attorneys to network, with the fervent hope that that activity generates business, at some undetermined point in the future.

Law Firm 100
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California Civil Discovery Act Undergoes Significant Overhaul

Short article looking at the new CCP 2016.

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Word of the Month for August 2019: Stare Decisis

Legal Research is Easy

Do you remember being a kid? Specifically, do you remember going to mom for something and then going to dad when mom said no hoping that dad would give a more favorable response? Yeah, happens all the time. The other day, my kid tried that. She saw a toy in the store and, turning to mom said, "can I have that?" When mom said, "NO!" she turned around (I was standing maybe 3 feet away) and said, "Dad, can I have that?

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Fresh Start: Three Things to Do Before You Start a Law Firm

NCBA Law Practice Management Blog

Lawyers start their own law firms for any number of reasons. There isn’t a wrong one. Despite that, most lawyers starting law firms tend to make the same mistakes. So, if it’s time for you to start your own law firm, good for you. And, these are three things you should figure out now, so you don’t get caught short resolving them later. Create a Niche.

Law Firm 100
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Reading makes you smart(er)

Legal Research is Easy

So, today as I was going about my business, my brother sent me a funny list of newspapers and persons who reads them, to wit: The Wall Street Journal is read by the people who run the country. The Washington Post is read by people who think they run the country. The New York Times is read by people who think they should run the country, and who are very good at crossword puzzles.

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Trump's Justices: Gorsuch to Date (Part 2)

NewYorkCourtWatcher

In the previous post, we saw how studies of Neil Gorsuch's judicial record prior to his nomination by President Trump for the Supreme Court showed him to be among the most politically conservative members of the federal judiciary. We also saw how his record immediately following his appointment, the last couple of months of the Supreme Court's 2016-17 term—the spring of 2017—reflected the very.

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Dangers of Digital "Reporting": Legal Risks and Unreliable Transcripts

In the world of legal proceedings, the choice between a certified stenographer and digital "reporting" holds significant implications. Certified stenographers go through rigorous training and testing and stand as the gold standard for accuracy in capturing every word. Their expertise ensures a reliable record, a crucial foundation for legal cases.