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The practice of law has it’s roots in some very 18th and 19th century notions of professional behavior. That’s not a bad thing. But how will those notions adapt to 21st century technology and social patterns?
What we’ve talked about has mostly to do with large firms – or does it? Many of these principles can cross firm boundaries, allowing smaller firms to be more effective alone, to combine and collaborate, and to increasingly compete with larger firms.
Why should I hire you?
State bar 2012a
Technology at for the Bar v1.4 Presentation to State Bar of California, Real Estate Section May 5, 2012 Marc Danziger, Charmed Particles, Inc.
What are we trying to accomplish?• Quick talk about tech (& social media) in 2012• Impact on legal practice – Bizdev, biz strategy – Risks – Some futures• Impact on real estate industry – RE values – Practitioners – Some futures
#1 (with a bullet) - Connecting matters• Lots of small devices (smartphones, tablets, laptops) that are always connected.• Apps and software that leverage connections between people (Facebook, LinkedIn, Yelp, etc.).• Data that is created by mapping those connections and actions is hugely valuable.
• Storage & computing power > cloud.• Content > shared (often user made).• Everything > wherever.• People > directly connected to others.• Data created by all this activity > $$• Organizations < much less important.• Connecting matters
We live in a world of networked information,where we produce as much information as weconsume.We call that ‘Social Media’
What’s social media, anyway?Traditional media: – You pay, I talk, you listenInteractive media: – You pay, I talk, and you and I talk about what I just talked aboutSocial media: – Everyone start talking to each other while I get a cup of tea, and then I’ll come back and join the conversation (question: what do I get paid for?)
Where do I find it?www.wordpress.com, www.facebook.com,plus.google.com, www.youtube.com,www.pintrest.com, www.flickr.com,www.linkedin.com, www.yelp.com,www.socialmention.com, www.tumblr.com,www.basecamphq.com, www.twitter.com,maps.google.com and www.bing.com/maps/ ……and many more places. (but these are agood start!)
Is Law Alone?Other struggling industries:• Publishing• Media (film, television, music)• Consulting• RE BrokerageWhat do they all have in common?All information-based businesses.
How are [large] firms coping?…Responding to client demands for greater efﬁciency and costeffectiveness in the delivery of legal services … ﬁrms have launchedefforts to actually redesign work processes by reexamining the mix ofprofessionals — both lawyer and non-lawyer, in-house and outsourced— needed for certain kinds of work and the technology andknowledge tools required to support them. We believe that thesekinds of efforts are likely to expand in the future. - Citi/ThompsonReuters 2012 report
Big Firms / Small Firms…different priorities• Big Firms – costs, costs, costs, smaller pasture, talent retention, becoming Legal Enterprise 2.0.• Small Firms – marketing, marketing , marketing, collaboration, bottom rung getting lower (Legal Process Outsourcing, anyone?), the rise of the informed customer.
Bizdev: Reputation = $Today, restaurants:HBS paper (released 9/16/11) by Michael Lucashows a 5 – 9% increase in revenue for Seattlerestaurants who gained one star in Yelp ratings. (Source: HBS paper at http://prtcl.es/Gzzmpf )Tomorrow, lawyers … and shopping malls?
Risks“Privacy is dead. (Get over it)” – Bill Joy, ex-CEO Sun ComputersLawyers have a fiduciary responsibility toprotect client information. Your world is basedon confidentiality.Um…
Some Futures• Big & small firms competing (except for the very top of the food chain);• Bottom of the fee ladder very low (outsourcing & solo practitioners, LegalZoom etc.);• Efficiency / cost paramount management issues;• Technology & tools making Law 2.0 a reality;• Collision between professional standards and technical practices.
• Certain asset classes suffer. – Internet shopping (malls), – Workforce virtualization (mid-tier office) – Efficiencies driven by collaborative technologies (mid-tier office, warehouse)• Certain asset classes gain. – B- & C office & retail (tenants market online) – Popup-friendly managers – A+ properties (institutional comfort)
My tech-driven RE investment strategy• Don’t pay for non A+ locations.• Get good at popups.• Learn to mine data. – Customer data in malls – Tenant data in office• Communicate with your community – tenants, lenders, investors, vendors.• Build and guard your reputation.