The Power of Perspectives

The Canadian Bar Association

James Careless

The practice

Turning legal analytics into a competitive advantage

By James Careless August 21, 2018 21 August 2018

Turning legal analytics into a competitive advantage

 

Legal research can be that spot between a rock and a hard place: doing it properly should better your chances of winning your case, but if you’re a sole practitioner taking the time to do it properly, chances are you’re not doing at least a few of the many other things you should be doing to earn money.

This is where legal analytics software, which uses pattern-seeking algorithms, can help. “Legal analytics can accurately assess a vast amount of case law that the human mind couldn’t do as effectively, or wouldn’t do as efficiently,” says Omar Ha-Redeye, of the boutique Toronto firm Fleet Street Law.

“Legal analytics involves analyzing legal data to extract litigation and business intelligence,” explains Mona Datt, president and CEO of Loom Analytics, a Toronto-based firm providing legal research analytics. “This intelligence can be used not just for legal research, but also for making strategic business and hiring decisions,” she said.

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The practice

Negotiate your working conditions at a law firm

By James Careless July 10, 2018 10 July 2018

Negotiate your working conditions at a law firm

 

This is a hard time to be a newly-minted lawyer seeking work.

“It’s a buyer’s market out there, with a glut of new lawyers chasing a limited number of jobs,” said Warren Bongard, President and Co-Founder of Toronto’s Zsa Legal Recruitment. “As a result, the biggest firms in Canada’s largest cities can dictate salaries and working conditions to new hires – and they do.”

“There’s an oversupply of young lawyers looking for positions,” agreed Preston Parsons, a lawyer at Vancouver’s Overholt Law and Chair of the CBA’s Young Lawyer Committee. “The law of supply and demand is definitely working against them.”

Toronto’s Ryan Cooper knows from first-hand experience what Bongard and Parsons are talking about. Called to the bar in June 2018, Cooper had a job lined up with the firm he’d been articling for only to be told recently that the firm does not wish to expand.

As a result, he is left trying to find an associate position in Toronto or Kingston at the last minute. “Frankly, I will have to take what I can get,” Cooper said.

In a buyer’s market, it is definitely difficult for a new lawyer to find a job, let alone have some say in their level of pay and working conditions. Difficult, but not impossible.

Here’s how you may be able to pull it off:

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The practice

Finding good financial advice

By James Careless April 4, 2018 4 April 2018

Finding good financial advice

People go to law school to become lawyers, not small business owners. But that’s exactly what those who establish their own law firms become, with all the financial responsibility that entails.

“Most attorneys that go into solo or small practice don’t have a background or formal education in financial management,” said Heidi Alexander, Director of the Massachusetts Law Office Management Assistance Program. Many attorneys in Canada and the U.S. “would prefer to just avoid finances altogether,” she says, but knowing how to manage them is “absolutely essential in order to run a successful solo or small law practice.”

Fortunately, there are many ways to build your financial knowledge and get the advice you need to succeed in business.

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The practice

Legal podcasts that are worth your time

By James Careless November 28, 2017 28 November 2017

Legal podcasts that are worth your time

 

All across Canada, lawyers are expanding their legal knowledge and know-how by listening to free Canadian legal podcasts on their smartphones and computers.

“You can listen to these podcasts, which usually feature informal conversations touching upon a range of law-related issues, while you’re in the subway or waiting in line at Starbucks,” said Ian Hull, partner in Toronto Hull & Hull LLP. “For young lawyers in particular, legal podcasts are a great way to learn about unfamiliar areas of the law in a low-stress, entertaining manner.”        

Combining the power of expert opinions with the intimacy of radio, “legal podcasts, such as those of the McGill Law Journal, offer listeners a glimpse into the minds of legal scholars and professionals from a variety of legal fields and traditions,” said Emma Noradounkian, Podcast Editor for McGill Law Journal Vol. 63. “Listeners tune into legal podcasts to know the scoop on a given contemporary legal issue from those who are most affected by it and those experts who can shed light on how best to resolve it.”

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Legal innovation

Analytics can make your firm more profitable and more competitive

By James Careless September 26, 2017 26 September 2017

Analytics can make your firm more profitable and more competitive

 

 

Canada’s big law firms have a reputation for being very conservative when it comes to change. “As one top firm said to us early on, ‘We don't like to be first in,’” said Hersh Perlis, Director of the Legal Innovation Zone at Ryerson University. “Heck, we don't like to be second,” Perlis continued: “We like to be third!"

It’s true that not all change is progress, and sometimes the canny bird that doesn’t rush in early gets a good worm.

That said, one change that is developing a proven track record for law firms is analytics. Analytics is about compiling information about how the firm currently does business, then analyzing that data to find ways to change practices to operate more efficiently – and more profitably.

For example, a law firm can figure out how much billable work is currently being done by partners, then run an analysis to see how much of that could be performed by lower-cost non-partner lawyers instead, and reassign the workload accordingly. Such a reassignment can reduce the firm’s expenses , thus improving the bottom line without the need to increase fees.  If the cost reductions are large enough, the firm can even cut client fees while still earning more profit than before.

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