Timothy B. Corcoran
@tcorcoran
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Former CEO guiding law firm & law dept. leaders thru the profitable disruption of outdated business models. Dad of daughters. Husband to Renee. Basketballer.
Charlottesville, VA (was NJ)
Joined October 2008
Wow! The lawyer guild has long been criticized (not threatened) for using self-regulation to stifle innovation by non-lawyers, which might lead to bad lawyering. Ironically, the real threat is the guild's failure to self-regulate bad lawyering from within.
ft.com
Citation places US alongside Belarus, Iran and Afghanistan as places that have threatened the rule of law
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When and Why Clients Hire Consultants (UPDATED)
jdsupra.com
A number of good friends, respected professionals in different fields, have recently joined the ranks of consultants and each has asked in their own way for my advice on how to sell their...
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Had the good fortune to be invited to a city I haven’t visited in quite some time. For old times sake, I dined at Jake’s and did a little shopping at Powell’s Bookstore. Nice to see you again, Portland, OR!
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This is the busiest year I've ever had consulting. My biz ops are mostly automated & I hire gig contractors for help w/ financial analysis but I use AI sparingly - mostly synthesizing & extracting quotes from interview transcripts. Fellow solo consultants, how do you use AI?
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Does anyone recall what you call a document summarizing & memorializing the pros & cons of a board debate & vote, useful for educating future board members & avoid revisiting settled debates? It's NOT meeting minutes, which is only a record of the agenda & votes. Any ideas?
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We still have some seats left. Join us Friday, 6 December, for an online workshop on all things related to partner compensation/remuneration. Group discounts available -- send the whole compensation committee! Details and registration here: https://t.co/IhtG56j9tp
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Retailers issue coupons to entice new shoppers or to accelerate the return of repeat shoppers. Coupons should expire, but for verified repeat shoppers, honoring a recently expired coupon can generate huge goodwill. Refusing is a missed opportunity, especially w/ upscale goods.
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The Fall legal conference & law firm partner retreat season is underway! Quality time w/ law firm managers, partners & business pros discussing the business of law. Next week: sunny Montréal! Can't wait to see my @MeritasLawFirms friends... and enjoy some local poutine!
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Headed to a ritzy yacht club to talk partner comp w/ a law firm Board. Uber driver stops at a remote nondescript industrial bldg, barbed wire fence, warning signs, ringed w/ gravel, no boats or water. Hmmm, did a high-paid partner worried about my findings hire a hitman?! 😧
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A must-read for all lawyers. If we fail to act on this data, we don't deserve the monopoly we enjoy. (Past behavior alone should disqualify us from the monopoly, tbh.)
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A lot of generative AI news since the weekend relevant to legal professionals. Here are some of the big news items and how to make sense of them.
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In my work with law firms & law depts around the globe, I'm always tickled to encounter a fellow native & ex-pat of Western New York (Rochester/Buffalo). Not sure why. Maybe it's shared trauma of frigid childhood winters & Bills heartbreak... offset by good wings? I feel seen!
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Time Is A Management Tool, Not A Pricing Tool > AL talks to pricing expert Richard Burcher about how we get past the 'time is money' impasse and so liberate what #legaltech can do. #lawtwitter ⌛️⌛️⌛️⌛️ https://t.co/yLKFGiELNE
artificiallawyer.com
‘Law firms have conflated using time as a management tool with using it as a pricing tool,’ said Richard Burcher, a pricing expert and chair of the Virtual Pricing Director platform. And this goes …
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Profit distribution isn’t going to be equal. It’s okay to grade on a curve. Regardless of tier, efforts that benefit a partner but harm the firm should reduce that partner’s comp. And vice versa. To earn the most comp, increase the pie!
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When calculating law firm partner profitability, note potential conflicts between firm profits & partner profits. Don't over-reward partners whose actions continually dilute firm profits. What's good for the partner *must* be what's good for the partnership!
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Measure & reward law firm partner performance using metrics they can control, e.g., billing rate/price, staffing/leverage, billing/collection realization, client satisfaction. These matter far more than overhead allocations for the office lease, SG&A, etc.
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Adding new content to my law firm partner compensation workshop. Common question I'm asked: "How to fairly allocate overhead?" That's the wrong question. Don't confuse profit calcs for reporting w/ management decision support. Measure lawyer profit using metrics they can control!
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Phila/NJ friends: my friend Rich, a business coach, is hosting an Intro to EOS (entrepreneurial operating system) seminar on May 15 in Conshohocken. EOS is an approach to help business owners get to the next level. Details here:
eventbrite.com
Engage with other small business owners; experience some tools to help your business and hear from owners running on EOS!
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I'll be speaking at the upcoming ARK National Summit on Law Firm Operations. To receive a discounted rate, register using promo code “SPKR15”.
bringintim.com
An interactive session discussing ways for law firm leaders to boost profitability through creative approaches to pricing, incentives, innovation, and client collaboration.
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The 2024 Legalweek Leaders in Tech Law Awards Winners Are Here! | Legaltech News Congrats to all
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