LAW MADE

@p_millerd Would like to find out

financial freedom is a terrible state unless you have some form of purposeful commitment in your life that has some form of challenge

LinkedIn. My god. It’s impossible to know what it’s for these days. It looks like 2012 Facebook. Personal shit posted not even brand building or informative . Posting for reasons that make no sense and have nothing to do with professional lives. A major distraction.

Probably the most corrupt business practice is the ‘billable hour,’ mostly used by lawyers. In practice it breaks down into 6 minute increments. Lawyers with a conscience resist overbilling - they bill intense focus/work - and they don’t reach the pinnacle of success or wealth. Borderline sociopaths (many people) will bill a few minutes in the shower when cleaning their grundles. Some guys even bill their sleep, because they dreamed about the matter. If some liar ever tells you he bills ‘over 3,000 hours a year,’ this is either a complete lie or he included washing his balls in his ‘time.’ Do the math and consider if you think it’s possible (In monomaniacal outlier cases it might be, just barely). So much of regular business is just a series of obvious lies - and everyone is in on it on some level.

@ronfriedmann Ron! Hope you are feeling well !

International Law Firm CMS Joins the Harvey Brigade—Announces ‘Phased’ Rollout Across Member Firms | Legaltech News #LLM gains another #BigLaw firm law.com/international-…

Wow. Let’s go #legaltech apnews.com/article/rfk-bo…

As a large law firm attorney that bills by the hour, the only lever to pull to increase your income is to raise your rates. As the market and your rates rise, the client expectations do, too. Your practice becomes an expectations race to the bottom. If you’re not willing to work nights, weekends and holidays, grandma’s funeral and Christmas Day, someone else will, and the work will ultimately migrate to them (or so you fear). You’re a rational actor, so you work. Endlessly work. You justify this to your family as a “short-term sacrifice.” Your partner handles things with the kids. The only modest way to scale your practice is to avail yourself of human leverage by bringing on associates to do some of the work. But associates are expensive, they churn constantly, and the client’s desire for you, the relationship partner, doesn’t ever wane. Your work is project-based. Some reoccurring but no recurring revenue. So you’re constantly selling, and your pipeline is always fluctuating. Transactions close and die; litigation matters are decided or settle. These things are hard to predict and you don’t want work to dry up. So you’re constantly taking new work, even when maybe you shouldn’t be. The rates rise dramatically over the course of your career. $1,000 per hour becomes $1,500, then $2,000. You get a bunch of awards and designations. Super Lawyers. Best Lawyers. Chamber and Partners. You become a practice group leader. Dozens maybe hundreds of lawyers report to you. Pretty cool. Unfortunately, it doesn’t increase your income. It actually hurts it because you’re distracted by admin tasks. You “step back.” Your kids leave for college. Finally, you can really focus. You’re now 55 and work 12 hours per day, even on Sundays, to get those big matters closed. You’re at the absolute tippy top of your profession. You’re made a “Star Individual.” Finally, you approach retirement age, and are forced to retire. The value of your “equity” is insignificant and is cashed out by the firm. You retire high net worth, but short of many of your friends who are ultra-high net worth. You begin exploring non-work hobbies again. Pickle ball sounds fun! You worry about your knees though. You go look for your spouse and see what they’ve been doing all these years.

Ever feel you're climbing the Legal Tech Tower of Babble? marclauritsen01.medium.com/cacophonautics…

Imagine what we could build if there were hackathons 365 days of the year 😂

@casetext @thomsonreuters No, seriously, that’s a question I would like to know the answer of…

@casetext @thomsonreuters Other then PLC … name a product that got better once TR acquired it.

We’re excited to share that @casetext is officially joining @thomsonreuters! We look forward to continuing our mission of using AI to empower legal professionals and increase access to justice as a stronger, combined team. Read the announcement here: thomsonreuters.com/en/press-relea…

EY is shuttering EY Riverview Law, an alternative legal services business it acquired more than five years ago, the Big Four accounting firm confirmed to Law360 on Tuesday. law360.co.uk/articles/17732…

@nwaisb Even more impressive to me are female founders with families. I’ve known a few and they blow mind. Compounded, even more so if they come from backgrounds that are not particularly privileged.

@nwaisb Ergo… my huge admiration for people that are founders from a standing start. Why, we admire those that we do in society is beyond me. I don’t give a shit that some person can throw a ball really well or run fast.

It can take a while to get a good business to work. Kira started 1/2011, had $0 revenue till 11/2013, were not sustainable until 10/2014, weren’t off to the races till 2017 I can think of several thriving legaltechs that took a lot longer Of course, some businesses never work

RIP Charlie Munger My all time hero and believe it or not, knows legaltech re Daily Journal

Thinking googleglass and googleplus are the future.* Disagree? You are obviously not a futurist and therefore wrong. *change wording depending on hype cycle.

@nikiblack It’s over

After mulling it over, I've given up on X. Twitter helped get me where I am today, but it's a mess. For #legaltech news, links to my articles, etc. you can find me on the "professional" network (starts w/ "L"). See you there!

The state of software quality overall is abysmal, particularly for multi-billion dollar companies that have virtually limitless resources. When you have a thousand engineers, sooner or later one will commit a regression and some core functionality will be broken for 6 months.

Change and exit legaltechnology.com/2023/11/01/mor…

Law is not at all unique to other segments, but ring of truth perhaps. jordanfurlong.substack.com/p/the-generati…

@marclauritsen Never going to top sliced bread.

We may be disappointed if the latest chapter of AI innovation turns out to be less impactful than the domestication of fire or the invention of wheels

@glambert That editor couldn’t make it as a wiseman.

Some editor took some liberties with Matt Nickel's name from Dentons.