Timothy B. Corcoran

Former CEO guiding law firm & law dept. leaders thru the profitable disruption of outdated business models. Dad of daughters. Husband to Renee. Basketballer.

[Timothy B. Corcoran @tcorcoran]

When and Why Clients Hire Consultants (UPDATED) https://t.co/71e204O4c9

[Timothy B. Corcoran @tcorcoran]

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. https://t.co/DIaG5BFWaS

[Timothy B. Corcoran @tcorcoran]

When and Why Clients Hire Consultants (UPDATED) https://t.co/71e204O4c9

[Timothy B. Corcoran @tcorcoran]

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!

[Timothy B. Corcoran @tcorcoran]

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?

[Timothy B. Corcoran @tcorcoran]

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?

[Timothy B. Corcoran @tcorcoran]

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

[Timothy B. Corcoran @tcorcoran]

@InezFeltscher Friends who coach high school sports say a key factor is access to facilities. With many schools used in the evenings for community events, and many outdoor fields lacking lights, the earlier start means the students don’t have to compete for access to the facilities.

[Timothy B. Corcoran @tcorcoran]

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.

[Timothy B. Corcoran @tcorcoran]

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!

[Timothy B. Corcoran @tcorcoran]

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?! 😧

[Cat Moon @inspiredcat]

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.)

[Timothy B. Corcoran @tcorcoran]

@MEKowalski Only one sleeve?! When I buy a box of the good ones, I’m usually down at least two sleeves at the end the round, with no appreciable improvement in my game. Kirklands are ideal for golfers at my level! 😂

[Timothy B. Corcoran @tcorcoran]

@DIGLegal @united I haven’t had a flight in a month. Felt like a newbie booking for next week. Can I bring a toaster? Are the big seats for whoever gets there first? If the flight isn’t in the air by the time on the ticket, do I get a free ticket anywhere? Summer travel woes, here I come! 😂

[Timothy B. Corcoran @tcorcoran]

@RWS_01 @MEKowalski What the…?! If some partners generate less revenue, profits fall?! (Also, night follows day.) While true, the definition of “underperformance” can also mean “the market will no longer pay partner rates just because a partner does it.” Flawed expectations also dilute profits.

[Josh Kubicki @jkubicki]

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.

[Timothy B. Corcoran @tcorcoran]

@RWS_01 @MEKowalski @marshy1967 I once did an office tour with a new lateral who had been GC of a large firm client. 2 partners who had rec’d a lot of work from him were too busy to meet. The 3rd spent an hour explaining why the GC didn’t really understood what the client needed. The lateral didn’t last a year.

[Timothy B. Corcoran @tcorcoran]

@RWS_01 @MEKowalski @marshy1967 Well, in fairness, I see just as many firms tout their cross-selling culture and then not deliver. So often the partners are too busy to meet with the new lateral, but 6 months after a lateral arrives they say, “What has he done for us? Has he earned his guarantee yet?!”

[Timothy B. Corcoran @tcorcoran]

@bobambrogi @statebaroftexas @SmokeballNews Sensible. So many lawyers joke that math and accounting is hard. Keeping client trust accounts safe isn’t a joke. Even delegating to a competent admin/bookkeeper has risks if the lawyer isn’t capable of proper oversight. This appears to be a good step in the right direction.

[Timothy B. Corcoran @tcorcoran]

@writeclimbrun In far too many cases, partners earn less because of jerks — so they’re effectively paying the jerk to be a jerk! Why? They loathe confrontation, they value autonomy even when it’s toxic, they think high rates & top-line revenue = profit. And the jerks know this.

[Timothy B. Corcoran @tcorcoran]

@writeclimbrun If partners better understood the a-hole calculation, they might act differently. Once you subtract settlements, higher premiums, lost billing revenue, rework, recruiting fees, lost productivity due to morale, and the jerk’s huge comp, the net may be negative.