Post # 828 – November 11, 2019

Legal Micro-Niche: Anti-Aging & Regenerative Medicine

Make no mistake, it is NOT efficiency that produces new wealth . . . but insight – insight into opportunities in pockets of emerging demand.  An attorney or group that gets an early start in accumulating knowledge and experience serving some micro-niche and then continues to learn faster than rivals can build an almost insurmountable lead – irrespective of size.

A Chinese scientist who announced that the first set of CRISPR-engineered female twins had been delivered; stem cells that can now grow eye retinas; a collagen bioprinter that should soon provide 3D printed lungs; this particular micor-niche, the global longevity industry is primed to reach $17 trillion this year and on track to crack $27 trillion within the next five years.  There is even a fascinating new book that just came out, by a Harvard Genetics researcher and professor called “LifeSpan” which has been getting a lot of attention, largely because it is about not just slowing or stopping – but actually reversing the aging processes.

We are edging closer to a dramatically extended healthspan—where 100 is the new 60. So, what will you create, where will you explore, and how will you spend your time if you are able to add an additional 40 healthy years to your life?

This is the eleventh in a series of articles I have been doing on what I call micro-niches - slivers of lucrative opportunity for attorneys and practice groups that care to invest non-billable time in developing themselves as the "go-to" experts.

http://www.legalexecutiveinstitute.com/micro-niche-anti-aging-regenerative-medicine/

Post #827 – October 14, 2019

The Lawyer’s Guide to the Future of Practice Management

I am pleased to have contributed a chapter to this new book intended to provide guidance, and market knowledge on what today’s legal marketplace might look like tomorrow.

The Lawyer’s Guide to the Future of Practice Management provides law firm leaders with expert opinion on the very latest guidance and market knowledge on what today’s legal marketplace might look like tomorrow, organized into four crucial areas of practice management – technology, people and culture, finance and strategy – before taking a horizon-scan of the future, and what law firms need to be aware of in the coming months and years.

https://www.ark-group.com/product/lawyer’s-guide-future-practice-management#.XaSwxK3MxE4

For my part, this represents the 37th book that I have contributed to over the course of my career.  For a complete list of all of the various books that I have authored chapters for, you need only look here:

http://www.patrickmckenna.com/PatrickJMcKennaBrainmatterCreations10.aspx?ID=49&NavID=127

Post #826 – September 21, 2019

NEW Issue of Legal Business World is Now Available

It will provide you with 19 articles and 108 pages of authentic and valuable insights into the changing face of law, the opportunities and challenges that technology represents, and the possibilities for meaningful innovation.

I’m pleased to have contributed a piece entitled “Lessons For New Leaders On Where To Invest Their Time.”

Read online: https://lnkd.in/ed8vVHT or Download PDF: https://lnkd.in/eRkChnU 

Post #825 – September 18, 2019

Legal Micro-Niche: Synthetic Biology

This is another in a series of articles I have been doing, this one with Jennifer Burnett, on what I call micro-niches - slivers of lucrative opportunity for attorneys and practice groups that care to invest non-billable time in developing themselves as the "go-to" experts.

In the newest issue of Corporate Board Member magazine (Fourth Quarter 2019), Nicholas Negroponte, technology visionary and co-founder of the legendary MIT Media Lab, talks in a feature interview about some of the tech trends that he sees “around the corner” and Negroponte names Synthetic Biology as the one that will “change our basic understanding of nature.” With input from Jennifer, who practices in the area, we have provided a brief glimpse into what is transpiring for lawyers in this micro-niche:

http://www.legalexecutiveinstitute.com/micro-niche-synthetic-biology 

Post # 824 – August 13, 2019

Our Second Annual Law Firm Innovation Summit

Join me at the Harvard Club in Boston on November 13 & 14 where I will be co-chairing the 2nd annual Law Firm Innovation Summit with over 30 speakers from a broad range of Law Firms, Legal Service Providers, Academic Institutions, Corporate Counsel, and Subject Matter Experts.

https://www.lawfirminnovationsummit.com

We will address critical innovation topics ranging from Why Innovation Should Start with Process and not Technology to Client Innovation Needs, Innovative Revenue-Building Strategies to Innovation Governance and Prioritization, Barriers to Innovation through to Design Thinking and Design Action, and much more…

Post #823 – August 2, 2019

Legal Micro-Niche: Deep Learning

This is another in a series of articles I'm doing, this one with colleague Nick Brestoff, on what I call micro-niches - slivers of lucrative opportunity for attorneys and practice groups that care to invest non-billable time in developing themselves as the "go-to" experts.

Deep learning is a micro-niche of artificial intelligence (AI). It uses mathematic procedures called algorithms to learn and recognize patterns. It’s nested below AI, machine learning, and “neural networks” because it’s a multi-layer neural network. What’s amazing is that deep learning enables computers to learn. Since we’re awash in data in the legal industry, we stand to benefit from learning how our clients are using it.

http://www.legalexecutiveinstitute.com/micro-niche-deep-learning/

Post #822 - July 4, 2019

Post # 821 – June 10, 2019

Would You Rather Lead Strategically?

Whether you are the designated leader of a practice group or industry team, your ability to lead that group, especially if they are a challenging collection of mavericks, makes you one of the most essential players in helping your firm achieve its long-term profitability and market success. 

Join me at the University of Chicago on August 22^nd for a one-day, very intensive workshop to explore techniques and build skills to unleash your practice group’s highest potential.

We will explore how best to:
• create a strong cohesive group out of a collection of bright, intelligent, autonomous professionals?
• identify specifically what it is, that you can do, that is likely to actually affect the competitive success of the group you lead?
• find the means to develop a strategic direction and have your colleagues actually want to work together?
• lead effective meetings that result in concrete action plans being formulated and colleagues willing to take responsibility for actually doing something?

Register to attend before July 3rd, 2019 to receive your 15% early-bird discount:
https://lnkd.in/djsjseF

Post # 820 – June 5, 2019

Legal Micro-Niche: AgTech

There are numerous law firms that hold themselves out as having agribusiness practices but only a few are exploring being the go-to firms in the agriculture technology (AgTech) micro-niche.  Total investment in 2017 in this micro-niche was reported to have exceeded $1.5 billion.  The “digital transformation” of agriculture is necessary if we want to continue filling our baskets with healthy, affordable food.   Imagine: driverless tractors tilling acres of crops, produce growing in massive climate-controlled warehouses, and seeds genetically altered to require less water are among the high-tech innovations changing, or about to change, agriculture.  Meanwhile, America’s first autonomous robot farm officially launched last October.

This is another in a series of articles I'm doing on what I call micro-niches - slivers of lucrative opportunity for attorneys and practice groups that care to invest non-billable time in developing themselves as the "go-to" experts.

http://www.legalexecutiveinstitute.com/micro-niche-agtech-practice/

Post #819 – May 29, 2019

How Do You Select Your Next Firm Leader?

Get your copy of my free 260-page eBook: https://lnkd.in/eZbyNbW

It is doubtful that any firm contemplates the replacement of its firm leader with enthusiasm, even when the departure is expected.  Most Executive Committees and Boards are often unprepared for the challenge and time consuming nature of planning and executing the managing partner selection process.  Which is probably not at all surprising given that they only have to do it about once every decade.  Nevertheless, there are huge consequences.  Every partner is watching closely and the process is intensely personal, political and demanding.

So, how do you orchestrate this selection process?  Will certain approaches make the task easier and more efficient?  

The necessity for determining a succession process that will work for your firm is critical.  What I have attempted to do in this eBook is outline a comprehensive process.  While every situation may be somewhat unique, best practices would suggest that there are five very distinct phases and each phase has a number of steps.

Get your copy of my free 260-page eBook, The Art of Leadership Succession: https://lnkd.in/eZbyNbW