Ride the Lightning
Cybersecurity and Future of Law Practice Blog
by Sharon D. Nelson Esq., President of Sensei Enterprises, Inc.
LEGALTECH 2009: LESS BOOZE, MORE BUSINESS
February 11, 2009
I didn't make it to LegalTech this year, but I've been in touch with a number of friends who attended and their impressions have been pretty much the same. I also received an insightful Technolawyer post written by Warwick Sharp, Vice President, Marketing and Business Development from Equivio Inc.
Surprisingly, there was only a small decline in attendance at LegalTech, the economy notwithstanding. But there was a clear shift in atmosphere. Gone were many of the cocktail parties, but folks were huddled in bars striking deals. Less Broadway shows, but a lot more business.
Warwick noted a 200% increase in the number of corporation representatives who visited the Equivio booth. This is reflective of what I've seen too – corporations are intent on cutting litigation budgets and doing some very hard-nosed comparison shopping. And they are not necessary accepting their outside counsel's vendor recommendations.
I certainly agree with Warwick that the "EDD Gold Rush Days" are officially over. I also agree that many of the small firms are more efficient (and therefore cheaper) than many of the big firms. Largely, this is due to the fact that we have to be efficient because our client base is primarily small to mid-size firms, and they have ALWAYS been cost-conscious. There was a time when large law firms would recommend to their clients a vendor and the client ended up paying costs as much as 500% (or more) over value. Pressed by clients, the lawyers are now shopping for better deals.
As Warwick states, reliability was a key factor in vendor choice before the economy tanked. There's been some shift in focus – clients now want to hear about innovation and cost containment. And woe to the vendor who does not sing that tune.
Rethinking computer forensics and EDD is key to survival. I know that's true because I am generally awake at 3 a.m. doing just that. And yes, those nocturnal musings have helped the bottom line – a lot. My extremely tall yellow lab is very happy about my absence of sleep, knowing he can reach up and kiss my face without getting yelled at so long as I'm awake. At least one of us is happy.
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