Law Firms, Watch Collectors & How To Know When ‘Time Is Money’

In the case of high-end watch collectors, time is literally money.

At a recent Christie’s auction, a Patek Philippe watch sold for more $50,000—quite an improvement over its 1950s retail price of $275, reports CBS News.

“I’ve seen artwork being traded for watches. I have seen somebody trade a very rare Patek Philippe for a down payment on an apartment,” said Benjamin Clymer, Founder and Editorial Director, Hodinkee.com.

In today’s digital age, you still can’t stop the clock. Apple shelled out $21 million in a “lump sum” to license a clock-face design from the Swiss Federal Railway service, reported French news agency AFP, citing a Swiss paper.

Swiss Federal Railway service (SBB) objected to the clock-face design in iOS 6 because it too closely resembled a trademarked design created in 1944 by SBB employee Hans Hilfiker. Today the design is used in train stations throughout Switzerland and licensed the pricey Swiss watch manufacturer, Mondaine.

Hilfiker’s design is timeless, and thus has been honored by both the Museum of Modern Art in New York and the London Design Museum. The Swiss consider it a national symbol of punctuality, but it’s also an example to lawyers of the power technology holds when protected by intellectual property.

It’s not just watches; there are myriad other reasons why technology converts time into money for your firm. Here are some lessonds, according to an Accellis Technology article, for law firms:

“When you’re efficient, you take on less risk – Simply put, the less time you spend on a contingency case, the less risk associated with taking it on. If you lose, you’re not sacrificing as much time or revenue. If you win, you’ll make the same amount of money, but since you spent less time on the case, your margins are higher. And, if you win or lose but don’t get paid, you’re out less money.

When you’re efficient, you can take on more cases – If you can generate a Will twice as fast as your competitor, you can do twice the amount of work, right? When your process for settling civil disputes speeds up, you can twice as many disputes.

When you’re efficient, you can spend more time on client-facing activities – Spend your new-found time meeting people, creating stronger relationships with your clients, and building value in your firm. Try to drive in new opportunities from your current client base (maybe they didn’t know you take on divorces). Did you know that once you have a client, each subsequent sale has a close ratio of over 70%? It’s easy money!”

To read the entire article, go here.

Sold on technology, but need to know where to start? Think about integrating the following products into your business systems:

The iPad.

Apps for the mobile phone and iPad have contributed some of the most significant improvements in efficiency and productivity within law firms in some time. Get with your IT Department to brainstorm how best to implement these gadgets into everyday legal activity.

For some of the best legal iPad apps, go here.

Near-field Communications (NFC) Technology.

From Google Wallet to Starbucks Mobile Payment App, NFC technology has myriad uses in law.

Read more about their applications here.

Social Media and Blogging.

Social media sites like LinkedIn or legal recruitment web-agencies, including lawcrossing.com, are cheap and easy ways to locate qualified candidates. It saves recruiters time and money by already compiling information about prospective employees.

Even if your firm is not looking to hire, it’s certainly still looking to recruit clients. At which point, social media—blog posts, tweets, or Facebook feeds—become crucial in advertising what services your firm offers, who its lawyers are, and why a client should hire you, as opposed to another firm.

In the time it took you to read this line, I sent a tweet and 500 people read it. Talk about a new value for time in money.

E-discovery software

By this time, most law firms already (from necessity) have some sort of electronic discovery software. However, when was it last updated?

The capabilities of software and technology changes rapidly everyday. If you haven’t updated your online systems for some time, it’s likely that there’s a more efficient way to organize and file e-discovery.

In sum, what have you learned about time, money, and technology? They’re inextricably linked.

So, consider putting together a “technology team” at your law firm—to keep apprised of developments in the field of legal gadgetry—one that will ensure your associates are not falling behind or sinking your bottom line. And if you’re feeling generous, make timeless timepieces part of your end-of-year bonuses: They appreciate (and your associates will appreciate them).

Regain control of your time and technology.

Take C4CM’s audio course, “Microsoft Outlook: Unlock E-Mail, Calendar and Time-Saving Secrets” on Tuesday, December 1, 2015, from 2:00 PM To 3:15 PM Eastern.

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