The perfect car. An Aston Martin Vanquish? Bentley Continental GTC? How about the Rolls-Royce Wraith?
Nope. Not even close—at least, that’s what theoretical physicist and best-selling author Dr. Michio Kaku thinks.
According to Kaku, Toyota has just developed the perfect car, but it’s not quite what you’d expect. It won’t break the bank or bring home any super models. However, it might just save the world.
At the Consumer Electronics Show on Monday, Toyota talked about its new hydrogen fuel cell vehicle that combines oxygen and hydrogen to create electricity, called the Toyota Mirai.
Priced at a mere $57,000 and available commercially later this year in California, the Mirai is unique in that it emits water, not exhaust or fumes, and still sports impressive power. The car runs for roughly 300 miles and has the ability to blow your mind and your hair back by going from 0-to-60 MPH in nine seconds.
Unlike hybrids or cars with electric batteries, hydrogen tanks can be refilled in three-to-five minutes. About the same time it takes to comb your wind-blown hair in the rear view mirror.
According to GeekWire, Kaku believes four requirements create the “perfect car.” Not only do all four characteristics describe the Mirai, but each of these attributes also describes perfect law firm management:
1. Mass Market
The perfect car uses a fuel source based on an element that’s the most plentiful in the universe: hydrogen.
“Contrast that to oil,” Kaku said, writes GeekWire. “Nations will kill to secure supplies of oil.”
Like transportation, law firms also provide life-altering services to society. Law firms today must be more mass market—that is to say, offer a variety of expertise with flexible service options.
In fact, the average client has 4 major practice needs and 5 minor, but measurable, needs. Yet, on average a primary provider delivers only 1.8 practices to a single client—meaning most law firms deliver one, and a handful service 2 practice areas.
So, what are law firms to do when so many cross-selling initiatives fail, or fall on deaf ears? Two words…origination credit.
Stop saying, “There are no opportunities with this client outside of my practice area,” or “We don’t handle that type of law.”
More than hydrogen, some might argue that lawyers are the most plentiful profession on earth. Which is why your firm must position themselves appropriately in this highly competitive marketplace. That means cross-selling services and adding practice areas.
Take C4CM’s audio course, “Law Firm Origination and Cross-Selling Credits: A Guide to Your Firm’s Future Success, looks at the key to successful cross-selling initiatives—how to turn selling into a team sport, and manage the origination that ensues,” to learn more about this innovative business practice.
2. Streamlined Operations
The perfect car has as few moving parts as possible.
“In a hydrogen fuel cell car, the engine has no moving parts, whatsoever,” Kaku said, according to GeekWire.
The same can be said for the perfect law firm. A stiff hierarchical system might be slowing you down. Assign casework to the most qualified team of lawyers, but don’t overstaff cases just to overbill clients.
The recent growth in in-house counsel means your firm must stand out and meet market demand—that demand calls for the end of traditional hierarchical billing models and more personalized attention at the partner-level—stop delegating work to inexperienced associates, knowing that top ranks will only give a brisk review.
The best way to ensure streamlined operations is implementing training programs for support staff and associates. You’ll have fewer moving parts and higher-quality delivery of services after strict and structured training schemes.
Because, in the end, sometimes the most effective teams are the smallest ones.
Need help? Take C4CM’s audio course, “Legal Support Staff: Revamp & Reassign Support Services for Max Profitability & Productivity.”
The perfect car emits nothing but water.
“The word ‘smog’ is going to disappear from the dictionary because we are going to be entering a new age,” Kaku said, writes GeekWire.
Young associates are idealistic. This can be a positive quality. It’s important to mentor younger associates so they understand the practical implications of practicing law.
At the same time, embrace this idealism. Take some “unwinnable” cases because they take the “right” position. This will boost morale and serve as a reminder to the higher purpose of the legal profession.
Get some ideas for training programs with C4CM’s audio course, “Integrating Legal Mentoring With Law Practice Management.”
Finally, the perfect car is one that is friendly to the consumer, writes GeekWire.
“Usually hydrogen cars are priced at hundreds of thousands of dollars, way beyond the pocketbook of the average person,” Kaku said. “But this car, we’re talking about the neighborhood of $50,000. As mass production, competition, and economies of scale begin to kick in—and as governments begin to subsidize the creation of refueling stations — you’re going to see that cost drop even further.”
The perfect law firm also provides affordable prices. Affordable doesn’t mean redrawing the bottom line at your firm from black to red. It means flexibility.
The rise of alternative fee arrangements is not necessarily a “win” just for the consumer. It can be a “win” for your firm, as well. With proper structuring, you can increase your client base, client loyalty, and caseload while providing accessible prices.
Need help? Take C4CM’s audio course, “Structuring Sustainable and Profitable Alternative Fee Arrangements (AFAs).”
With these four requirements, Kaku is satisfied. But for firms, there’s one more bonus characteristic.
Toyota also announced, reports GeekWire, that it would make all of its 5,680 patents related to fuel cell technology royalty-free to anyone in an effort to drive more innovation. This means fuel cell technology can now be available to anybody who wants to build on it.
Every firm should practice a bit of probono work.
The combination of innovation and affordable services? Now that’s a model for cars (and firms) worth driving forward.