Ken Thayer Podcast with guest Trippe Fried

Assess and Manage Risk with Trippe Fried

Summary:

In this week’s episode of Attorney Talk, Ken Thayer interviews Trippe Fried, who has been a practicing attorney since 1996 and represents businesses of all sizes in numerous industries including healthcare, technology, and financial services. Trippe’s practice, Outsource General Council, focuses on helping businesses assess and manage their risk and use of legal services in such a way they add value to the enterprise as opposed to losing profit and capital. During this episode, Ken and Trippe discuss legal intervention as the most efficient method possible, changes in the legal profession, transactional law and service bundling.

Main Questions Asked:  

  • What kind of reception are you getting from clients?
  • Where does the non-lawyer mentality come from?
  • Talk about service bundling.
  • What is the biggest misconception the public has about lawyers?

 

Key Lessons Learned:

Lawyers as Entrepreneurs

  • Lawyers leverage the tools that the law provides, to protect businesses and let them thrive.

 

Solo Practitioners  

  • As a solo practitioner, you can put together a package of services for your client that meets all their needs without having to go to a big firm.
  • Instead of outsourcing to a lawyer, the idea is to insource the lawyer into the business.
  • The barriers to practice across states and disciplines are no longer there.
  • As a solo practitioner, you can provide the services to the clients yourself, or for specialties, bring in other attorneys to work with your clients instead of sending the client away.

 

Reception of the New Model & Entrepreneurs

  • Older entrepreneurs have been more reticent of the new model, whereas younger tech entrepreneurs have been very receptive.
  • The new mindset is that legal services are a value-added proposition.
  • The more one spends on the bigger front end of legal, the bigger problems they have.
  • Legal spend for entrepreneurs will increase over time, as the legal needs also increase over time.
  • In the startup phase, an entrepreneur should have a fairly routine experience with a lawyer.

 

Changing the Legal Profession

  • This won’t change from within, but is changing externally.
  • The legal profession has a tremendous inertia problem. It doesn’t change due to the way the government and politics are set up for laws, legislation, legal precedent, and practice. The system is designed to move slowly.
  • The economy is saying to the legal profession, “You have to make changes.”
  • General councils are finding a cheaper way to conduct their business. They are asking the lawyers who are providing services to also find a cheaper way.
  • There are so many layoffs at big firms, resulting in lawyers going into solo practice. This means they are able to provide different levels of service for a cheaper price because they don’t have the overhead of the big firms.
  • As the demand for a better way of marketing and providing legal services proliferate, you are going to get a lot of innovation, which will change the legal profession.
  • If you can’t change it from within, then ultimately the economic situation will make the change happen.
  • The question will be, “Can lawyers adapt fast enough to keep up with the demand?”
  • The clients have been telling lawyers for years, “We don’t like the way you do things,” and the response from the licensing boards has been underwhelming.
  • The catalyst will be the new lawyers competing to get clients based on innovation, as there is an oversupply of lawyers.

 

Transactional Law and Change

  • The change to the legal profession will come from the transactional side rather than the litigation side.
  • The transactional lawyers who have litigation experience recognize that one of the best ways to add value to their clients is to keep them out of litigation.
  • In order to avoid litigation, transactional attorneys are writing better contracts.
  • More contracts will have jury trial and class action waivers, as well as more streamlined litigation.
  • Mediation is an underused technique for meeting to resolve disputes.
  • The only way to make it work is for everyone to benefit from the transaction. If one side is set up to fail, you will end up in a courtroom with equity arguments that can’t be resolved on summary judgment.
  • Work done on the front end builds in the deterrent to litigation and tries to give the parties the best tools to resolve disputes efficiently.

 

Service Bundling

  • Clients prefer a flat fee, as there is always trepidation that you’ll get an email saying you owe $18K.
  • Clients want bundling that exists in a big law firm, but don’t want the costs that go with it.

 

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Links to Resources Mentioned

 Outsourced General Council

 

Click To Tweet 

Is service bundling the way of the future in law? Find out w/ @VirtLegalDept @gaylordpoppllc http://www.gaylordpopp.com

 

The legal profession is changing externally not internaly. Find out more w/ @VirtLegalDept @gaylordpoppllc http://www.gaylordpopp.com

 

 

 

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