According to a recent article in The Global Legal Post, American law firms are spending more money on technology with their eyes on enhancing client service, quality, and productivity. Many lawyers are good at what they do. Therefore, in the past, they did not necessarily see a need for taking away precious billable hours to learn about legal-technology consulting and how it can make what’s good even better. However, today’s lawyers are wising up. One of the main goals of reliable legal-technology consulting firms is to save lawyers money. So, while attorneys cannot bill for the training or implementation time required in working with legal-technology consulting companies (although some actually can bill for that), the end result does often involve significant savings. Continue reading
When most people think of legal process outsourcing (LPO) companies, their minds conjure up images of youthful Indians in front of computers filling a crowded room with fluorescent lights and lots of headsets. Their legal skills are good, and their English is good enough. While these operations certainly still exist and offer the global legal marketplace substantial cost savings, competitor legal process outsourcing companies take a more holistic approach. Throughout America as well as foreign locations, like Israel, for example, boutique legal process outsourcing companies have made an appearance on the legal support scene. Generally, LPO companies offer certified paralegals or other non-certified, but experienced, legal professionals at a lower rate and actual attorneys for a higher rate. As in most professions, the salary depends on the experience and credentials of the individual. Continue reading
The American insurance industry is plagued with the notion that the deep pockets of insurance carriers are bottomless pits of revenue. Juries love to take revenge on their own insurance company by hitting another where it hurts—in the wallet. This leads many insurers to settle claims out of court even though the result may be unjust. An effective claims management company can provide insurance carriers with accurate valuations, comprehensive research, and reliable conclusions regarding all types of insurance claims. The insurance industry is a numbers game. Claimants often try to assuage their pain and suffering by submitting exorbitant claims. In response, insurance carriers must always guard their assets in order to stay afloat to be able to continue providing insurance to truly deserving candidates. In addition, insurance carriers remain hesitant of setting a precedent that will cause them undue harm by future claimants. Continue reading
While Madonna lived in a material world during the tubular eighties, we now find ourselves in a virtual world. The Wall Street Journal opined that software is “eating” up conventional practices in nearly every industry. From national defense to the online book market, financial and legal technology services, and everything in-between, a “software revolution” is underway. Today, the vast majority of American households subscribe to Internet services and even in third world countries, many youths who do not have Internet in their homes boast a smartphone or other mobile device granting instant connectedness to the World Wide Web. Continue reading
The Magna Carta was presented to the world on June 15, 1215. That made June 15, 2015, the 800th anniversary of the historic British Empire charter. Throughout the year, there are events commemorating the Magna Carta in England where people can lift their teacups and gather together to celebrate enjoying foundational personal freedoms. While most of the Magna Carta’s provisions are no longer in effect, and many are completely unknown to modern laymen and lawmakers alike, it is still regarded as the global basis for establishing the basic human right to justice. Continue reading
Stress Testing Is a Necessary Evil
The term “stress test” has a positive connotation to some–like federal banking regulators and my cardiologist. But the term strikes fear in the hearts of management of bank holding companies (BHC). Fail the test, and there are severe repercussions and penalties. An institution may even die or be handed over to a more secure competitor.
The Federal Reserve’s 2014 Comprehensive Capital Analysis and Review (CCAR) is a crucible expanding government intrusion and micromanagement of banks and financial institutions. Preventive care, a strong internal control framework that helps govern internal capital-planning process, will protect BHC management before deficiencies turn regulators irascible. Continue reading