Six Tech Trends to Know Heading Into the New Year

As we look back at 2016 and gear up for a new year, it’s smart to brush up on new trends in the legal industry. By new trends, I mean new technology, because the terms have become almost synonymous.

Technology has impacted our profession dramatically in recent years, and it continues to do so at an accelerating pace. If you’re not on the technology bandwagon, you and your firm will have a hard time staying afloat.

This fact isn’t a revelation. We’ve known for decades that success in most industries comes down to adopting new technology. But doing so in the legal profession comes with its set of challenges.

First, regulations make change difficult. Second, sometimes it’s hard to know which new products and approaches in the legal industry have value, and which are just hype.

Those challenges aside, firms that don’t embrace technology will have trouble attracting the best new legal talent. The revenue at law firms clinging to old school ways will drop off as a new generation of clients takes their business to new-school, tech-savvy companies.

What does it take to join the ranks of the new-school? There are six major trends to be aware of going into 2017.

Social networks

Social networking is the cornerstone of legal industry marketing. This fact shouldn’t be a surprise. Rainmaking has always been about networking, relationship building and word of mouth. It still is; these techniques in their offline form still build practices. But if you’re not working the online component, too, you’re at a catastrophic disadvantage. Social media has become a factor in how clients choose attorneys, according to a survey taken this year by FindLaw. In 2017, take steps to ramp up your social presence on your website and blog, on LinkedIn, Facebook and Twitter. Doing so will maximize your online presence and help you grow relationships over time.

Your clients, prospects, and leads are online and checking social media regularly. Being part of the social media landscape isn’t hard, but there are right and wrong ways to go about it. Invest in expert help this year. Set a goal to get your social marketing plan up and running in 2017.

Virtual Law Firms

These are firms that can operate anywhere: A lawyer’s home, a satellite office, even from inside a Starbucks. Many lawyers have closed their downtown offices and work remotely. Technology lets them do this without hurting service or quality. Remote work can reduce overhead and travel time while increasing flexibility and improving work/life balance. Plus, you have the option to rent offices or meeting rooms as needed.

The leap to virtual doesn’t have to happen overnight. Experiment by working remotely one day a week and see how it impacts your productivity and revenue. It may very well provide the edge your firm needs to succeed in 2017.

E-discovery

Electronically stored information (ESI) is now considered discoverable in court. ESI includes e-mails, texts, instant messages, voicemails and other electronically stored information. What you need to know: This technological reality has changed the face of litigation. Lawyers can (and should) use digital services to access all types of records. And we need to remind our clients that their deleted texts and e-mails are retrievable.

Legal process outsourcing

Outsourcing legal work to a vendor, law firm or overseas resource has become an increasingly favorable trend for law firms. Streamlined by new technology, LPO continues to cut expenses and reduce workload overflow. It can be a huge factor in scaling your business and managing workflow. LPO technology firms that market to the legal industry are on the rise. They’ll be coming after you in 2017 to present their case. When they do, listen.

Reviews and testimonials

Adding positive reviews to Google+, Yelp and Avvo is critical to growing your business and managing your reputation. 72 percent of consumers said they trusted companies more when they have positive customer reviews, according to a BrightLocal survey in 2014. The number of people reading online reviews is increasing, so take steps to post reviews in 2017. If you can’t get customers to go on record, that’s OK. According to the data, consumer trust increases even when the reviews are anonymous.

Cloud-based online document repositories provide secure, on-demand access to records for you, your clients, and your team members. You can store, organize, view, and change files.

More customers want instant gratification and access to their documents and records. It’s relatively easy to set up, makes for a better consumer experience, and can save you time from fielding emails and sending attachments. Make sure your clients have this access in 2017!

So there you have it. Six new trends that aren’t entirely new, per se, but are increasingly important as our industry ventures forth into the brave new world of 2017.

Lawyers like to err on the side of caution. Many of us are slow to embrace new technology or rock the boat. Historically, we get hung up asking ourselves whether we can afford to take such risks.

But what we need to be asking is: Can we afford not to?

At the end of 2016, the answer is a resounding no.

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Five Former All-Stars Who Need To Have Comeback Years in 2017

St. Louis did to Chicago what the Cubs did to the Cardinals during last year’s off season, signing a valuable part of their outfield to a free agent contract. In 2015 Jason Heyward went from the Cardinals to the Cubs, where he received a World Series ring.

This year, the Cardinals returned the favor, signing Dexter Fowler to a free agent deal. Fowler served as a spark at the lead off spot for the Cubs, as well as providing near Gold Glove defense in center field.

St. Louis hopes the overall season turns out as well as 2016 did for Heyward and the Cubs, who won their first Fall Classic in over one hundred years. In order for that to happen, the Cardinals will have to get better individual results from Fowler than the Cubs did from Heyward. Although he remained a top notch defensive right fielder, Heyward’s offensive numbers were disappointing. He struggled so much that manager Joe Madden did not even start him in several World Series games against the Indians.

The Cubs are hoping Heyward has a comeback season in 2017, as are a dozen or so other players. Several of them were mentioned in an article by David Schoenfield at ESPN.com on December 6,2016, a list including Arizona pitcher Zack Greinke, Boston infielder Pablo Sandoval, and Washington first baseman Ryan Zimmerman.

Omitted from that list are five other players who are hoping to bounce back after a down year, or in some cases, back to back down years. Here are five other prominent players who need to have comeback years in 2017.

Joe Mauer of the Minnesota Twins

The former American League Most Valuable Player has had two sub par years in a row, even though he still leads the Twins in quality at bats. Mauer’s batting averages in 2015 and 2016 were both more than thirty under his career .319 mark.

Bryce Harper of the Washington Nationals

After earning the National League M.V. P. honors the season before, Harper hit just .243 and his 24 home runs were barely half of the total he hit in 2015. The outfielder is also hoping to improve his numbers considerably, since he is eligible for free agency after the season.

Andrew McCutcheon of the Pittsburgh Pirates

Trade talk regarding the former N.L. M.V.P. has been frequent throughout the winter, so his comeback may have to occur while he is wearing the uniform of a club other than the Pirates. Ben Revere of the Washington Nationals

After hitting.317 with the Toronto Blue Jays in 2015, Revere’s average plummeted to .214 when he went to Washington. He really needs a comeback year for, like his teammate Harper, he will become a free agent at the end of the season.

Alex Gordon of the Kansas City Royals

His home run totals went up four from 2015, but his batting average dropped fifty one points to .221. Kansas City, which missed out on the playoffs after winning two straight pennants, needs Gordon to bounce back if they want to return to the postseason.

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Economic Cycles, Stock Market Crashes and the Scary Scenarios

Here we are ready to inaugurate a new president in 2017 and our stock markets are at all-time highs after a huge ‘Trump Bounce’ after the election. Many that study stock market history admit that we are in a need for a pull back as the DOW is almost ready to break 20,000 pts. What does all this mean?

Well, many analysts are suggesting it is very possible we could get a market correction in mid to late 2017 and that it could be 10-20% by the time it is done, the longer this nonsense goes on, and the bigger the bubble builds then the bigger the drop, we are over bought, almost everywhere. Then all that money printed that ended up inflating emerging markets will look for safe haven, coming back here in the short term. As those go one-by-one, that money flies out, because the money is looking for the nicest looking house (for now) in a majorly bad neighborhood, look at the EU, Japan, Middle East, India, and who knows what the hell China’s real numbers are, they have one thing going for them, they own our debt – but that might not be worth much if things go on. All that money coming back to safe haven in the US will cause inflation here, but at what cost?

Cheap loans, another bubble burst and look at the Student Loan issues 35% in default (past 90-days) and cheap car loans is only producing higher repo rates which are hidden by increased sales figures. It’s all lipstick on a big pig, socialism doesn’t work and you can’t have utopia unless you build it, and that takes capitalism which we are crushing into next week for the falsehood of cronyism. But I digress.

If we don’t get a back pedal on the stock market soon, it will all come at once, and 2008 was 8-years ago remember? That wasn’t a recovery that I’d be bragging about – basically we’ve increased regulations, size of government, and cut our military – all very stupid things to do in the present period. We are digging a hole, and I assume when if it starts to fall apart the left will blame capitalism and get their people back into power – and they will just make things worse – this seems to be a repeating problem with humanity doesn’t it? That is what socialists always attempt to do, but it all collapses anyway – Venezuela, Argentina, Greece, Spain, Italy, Portugal, Zimbabwe, hell, how about that Arab Spring a few years ago, still in shambles – Libya, Egypt, Tunisia, Syria, Yemen, who’s next? Jordan, Turkey, Saudi Arabia? Civil unrest, food shortages, people will demand what was promised and take down their governments to get what’s left. Beware the socialist mobs. But I keep digressing.

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How Does the Ford GT Stack Up?

How will it compare to the competition?

The GT is by no means a Shelby GT 350 R, not even close. Besides the over $350,000 jump in price and the additional 100 or more horsepower. The new GT is even more track-focused then the previous ones. And the mid-engine layout, combined with the GT’s carbon-fiber construction it much more than a muscle car and more of a Super car.

Even though Ford has not decided on a specific horse power, the new GT with 3.5-liter twin-turbo V6 will produce more than 600 horsepower. Standing up well to the Corvette Z 06 and its’ 650 horses. Now Ford says it is working on the power-to-weight ratios to be the best of any production car. Even if they can’t hit the ratio of the Koenigsegg One with its 2.2 lbs / hp and make it to the range of the McLauren P1 with its 3.5 lbs / hp. Even with its aerodynamics the approx. 3500-lb Corvette Z06 may be a little overweight to held ground with the new GT Priced like a Lamborghini Aventador

Knowing it’s expected price range points to the real competition of the new 2017 GT. Granted the Lamborghini Aventador is packing 691 horse power, but outweighing the Corvette Z06 in curb weight by another 500 pounds, it may have a hard time keeping up with the new GT on the track. When you consider the Aventador holds twice the cylinders as the GT’s twin-turbo V6, and the fact that the Aventador is a naturally aspirated V12 all wheel drive, you can expect it to be faster off the line.

It will be interesting to see how the GT compares to the McLaren 657LT the car that feels like a competition vehicle. Weighing in at less than 3000 lbs, the 657 is pretty light, but the GT will probably weigh less. The Mc Laren 675LT is also a limited-production car, with only 500 units slated to built and cost about $50,000 less than the Lamborghini.

Then there is the Ferrari F12tdf with a price point just under $500,000 with a substantial increase in power. Touting a 6.3-liter V12 with 770 horsepower hitting 0 to 60 in under 3 seconds. The Ferrari will be a head over the GT by more than 100 horsepower, but the based on Fords claims the GT should be much more light weight. With Ford skipping a hybrid-electric system, it will be something to pit the new and severely less expensive Acura NSX with its hybrid tech and all-wheel drive against the new GT and its focus on light weight. With the NSX and its 573 horsepower will it be enough to hold its own against the GT? Time will tell.

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Private Jet Detailing And Aircraft Cleaning Entrepreneurs Have Good News

The general aviation sector has been in the doldrums for quite a while. Some blame this on increased FAA (Federal Aviation Administration) regulations, much of which occurred after 9-11 to protect airports from potential terrorists, unfortunately these increased security requirements and increased regulations have stifled the general aviation (GA) sector. The economic crashes of 2000 and 2008 didn’t help, although in 2003 the economy was flying high thanks to Bush Tax Cuts and stimulus, then it hit a wall again and didn’t really do well until the run-up just before the 2008 crash.

The GA sector has only slightly recovered since then but not back to its 2003 highs. When Obama got elected he railed against Corporate Jets and Corporate Fat Cats which hurt jet sales and new aircraft sales. Remember when congress went after the Auto Makers for flying their corporate jets to Washington DC to beg for bailouts? Public sentiment against GA was at an all-time low. All of this had hurt aircraft cleaners and jet detailers – it made it tough to make money, but it looks like things are changing and the number of GA Aircraft is increasing. This new Trump Administration is pro-Aviation unlike the Obama Administration. Cutting corporate taxes will also help GA and jet sales. It looks like clear skies ahead for those in the General Aviation services business.

There was a great article in AIN – Aircraft International News – December Edition titled; “UBS Bizjet Index Sees Post-election Surge,” by Chad Trautvetter posted on December 12, 2016 which noted the following facts; The new Trump Administration in the U.S. is widely seen as a positive, with 61 percent of those surveyed expecting the outcome of the U.S. presidential election to ultimately be positive for the business jet market, while 11 percent don’t see a positive impact and 28 percent are uncertain. In fact the article went on to note that there was an increase of between 44-49% increased orders for private jets over last year. Many of those aircraft will be delivered by 2018, and the backlog will increase used aircraft sales and current new inventory. More aircraft certainly means more aircraft to clean and more new aircraft means more corporate detailing customers as well. Meanwhile, along with the fractional jet market, we see jet air-taxi services on the increase as well as Uber style aircraft ride-sharing plans smaller companies can buy into. All of this means the GA sector is ready to take off again and that’s good for business.

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