Law Times

LAW TIMES / APRIL 28, 2008 COMMENT PAGE 9 am pleased to have been in- vited to write a column for Law Times about the busi- ness of practising law. As lawyers are by their nature (or is it their training?) a skeptical group, it seems prudent to lay out for you my credentials (as they are) to write about business issues. I am the current managing I partner of WeirFoulds LLP, a law firm located in downtown To- ronto, the professionals of which are evenly divided between liti- gators and business lawyers. I did not have a business background when I commenced the practice of law — no eco- nomics or business administra- tion degrees in my past. My practice development was care- fully mentored; my business de- velopment, not so much. I practise in the area of prop- Ignoring business side detrimental to success Doing erty development and private company law, so over the course of my practice, I have learned how to read financial state- ments, how to finance a busi- ness, how to prepare a budget. But, I wouldn't describe myself as sophisticated in this regard. My understanding of tax law is somewhat limited. I rely on accountants and tax lawyers for advice. In fact, I rely on ad- vice from a pretty broad cross- section of professionals in my management position — ad- ministrative, financial, market- ing, human resources, library services, associate, and student development, to name a few. Not to mention my colleagues, who have opinions on a lot of issues (not surprisingly). I have studied the business of practising law quite a lot. I read everything I can get my hands on about the topic. I am a relatively quick study (don't we all have to be?), and I be- lieve that I know enough to ask the right questions and, hope- fully, recognize the "icebergs" floating around. Also, I am a woman. I am used to keeping a lot of balls in the air at one time (I have a theory about multi-tasking and gender) and there is no ques- tion that my being a woman in this position does affect the way I approach all of the busi- ness issues with which I have to deal. It does, inevitably, affect the topics about which I have strong opinions. in my view a fundamental prerequisite to implement- ing change. Also, in the course of my career, it has become clear that there are certain issues with which we as lawyers are constant- ly grappling, including associate compensation; high-cost lawyers; high-cost cli- ents; client loyalty; competitive pressures, to name a few. There are other types of is- sues: conflicts; employee reten- tion and loyalty; equity and diversity. These are issues that are thought-provoking, from a moral and strategic perspective to be sure, but also significant business issues with which all firms must seriously contend. In my experience, the train- ing of law students and associ- ates with respect to the business of practising law — in particu- lar how we go about doing it; the real costs associated with it; the business of getting clients; our expectations, reasonable or otherwise, with respect to com- pensation; the different ways that different types of firms deal with these issues — these are the topics that law schools generally don't teach. How do we keep our costs down when we are competing with law firms around the world for the best and the brightest, and our rates reasonable? Is our invest- ment in technology reaping dividends? Outsourcing is an option, or is it? And in 2008 we have some- Business By Lisa Borsook which to work, you are go- ing to fail at the business of practising law. Hopefully, future col- umns will provide some thought-provoking options for you in addressing some of these challenges. LT A conference presented by the IBA Litigation Committee and supported by the IBA North American Regional Forum The Role of the Lawyer Crisis Litigation: 19–20 June 2008 Crisis has become a fact of corporate life: tainted products, environmental catastrophes, company scandals, dawn raids by competition authorities, fraud and wrongdoing. Dealing effectively with a corporate crisis requires unique skills and judgment on the part of both the litigation lawyer and corporate counsel who are confronted with issues that may be unfamiliar, often on an emergency basis, while being asked to assume responsibilities and roles that few have been trained to handle. This Conference will assist both internal and external counsel to deal with these high stakes, high profile crises that not only lead to litigation but may threaten the reputation and entire franchise of the corporation. This highly practical event will feature experienced professionals in crisis management, senior internal counsel who have had their own 'trials by fire', senior external counsel who have been on the front line of crisis litigation, and media advisers, journalists, judges and academics who have a wealth of experience with issues that arise in crisis situations. Topics will include: • Anticipating and planning for a company's next crisis • Global privilege issues: strategies for lawyer-client communications • Dealing with the public during a crisis • Responding to false information in the 21st century • Legal and ethical perspectives on media communication during litigation thing new to think about — an economic slowdown. There are many of us who practise law who do not remember the last time there was a significant or enduring economic slowdown. The state of affairs that so many of us have come to expect, that our plates will always be full, that eventually we will get paid for what we do (within reason), that our clients will always need our services, will not likely sur- vive a prolonged downturn. Operating this business is What does it mean, the busi- ness of practising law? It is clear that those of us practising law have business is- sues that are dramatically differ- ent from those operating busi- nesses. By and large, we do not manage our businesses from the top down; our partners have a say in what we do. We not only have sharehold- ers, but shareholders whose sole vote may in itself be sufficient to require us to change course. Building consensus is a pretty important part of my job and simple in concept and compli- cated in execution. It is a "people business" in every way. Arguably, in one way or another, all of us are by our very natures ill-suited to it. It is not what they taught us in law school and so, not sur- prisingly, we have all got to be trained and re-trained, largely by self-teaching, to do it well. But if one thing is absolutely clear to me, in this competitive world, with clients that are becoming increasingly sophisticated pur- chasers of our services, ignoring the business side of what we do is bound to detrimentally affect our success at doing it. It doesn't matter if you are the best and the brightest; it doesn't matter if you are also the hard- est working. At the end of the day, if you can't simultaneously balance your books and provide a stimulating environment in DON'T COURT DISASTER Keep up-to-date on the latest judicial developments by reading Law Times CaseLaw on pages 22 - 23 www.lawtimesnews.com For further information, please contact: LT 1-4x3•Web Discount 4/22/08 1:08 PM Page 1 International Bar Association 10th Floor, 1 Stephen Street London W1T 1AT, United Kingdom Tel: +44 (0)20 7691 6868 Fax: +44 (0)20 7691 6544 E-mail: confs@int-bar.org Website: www.ibanet.org IBA_LT_Apr28_08.indd 1 4/22/08 10:31:24 AM Toronto, Canada Lisa Borsook is the managing partner of WeirFoulds LLP, a Toronto law firm specializing in litigation, corporate, property, and government law. the firm's leasing practice group. She can be reached at lborsook@ weirfoulds.com She also chairs May Specials Visit our Web site and Save 20% www.canadalawbook.ca The Art of Trial Robert B. White, Q.C. The Appeal Book Robert B. White, Q.C. and The Honourable Joseph J. Stratton, Q.C. Advocacy in Court: A Tribute to Arthur Maloney, Q.C. Editor: Franklin R. Moskoff, Q.C. The Dubin Lectures on Advocacy, 1998-2002 Featuring addresses by: Edward L. Greenspan, Q.C., Sir Sydney Kentridge, Q.C. and Justice W. Ian Binnie, Supreme Court of Canada

• Cover