I had the pleasure of speaking with Trudy Knockless and Corporate Counsel about some of the topics that in-house legal departments are thinking about until 2023. There are also great ideas from others here! People from within: Curious if you resonate with all of this. Law firms: We`re also talking about you! #legal #inhouselegal #generalcounsel #lawyer U.S. Attorney Odeko lnkd.in/gB6sJB-p [40:54] Rapid change in a slow industry: The legal services industry is evolving faster than ever due to the increased focus on budgets in legal services, especially since COVID. [42:24] Increased client acquisition: Changes in legal advice have contributed to Paragon`s growth. The company has already gained 40 new customers this year, up from about 27 last year. I`m not a professional salesperson (although I believe everyone in a company is part of the sale). That being said, am I wrong in thinking this is the best sales pitch? 1 – clearly describes the problem and pain points 2 – memorable 3 – tells me how this will solve my problems 4 – concerns animals now. How can I legally use it for B2B???? #salesbestpractices #legalservices #womenledbusiness lnkd.in/etXjXmNk [31:46] Entering legal services without legal experience: Jessica explains that not having legal experience was not a barrier and that the skills she and her partner possessed were the right ones to grow the business. With Trista Engel, she embarked on a fundraising journey that culminated in the acquisition of Paragon Legal in 2018, a legal services firm that provides interim legal advice to corporate legal departments. In the latest Paragon Attorney Spotlight, David DeBord talks about emerging trends in in-house legal services, the lawyer he admired at age 11, and what children`s archery tournaments can teach you about work-life balance. #law #worklifebalance #legalindustry Thank you Legal Dive for “immersing” yourself in our DEI initiative! (Have fun with puns) #dei #legalservices #inhousecounsel Let`s go.
I`ll get on my soap box if I may. At Paragon Legal this year, I heard “do more with less” more than I can count. The massive pressure to reduce legal costs for internal services is unlike anything we`ve seen and is happening, despite increasing and changing requirements for regulation, climate transparency, privacy, cybersecurity, etc. adding complexity. All these studies AND show it: 1) 70% of in-house counsel plan to leave their job in the next 12 months (Future Ready Lawyer Survey 2022) 2) 80% of in-house counsel surveyed are stressed and exhausted in their current roles (Corporate Counsel article of 10.12.22) 3) 40% of lawyers want to leave the company to return to law firms BECAUSE BURNOUT (I`m just amazed at that number here) (Corporate Counsel article from 10.12.22) To what extent is this not the most pressing problem that legal services needs to address?!? If you feel like you`re drowning (a direct word used by a GC client), we`re here to help. It has to be sustainable to succeed, and it doesn`t. Stop the rant. #legaloperations #inhousecounsel #inhouselegal GC not only feels the pressure to contain costs, but also expects the departmental workload to increase by up to 25% over the next three years. Find out how a flexible interim lawyer can help you.
lnkd.in/gUekKSnX #law #generalcounsel #legalindustry #legalservices In this episode of Acquiring Minds, she explains her business acquisition criteria and why a research fund made sense, what drew her to Paragon, and why running a legal services firm without a law degree wasn`t a problem. A new Paragon Legal program places graduates of the University of California`s Hastings College of the Law in in-house consulting roles with two Paragon clients: Dropbox and Affirm. “Law students are increasingly interested in in-house positions, but those positions tend to be quite limited because they don`t have the training of someone who walked into a law firm and was part of a formalized training structure,” said Trista Engel, CEO of Paragon Legal. “It fills that gap because there`s an expectation of a training model.” lnkd.in/ePNJEpma #legalnews #legalindustry #legaltalent #lawschools #inhousecounsel Jessica and her business partner were interested in legal services and were associated with a Paragon competitor when someone mentioned the company. They researched Paragon and learned that he had made the Inc. 5000 list several times and that the owner had left the Bay Area and moved to Taiwan and was therefore operating it from another continent. At Paragon, Jessica focuses on recruitment, finance and operations, and human resources. As a passionate leader who finds satisfaction in connecting with people and collaborating to develop effective solutions, Jessica appreciates Paragon`s culture of integrity and its commitment to helping lawyers advance their careers in ways that allow for greater flexibility. Prior to joining Paragon, she co-founded the entrepreneurial investment firm Calyx Capital Partners with Trista Engel of Paragon.
“Don`t panic” – sound advice Yesterday, Paragon Legal`s website crashed randomly due to an issue with our web hosting service. To say I was about to panic was probably an understatement, as we did a big marketing campaign earlier in the day with the aim of.. Direct people to our website. I texted Trista Engel like I do, and with her stable keel still reliable, she said, “Don`t panic” So I didn`t – I drank a glass of wine and mashed potatoes and our amazing team solved the problem within hours. Moral of the story: If I didn`t have the wine AND mashed potatoes, our website would still be down. #fruitsandvegetables #dontfreakout #listentoyourpartner [17:22] Big vs. Small: Jessica talks about how the search process changes based on company size and other criteria. Who else has been told that your work as a leader is to be respected and hated? Can`t it be both? Why do we have to choose? #leader #culturematters [38:45] Acquire brand equity: It would be difficult to build a business today that is similar to what it was 15 years ago. Jessica talks about how the landscape has changed during this time and the importance of the “prestige factor” in attracting top talent and clients.
“It clicked instantly: this is what I want to do, and I have to figure out how to get there,” she says. [27:40] Strong bonds: Despite the owner`s lack of interest in a takeover, Jessica and Trista have remained in touch with her. A year later, when she decided she wanted to sell, they were the only ones she wanted to sell to. 💡 Key quote: “What`s fun about traditional research, and I think that`s changing now, but [from our investors] there`s a little bit of, do it, see what you can do, and not a lot of advice. Almost a bit like a test. So we created the playbook. We created internal integration. We built everything. I think many successful research funds lead to something similar. But it`s a lot to reinvent the wheel every time you start. So in the first six months, we really tested everything. When Jessica Markowitz discovered the traditional research fund model for acquiring a business, she saw it as an ideal introduction to entrepreneurship.
