Low interest rates are great if you are borrowing money, but not so great for an insurance company trying to make a profit. That might also be bad for you because it leads to higher rates. To understand why lower interest rates are bad for insurers, you need to know how these companies make a profit.

If you own a typical permanent life insurance policy (lifetime coverage) and did a straight present value calculation of the premiums you can expect to pay during your lifetime, the total will be less than the death benefit. If the insurer is not collecting . . . [more]

Mark the commercial litigator was constantly writing down his bills because of his “leave no stone unturned” approach to research and preparation of his files.

Krista was always late with her time entry. She would hold off releasing it until the very last minute for fear of missing some small detail.

Trent has a desk piled high with filing because he is always waiting for the right time to tackle it all in one go.

What do Mark, Krista, and Trent have in common? They are all perfectionists.

I had a good discussion today about perfectionism with Derek LaCroix, QC, . . . [more]

About five years ago I developed and began co-facilitating a special one-day workshop for brand new firm chairs and managing partners to help them prepare for taking on the enormous role of becoming their firm’s leader. This opportunity came about as a result of my having been engaged back in 2004 by a long-time client, an AmLaw 100 firm, to assist the Board in its selection of the next full-time managing partner and to then help that individual get comfortable in his new role.

What I quickly discovered was that most professionals have a naiveté about the skills and knowledge . . . [more]

On Mother’s Day, I sat down to write this blog – and reflected on the extra challenges that women associates still face in making it to partner. This is despite the fact that most law firms have generous maternity leave policies. From the firm’s perspective, their greatest challenge in developing more women partners is the loss of very good senior women associates from the partnership track, particularly at the six year call level – just when firms are considering associates for partnership. Why is this? It is not because women lose interest in becoming partners after six years of call, . . . [more]

I billed 2,400 hours last year because I have the perfect work-life balance.

Since its adoption into mainstream North American vocabulary in 1986, the term “work-life balance” has caused hypertension in and the impression of decreased work-ethic by senior lawyers and firm managers. Its use by an applicant in an interview is usually fatal. Yet firms spend thousands of hours and dollars seeking the Holy Grail for law firm management: equilibrium between “work-life balance” and business interests. Why? Because “work-life balance” equates to associate retention.

With all the focus on work-life balance, why have so few managed to achieve the . . . [more]

I used to race our sailboat, a 35-footer (11 meters) that required a crew of about nine to be competitive. When I helmed, or steered the boat, I would sometimes drag down our performance with three common mistakes:

1. Not good enough as a sailor
2. Tried to do too much
3. Didn’t get my head out of the boat

Project managers often fall prey to the same three mistakes in the context of project management.

Insufficient Skill

I wasn’t a terribly good racing sailor. Indeed, none of our regular crew, equally busy-with-real-world-jobs colleagues, were that good. Over time, we learned to deal . . . [more]

Sunday morning 3:30 a.m. and my head finally hits a cushion. I have just done an Amsterdam – Istanbul – Sana’a in 11 hours. By Tuesday evening I have been totally submerged in Yemen, even though I do not speak Arabic. To compensate, I have become very sensitive to all other forms of communication: the voice of my interpreting colleague, the pronunciation of the few that speak English, and the sounds and body movements of those I communicate to.

The Minister of Justice, traditionally dressed, welcoming me in the name of Allah the Merciful, together with his ministry colleague, the . . . [more]

It was a toss up this time whether to write about the media controversy around Yahoo CEO Marissa Mayer’s cancellation of telecommuting and the subsequent criticism that she has betrayed women in the workforce, or to jump into the hot debate around Facebook COO Sheryl Sandberg’s new book “Lean In” on how women can overcome internal barriers that can keep women out of leadership positions. 

However, after downloading the Sandberg book the day it was released and reading it in two days, the topic for this column became an easy choice. The many, many book reviews, columns and blogs debating . . . [more]

Firms are navigating a tough financial climate, suppressed growth rates, and declining demand. Previous downturns have been transitory, as the industry has been able to recover within a few years. However this time the landscape has changed and the legal sector is not expected to return to previous levels of growth for a long time. Whatever kind of economist-speak you prefer, there’s no getting around the fact that now is a scary time to be a firm leader. Whether you choose to call it the digital age, the knowledge economy, or even “the New Normal,” it seems clear that we . . . [more]

Janice has hit her stride. She has a busy practice in a speciality area of law at a large regional law firm. She is actively involved in the administration of her firm and weaves regular client development activities into the work day. She and her husband Nick, a corporate lawyer, have two young elementary school children. Janice is enjoying her family life and her legal practice. She would be the first to tell you that she feels stretched and like she is “acing” neither of these important areas of her life but she does have the sense that she is . . . [more]

There is little doubt that privacy is a hot topic these days in Canada. Recent news stories include the loss of student loan recipient personal information by Human Resources and Skills Development Canada in January of 2013 and the loss of a data stick containing the personal information of approximately 5000 Canadians by a federal government lawyer working on their Employment Insurance appeals in November of 2012.

These news stories, as well as experiences I have had with lawyers through my practice, has caused me to ask the question posed by the title of this post, and to come to . . . [more]

Most people are completely unaware that their car has a black box. The device is known as an Event Data Recorder (EDR) and while it’s not yet mandatory, approximately 90% of cars on the road are equipped with this device. If you are wondering if your car has one, it should be disclosed in your owner’s manual. 

EDRs are similar to commercial aircraft flight-data recorders, but don’t record voices or GPS locations and only retain information during a crash event, and from 5 to 30 seconds immediately before. Some of the recorded data includes:

• airbag deployment
• speed
• engine RPM
• brake