Kodak Files For Bankruptcy – A Buggy Whip Company?
Buggy whips. I think of buggy whips when I hear stories like Kodak filing for bankruptcy. First I think how could this happen? Then I think "Buggy whips." I know that sounds crazy; why would somebody think about buggy whips? But it's pretty appropriate isn't it?
In the 1800s everyone had a buggy whip. You needed them to get your horses to drag around your cart. As the 1900s approach, and Ford and Benz build cars, they became a thing of the past. I wonder what happened to all those buggy whip companies. A few must have been wise enough to get into the automobile industry. Maybe they started creating belt drives or some other thing that would be similar to buggy whip on the new-fangled cars.
Kodak is just a buggy whip company and should serve as a hard lesson to anyone in business. Life moves quickly, and the only thing constant in life is change. If you don't look forward, you will be looking at your company broken and bankrupt, because the world, technology and life have moved past your usefulness.
I hate to say it, but the same is true for lawyers. Lawyers must look to the future, adapt to the new environment and change our business practices if we want to survive.
Those of us who are wise enough to create strong websites, begin client interactions over the Web and save our data in the cloud, MAY survive. Those of us to hang on to the institutional old-world model by setting up large law firms with bloated overheads and white shoe arrogant high-cost lawyers will eventually be a thing of the past.
Lawyering was an interesting profession where we selected few lawyers who knew and understood the law. We were uniquely able to research a legal issue and cogently understand them and then develop legal theories to help clients. Soon that may be done by anyone who can type it into the Google search bar!
If we are not able to adapt to this new environment, we might as well join Kodak in bankruptcy court.
I wish Kodak the best. I nostalgically love the company. It reminds me of photo albums and my childhood. I hope the bankruptcy provides them enough time and releases, and enough capital to turn their substantial investment in new technologies into profitable ventures. Turning the company around is a tricky business, and I know it's one that Kodak has worked hard to achieve. It just seems they figured out they were making buggy whips a little too late.
Brian F. LaBovick, Esq.
Esther Uria LaBovick, Esq.
Mark R. Hanson, Esq.
Scott R. Haft, Esq.
Joseph R. Fields Jr., Esq.
Marcie Dodson, J.D.