Practice Management

You know when the Internet bubble was growing (before the burst) there were so many companies raising money and expanding that I could not figure out how their market strategy made sense (or money).  But, I thought, what did I know?  Investment bankers and Yahoo were throwing fortunes at these companies even though they were not making money, they were eating through cash, and there really did not seem to be a way for them to make money.  Ultimately, we found out that investment bankers are really just gamblers.  They throw money at a lot of (at least in hindsight) stupid things with the hope that one will be a Google.

So, here we go with LinkedIn.Com.  A social network site for professionals.  According to FT.Com and other sites, it is now worth a cool billion dollars after it raised $80 million dollars overall from investors.

The problem for me is that I keep thinking what in the hell do we need with another social network site?  I cannot figure out how to work it in or use it that effectively in what I do.

Do not get me wrong, I have an account, and I get requests several times a week from people who ask me to joint their circle or group.  I almost always join, but I do not really use the site and I almost never receive anything from anyone who invites me into their group.

I understand that all sites need eyeballs to make them work, but sometimes I think investors and others just confuse glances their way as some deep interest.  Just because a beautiful girl at a club might give you a glance, does not mean she is either interested in you or wanting to marry you.  For all you know, she might just be amused by your combination of Hawaiian shirt, shorts and black socks.  Hey, if it makes you feel better, that is all that matters.

I tend to this that is all that matters with investment bankers in regard to Linkedin.  All they really want, after all, is not success but the company to sustain itself and its story until they cash out by taking the company public or selling it.

Again, what do I know.  Mary Kay Cosmetics has survived for decades with everyone running around trying to peddle the companies wares.  However, I still do not know anybody that uses Mary Kay Cosmetics.  So, I know a bunch of lawyers who have signed up for Linkedin, but I do not really know anybody who uses it - much.