Into the Crucible
Since 2008, the industry has changed. Demand for legal services has flattened. Clients’ needs are different and the definition of client value has changed from “deliver quality matters” to “deliver quality matters at the expected price.” This new price consciousness is driving change.
More Competition and Changing Expectations
Paired with price pressure, firms can expect these changes:
Increased use of e-billing, demand for budgeting, and real-time dashboards and reporting
More outside counsel guidelines
Increased use of Requests For Proposal
Firms need a holistic, client-centered solution,
not just more software
The best solutions simplify complex challenges
Crafting More Powerful Pitches
Many firms sell on the strength of singular case studies, but a firm’s historical data builds a more compelling client pitch. The firm has a network of experience to sell – within an industry, an area of law, their tested experts, a history with a judge or opposing counsel, and a deep familiarity with strategy. Firms need to track and leverage their metadata to:
Leverage past work
Build a winning pitch
Generate client-ready proposals
Creating Competitive and Profitable Pricing
Scoping and pricing matters is a new skill for most lawyers. It’s further complicated because the data they need is typically trapped in biller’s notes, making reporting inaccurate. Lawyers frequently base their pricing on experience and gut instinct – risking the profitability of their matters through unplanned write-downs. Lawyers need a simple way to:
Understand planned discounts v. unplanned write-downs
Measure against targets with better BI
Identify which activities result in profitable revenue
Leveraging Historical Data for Matter Strategy
The rich historical Experience data that wins a pitch is the same data the delivery team can use to form the best strategy to succeed. Firms possess institutional knowledge of judges, opposing counsel, expert networks, winning matter strategy – but lawyers rarely have easy access to this data. If they don’t personally know where to find this information, they might conduct the research via firm-wide email. Data like this should be available at a keystroke:
Access to experts
Intimate understanding of opposing counsel
Knowledge of the judge
Previous winning strategies
Strengthening Client Relationships
A successful platform brings together people, process, and technology to holistically help firms deliver quality matters at the expected price. Surveys indicate that delivering matters within the expected scope, with streamlined reporting and billing have a significant impact on client satisfaction. Offering clients predictability can help firms:
Stay within client requirements
Deliver quality work at the expected price
Automate and improve client communication
Create a Data Culture that Delivers Competitive Advantage
The big data revolution that’s rewriting the rules of business is only beginning to change the legal industry. This means firms have a new opportunity to create competitive advantage through data-driven decisions, establishing objectives and measuring key results. Organizational change requires the alignment of people, process, and technology to make a smooth transition to the new business model.
