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Transforming the traditional law firm
Transcript of Transforming the traditional law firm
Talent management and development
Advanced client relationship management Transforming the traditional law firm
The 'new normal' Simon Thompson Achieved through a single enterprise view of each of the key dimensions of your firm It's about business process Plan matter Identify opportunity Execute
matter Build team (cc) image by nuonsolarteam on Flickr Global Capability End To End Simplify Build a platform Multi ledger, currency, language Support for:
International accounting standards
Local jurisdicational compliance
Local tax rules (VAT, Withholding tax...) The 'new normal' Market impact Law firm response The financial crisis of 2008/9 and subsequent recession
Structural changes and increased competition in the legal sector
Increased importance of the BRIC economies, with higher growth in emerging markets
Increasingly sophisticated purchasers of legal services
New technology The 'new normal' Legal departments are under budget pressure
There is an increase in regulatory control and a resulting rise in risk management requirements.
So while legal budgets are under scrutiny, the requirements for legal support has grown
If in house teams are to justify their budgets they must not only manage costs effectively but also continually demonstrate efficiency, transparency and value to their business As such in house teams are making the same demands on their external legal providers
Made more difficult by fixed cost base. 40-50% of cost is fixed in premises, depreciation and IT infrastructure. 25-30% is headcount based cost.
Remove all IT and Marketing heads to achieve a 5% increase in average partner income. Short-term and tactical cost savings can get you only so far, they are not sustainable in the long-term. Effective implementation enables:
Integrated and optimised process
Improved business 'insight' and visibility
Greater compliance and enhanced risk management
Infrastructure consolidation and simplification
Effective sourcing Integrated business systems play a fundamental role in meeting the challenges facing law firms Can't think in organisational silos Not a 'business process re-engineering' exercise The combination of an integrated set of processes that reflect commercial best practice with industry specific requirements In a more volatile, regulated and global world What is the response? Look for new opportunities to increase revenues
Increased focus on client relationships
Cut costs Process
Integration Clients Money People Myth: Law firm business processes are unique Extends classic law firm process into other key areas... Clients under pressure New demands Cost reduction Business process New areas Simplifies,removes duplication, saves money Improved business insight Improve your financial management (WIP management, credit control)
Fully understand ALL your costs
Really understand what drives your profitability profitability
Plan matters effectively and predict profitability Offers agility and flexibility You are building a platform for the future
Better understand your clients, increase your responsiveness and visibility
Target your business development effort
Deal effectively with demands for alternative fee arrangements Improved business insight It's about business process Create integrated and consistent process Simplify and consolidate process Scalable
Extensible Integration through end-to-end process
It's not all workflow...process analysis and dis-aggregation play a critical role in developing an effective sourcing strategy
Understand your skills base and allocate resources effectively
Optimise resource utilisation across your firm
Consistent performance management and skills development Improved business insight Improved business insight Transform from a transactional business with To one with relationships that are.. Win work Complete transaction.
Issue bill. with episodic client relationships a continuous exchange of insights and ideas between law firm and client