Recently, I’ve been reflecting on some takeaways from the Thomson Reuters marketing partner forum in Miami, which several members of Pinnacle’s global business development practice attended in January 2020.
With years of experience working in the legal business development sector, I find it strange that many firms still appear to be struggling to build a strong and vibrant key client programme. Many programmes are largely ad hoc and driven by the marketing and business development function – if they’re driven by anyone at all.
It is probably fair to say the expression ‘cash is king’ has never resonated more. Business stakeholders are more demanding on cashflow position, and in particular look for more predictability in receipts from clients.
This is the second post of a three-part series focused on preferred outside counsel program processes.
Companies that have already gone through the law firm rationalization process and have created preferred outside counsel programs can help ensure the long-term success of those programs by adding rigor and structure to the program. The information below highlights suggested structural components for a successful preferred outside counsel program.
The days of grinding out 80-hour weeks in the office on top of a long daily commute are over. Whether it’s flexible hours, flexible location, work-from-home or going “part time,” law firms are changing their ways and opening the door to new policies that benefit both employees and the bottom line. With the right strategy, your firm can use this perk to make a real profit.
Whether you’re a lawyer or IT professional in a law firm, you have a natural understanding of the threats that surround you. Threats of competition, mistakes in compliance, potential human error and the overall stressful nature of maintaining a successful practice and delivering exceptional value to your clients. Perhaps the biggest threat law firms face today, however, is the possibility of a security breach.
As a law firm, the last thing you want is to be in the headlines about a data breach. While your IT
team may have standard security measures in place, a private cloud provider ensures you have a
secure environment to store your most sensitive data.
We conduct interviews with each client that implements NetDocuments. The trends we see
of why firms are switching from on-premises software to cloud are clear:
As this is published, legal firms throughout the UK are facing the huge operational challenges brought about by Coronavirus and the subsequent requirement for social isolation. The Law Society is continually monitoring the situation and providing regular updates to provide information and guidance. Many of the responses posted by the Law Society point to very real concerns about job retention, the delivery of services and remote working.
DocsCorp, a leading provider of enterprise productivity solutions, today announced that Fladgate LLP, a UK Top 100 firm, switched to its document comparison and metadata cleaning applications. Both applications are used firmwide by staff working remotely. compareDocs delivers accurate comparison of complex legal documents across all file types. And cleanDocs minimizes the risk of a data breach by cleaning shared documents and email attachments of sensitive information.
Today, LexisNexis released its first Gross Legal Product index. This new measure, announced as the ONS reveals that GDP fell 20.4% in April, looks at the impact of COVID-19 on the legal industry. Much like GDP, the GLP tracks a number of representative metrics to offer a clear insight into the nature of the crisis and predict the long-term impact.