In the knowhow: Why Thomson Reuters Practical Law and Westlaw are essential for law firm knowhow
Law firms run on information – from communicating internally and with clients, to keeping up with the latest reports, news and changes to law. If staff don’t have access to the precedents and resources needed to get the job done it could mean losing clients, and therefore profit.
Jon Poole, solicitor at Teacher Stern, says Practical Law and Westlaw from Thomson Reuters are essential for business.
“They are the go-to starting points for the majority of our matters. The precedents and knowhow materials are very comprehensive and we know we’re using the most up-to-date and well-researched information.
“It’s incredibly important to keep track of developments in the marketplace and changes to the law, so it’s very useful to be able to get quick updates as to what’s going on and what could beexpected around our key matters and practice areas,” he says.
Time to research
Something as fundamental to a smooth-running law firm as precedents should be quick and reliable – there’s no room for error or inefficiency when it comes to a client’s case.
“The volume of precedent documents was important, but also the knowhow and guidance that sits behind them – the whole package is very useful to us.”
There are often unusual situations or queries in connection with procedural matters or settled legislation, which staff often come across but don’t always have abundance of time to dedicate to researching, Poole says. Things such as Ask Practical Law, What’s Market and the general current awareness materials are all useful and quick reference points.
“When we do cross-border work in a new territory, we use Practical Law and Westlaw as the starting points for our research and preparation. It is very valuable for us to have concise overviews and information on key differences between jurisdictions at the very outset of an instruction in order to inform our approach and our clients’ expectations and understanding.”
He says what makes it so quick and reliable is that it’s focused. “You get a synopsis overview and can very quickly filter what’s relevant to you and your practice. From there it opens up and allows you to go away and research the core legislation and cases.”
“The layout is easy to navigate and well-structured in terms of practice areas and resources. There are many resources available and these can be easily filtered in a number of ways.”
The main saving, Poole says, is that fee earners can quickly pick up on the big changes without religiously following the legal media, legislation and the latest case law developments.
When time literally means money, fee earners shouldn’t have to use their time and energies on collecting and maintaining information unnecessarily, if there is a reliable, well-maintained and comprehensive source, especially as it can be difficult to bill a client for that time. It’s better for the client and for the firm’s productivity if information is to hand when it’s needed.
This article appears in LPM magazine. To read the full article, download your copy of LPM June 2018: Power play here.
