Whether you’re a lawyer with an established practice or have only recently set one up, this book is essential reading if you want to increase the quantity and quality of your clients in a way that’s both ethical and which actually works.
When done properly devolving selected, routine HR work to department managers and team leaders is likely to result in efficiencies, cost savings and performance improvement all of which can add up to competitive advantage.
Four years ago, we introduced a thesis called “Your Firm 2020.” At the time, we predicted the majority of law firms will expect legal technology to support better automation, mobility, and collaboration. We also noted that cybersecurity would be one of the most pressing concerns. As we publish this paper, we’re closing in on the final quarter of 2019 and we think those forecasts have largely played out.
The world of work is in a constant state of disruption, change and evolution. Pressures on revenue and productivity; new players and competition; talent acquisition and retention; security and compliance; client expectations; technology and sustainability are among the factors forcing business leaders to rethink the very essence of how they do business.
Law firms, like any other business, must continuously track their key performance indicators (KPIs). These metrics go far past the Billable Hours metric that most attorneys track closely and are a great way to help legal teams better manage revenue and expenses. KPIs provide law firm partners and administrators with data analytics that provide an overview of performance for the total firm and across the various firm “slices” such as by timekeeper, practice group, or office. To get the maximum benefit from tracking KPIs, law firms must choose their KPIs wisely. Below are the KPIs that every law firm should track to boost firm revenue and profitability.
Law firms are in the business of helping people, but they are still businesses. Large law firms have teams of people working on analyzing and investigating their performance on key metrics. Smaller law firms, on the other hand, may struggle to allocate adequate resources to analyzing their financial metrics. Regardless of firm size, there are specific metrics that the firms must track and publish to their attorneys. It is ironic that some attorneys want to focus on spending time with their clients, but if they don’t focus enough on their financial metrics they may not have enough clients to spend time with! To ensure that the firm is financially profitable and growing their client base, it is important that every law firm tracks five essential sets of metrics.
Time recording in law firms should be second nature to a fee earner, as this is fundamentally how a firm knows what to charge their client and enables the firm to understand the activity of their staff. With this being the case it should be expected that time recording and doing so properly is a given!
Legal Lab 2019, HBR’s fifth annual gathering of leaders from leading law departments and law firms, marked a turning point from prior years where we were poised on the brink of change in the legal industry.
Managing a records retention and disposition program is one of the chronic challenges for any organization in the information age. Businesses and government agencies of all sizes are seeking to implement or improve these programs due to increased risk of cybercrime and data breaches, the complexities of complying with a variety of data privacy laws and regulations worldwide that dictate how long personally identifiable data can be retained, and the desire to reduce their data footprint in order to cut back on their storage expenses however possible.
Law firms are daily targets for cybercrime and targeted data breaches. Criminals are keenly aware that
law firms can be a “back door” to valuable confidential data, such as trade secrets, intellectual property
and financial information related to potential business deals. In fact, 23 percent of law firms reported
that they have been the victim of a data breach at some point, according to the ABA’s 2018 Legal
Technology Survey Report. Meanwhile, corporate clients are ramping up due diligence efforts to ensure their outside law firms are protecting their information with comprehensive information security controls. They also want to be assured their firms can quickly and easily respond to all possible compliance items or requests.
In a profession enamored with centuries-old precedent, the term “legal innovation” has long been an oxymoron. Lawyers were commonly—and often rightly—perceived as too stagnant and tradition-bound to embrace radical change. But more recently, legal innovation has taken off, garnering extensive buzz in the industry.
Successful lawyers and associates are those who have more hours in
the day. Billable hours that is.
Billable hours are how law firms keep the lights on. Firms need
lawyers and associates to reach their billable-hour targets, which can
be difficult to balance with day-to-day tasks, unexpected time off,
and life in general.
On 25 November 2019, the Solicitors Regulation Authority (SRA) will launch its new regulatory model – but what does this mean for firms? In essence, it will allow solicitors greater flexibility in how they work. It will remove many prescriptive rules and take the burden off law firms, meaning their solicitors have freedom to use their own judgement to consider how they meet the SRA standards.
Nick Hayne, the data master, answers some key questions around cloud provisioning and managed service providers (MSP) relations
The 2019 Digital Business Report – an independent survey commissioned by Advanced – explores the state of digital transformation for over 500 British businesses, both SMEs and large enterprises.