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An interesting discussion of ways law firms should start to think about and measure profitability (look at matter margin on a per partner hour basis).
Legal ops managers at PG&E and AbbVie discuss the complexities and drivers behind their legal department’s recent metrics implementation.
Some good observations for legal operations professionals to consider as they wear their technology hat, including: “business users increasingly expect a better experience for enterprise software. The modern product manager needs to know the customer intimately. This means being obsessed with usage metrics and building customer empathy through online channels, one-on-one interviews, and shadowing exercises to observe, listen, and learn how people actually use and experience products.” More insights to extract
Companies and their outside counsel are both collecting useful information that they're not sharing with one another. Should both parties be more transparent to achieve their goals? “From a pricing perspective, firms are sitting on a wealth of information on how much matters would typically cost, or at least the effort it would typically take to perform a certain piece of work.” Let’s start with Time lag — https://t.co/oNvjIil2n6 .
Four ACC Value Champions discuss how they evaluate their non-hourly pricing models and fees. These value leaders have moved the majority of external spending to value-based fees, using flat fees for entire matters and portfolios of litigation and corporate matters. When the work is done, how do they know they priced it appropriately? And how do they refine their pricing models over time? What metrics do they share internally to report results?
Considerations for developing and advancing legal operations data analytics from the 2016 ACC Legal Operations Conference. Available to ACC members.