Technology offers professional services firms a way out of their predicament. By leveraging the power of algorithm-driven automation and data analytics to “productize” aspects of their work, a number of innovative firms are finding that . . . they can increase margins as they grow, while giving clients better service at prices that competitors can’t match.
Develop Your EI/EQ
In order to excel, leaders need to develop a balance of strengths across the suite of EI competencies. When they do that, excellent business results follow.
Focus On People
Document and contract management systems do not manage documents and contracts; people do that.
Measure Your Contracts
I often say that when you can measure what you are speaking about, and express it in numbers, you know something about it; but when you cannot measure it ... your knowledge is of a meagre and unsatisfactory kind: it may be the beginning of knowledge, but you have scarcely, in your thoughts, advanced to the stage of science ... . – Lord Kelvin
Understand Your Legal Service Costs
The practice of law is an art; the business of law is a science. Creative thinking is best leveraged when lawyers anticipate and resolve legal issues. Clients derive less value when those skills are focused on the reconstruction of time entries in an electronic diary.
Start Small to Innovate
Running a law department efficiently ... is much more than trimming costs. It involves knowing how to do things differently, innovate, and create new models to replace old methods.
Converge With Care
You better cut the pizza in four pieces because I’m not hungry enough to eat six. - Yogi Berra
Augment With AI
As you continue to manage law department staffing with a mix of in-house, outsourced providers and law firms, remain aware that AI is fast becoming an additional, cost-effective way to deliver legal service to the business. Now is the time to start thinking about your opportunities and priorities.
Understand Your Processes
The problem with bad processes is that they institutionalize inefficiency: they ensure that things will be done the wrong way, over and over and over again. For that reason alone, it’s worth investing the time and resources to ferret them out.
Get the Right Talent
Look for intelligence and judgment and, most critically, a capacity to anticipate, to see around corners. Also look for loyalty, integrity, a high energy drive, a balanced ego and the drive to get things done. – Colin Powell