I’ve just had the opportunity to moderate two panel discussions on Legal Project Management here at LegalTech. In both cases, I was very fortunate to have such personable and knowledgeable panelists, and I’d like to take a moment to thank them publicly.
On Monday, January 30, Colleen Nihill, Firm Wide Director of Project Management at Dechert, and Curt Selman, Director of Finance at Martin Clearwater & Bell joined me in the Leveraging Legal Technology track on the subject of Profitability through Legal Project Management. The following day, Jay Nogle, Chief Information Officer of Greenberg Traurig and Thomas Wisinski, Chief Knowledge Officer of Haynes and Boone helped the attendees at the CIO / CTO Forum navigate the ins and outs of Legal Project Management.
Their perspectives and their firm’s varied approaches to LPM made for two lively and informative discussions that I hope were as valuable to the audiences as they were to me. Thank you all very, very much.
Although the subject of each session was different, there were some common themes. Two that resonated with me (and I hope with the attendees) were: 1) who within the law firm owns the LPM process, and 2) will attorneys become project managers?
To answer the first, we need look no further than the titles of the four panelists: Director of Project Management; Director of Finance; Chief Information Officer; and Chief Knowledge Officer. It is clear that each firm has to decide where LPM will live, and who will drive it. In some firms, entire departments are being created that focus entirely on managing legal matters to achieve project management and financial goals. In other firms, the Finance department takes the lead working with attorneys to bring in their matters on time and on budget. At still other firms, IT is seen as the natural repository for hosting the tools and processes that make up LPM. After all, IT has been using project management in one form or another for years for their own initiatives. Lastly, one of the key benefits of LPM is that it helps the firm develop skills to gather valuable data and improves processes over time. This can be seen as the natural province of the Knowledge Manager.
To add to the subject, some firms are hiring dedicated practice managers who are charged with assisting attorneys in setting matter budgets and managing their matters and resources to achieve success. Finally, there are many firms where individual attorneys and practice group leaders are driving the move to Legal Project Management. After all, they are the ones on the front lines dealing with clients, and most directly feel the pressure to accurately price matters and manage to a budget.
The lawyer then becomes the one constant regardless of whether they manage the matter themselves, or whether they are managed as part of a process. If the lawyers do not fully buy in, Legal Project Management cannot succeed.
Which leads us to the second question: will attorneys become project managers? More specifically, one audience member asked if attorneys will actually seek Project Management Professional (PMP) certification from the Project Management Institute.
As an acquaintance of mine was quick to point out, no self-respecting lawyer is going to put letters after his name that resemble the word pimp. John Q, Smith, Esq., PIMP just isn’t going to happen any time soon.
All levity aside, that may change, and it may change sooner than many of us are willing to believe. As Colleen Nihill pointed out, Dechert is already developing internal programs to train attorneys in the basics of project management. A small, but growing number of consultants such as the LawVision Group are providing boot camps and project management training for law firms and other professional service organizations. In fact the Project Management Institute itself has created a working group called the PMI Legal Project Management Community of Practice. Perhaps it won’t be long until the PMI offers a specialty certification in Legal Project Management for attorneys and other practitioners.
Ultimately, as Jay Nogle observed, the market will drive any move toward attorneys seeking formal certification in Legal Project Management. If clients see value, and more importantly, if RFPs begin to require that certain members of matter teams be LPM certified, you can bet that lawyers will line up in droves for the right to put the appropriate series of letters after their names.
Posted by Jessica Leibrock in:
Law firm business |
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You don’t have to talk to too many law firm leaders these days before you get the sense that 2012 is shaping up to be a challenging year. While the recent headlines on the overall economy show some welcome rays of optimism, you get the sense that things in the trenches are not bouncing back in some pockets as quickly as one would like to see. The latest Peer Monitor Index showed law firm demand fell in the fourth quarter, and was up a scant 1.0% for all of 2011.
Competition seems to be heating up, not only as firms fight for more business, but also as clients seek greater demonstrated value for work performed, increasingly pushback on rates, and use more competitive bidding and convergence.
All this makes it imperative that firms find ways to improve efficiency and productivity. A recent Serengeti survey found that while the most cited reason that firms are not retained was (not surprisingly) fees, 51% of clients said that inefficiency was also a factor.
Friction points that lead to inefficiencies can pop up at multiple points in matter management, client management and firm management. And technology can provide key solutions to ease some of those friction points.
Many of those solutions are being unveiled, demonstrated and discussed this week at LegalTech New York, including new mobile solutions such as the WestlawNext iPad app and ProView eReader app, MatterSphere for integrated matter management, and Westlaw Drafting Assistant – Transactional integrated drafting tools and content for transactional attorneys, to name just a few.
The new year always starts off with hope for a better year, and excitement around new technologies. And we look forward to talking with you, not only at LegalTech, but throughout the year to find out more about how your needs are changing in a rapidly evolving marketplace, and how we can hopefully help meet those needs.
Allison Guidette is senior vice president, large law firms, Thomson Reuters
Posted by Allison Guidette in:
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The first version of Microsoft ProjectTM for WindowsTM was released in 1990. Between then and now, many law firm CIOs have variously cajoled, begged and even threatened attorneys to apply even the meanest vestiges of project management tools and methodologies to their practices. Until very recently, these attempts have met with unmitigated failure, especially when it came to adopting new software and business processes.
The reason for this failure is essentially that lawyers want to practice law – period – full stop – end of discussion. Where the CIO could see the value of applying project management principles and processes, attorneys could only see interference with, and interruption of their practices. Besides, as long as clients were willing to pay the going rate, why bother to mess with the status quo?
Read more… (more…)
Posted by Jessica Leibrock in:
Law firm business |
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Consumers always look for value. Quality at a price-point that reflects the appropriate amount of benefit. The word “sale” in the window is only slightly less effective than preceding it with the words “going out of business.”
The more I listened to LegalTech attendees and fellow vendors, the more I heard them talk about tools that would complement current processes, provide measurable results, and continually improve their ability to deliver to their clients… All hallmarks of project management.
Demonstrations across the exhibit hall met with a common refrain: tell me, no, convince me why this makes sense for me. Don’t talk about the tool, talk to me about what the tools will do for me. Again, the emphasis is less on the tool as a technology, and more on the use of tool. Often this meant less time showing product and more time discussing the nature of the problem(s.) More than once a client would ask about a specific product, but we ended up in a conversation about a different process or tool than expected. More than once we found clients coming to us as referrals from others and we made similar references to others. I’m not saying there was a hand holding moment of solidarity between vendors… Maybe more like a practical recognition of economic benefits from delighted clients.
Having deeper discussions about problems and process resonated. Having an ecosystem of tools that prove value both independently and together resonated. Removing the “sale” sign from the window and inviting clients in for a practical discussion about their processes and thinking about the right tools for the right job… Those are the values that resonated.
Next up… Some of the “right” types of tools for clients looking for a better, continually improving process.
Jeff Friedman is director of marketing, Westlaw CaseLogistix
Posted by Jeff Friedman in:
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Nixon Peabody LLP announced today at LegalTech New York that Pangea3 is now their preferred vendor for legal process outsourcing. Pangea3 was selected by Nixon Peabody following an extensive review of LPO providers. As a preferred vendor, Pangea3 will be Nixon Peabody’s recommended LPO provider, where appropriate, to meet its clients’ needs. Through this relationship, all of Nixon Peabody’s clients will have the opportunity to benefit from preferred pricing.
Nixon Peabody said the move was in response to client demand to reduce the risks, burdens and costs of e-discovery review.
Pangea3 was recently voted “Best Legal Process Outsourcing Provider” in the 2011 New York Law Journal Reader Rankings.
Posted by Gretchen DeSutter in:
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LegalTech New York rarely surprises. It’s always at the Hilton. It’s always at the end of January / beginning of February. It’s always cold. It always features new technology.
After all the show is called LegalTech – as much emphasis on the ‘tech’ as the ‘legal.’ Most of the usual players did not disappoint: a new black box here, a triangle graph there. But a growing cadre of booths, vendors and speakers have seemingly taken a step backward. Project management? Wait, that’s not exclusively legal. And it certainly doesn’t center on technology. Has the certainty of LegalTech been replaced by chaos?
Over the last 18 months, a growing emphasis on project management has emerged from the shadows. The post-financial crisis era has brought new waves of discovery challenges. Exploding volumes of data. Proliferation of social media and cloud storage. The biggest challenge, however, is less about getting the latest tool or a “Simple” button, and more about properly utilizing the right tool(s.) A friend of mine once said that the best search engine for a box sitting in a basement is a flashlight. The push for project management may stem from greater corporate client influences or a need to protect margins or maybe the realization that Six Sigma is more than voodoo. Regardless, project management methodology appears to be this year’s common thread.
Buyers and tools/services across the show are taking note… And as I get more time to observe I’ll talk about each over the next couple days.
Temps in New York City this week are expected in the mid to high 50’s and LegalTech has a project management theme. Chaos? Not so much. But maybe a bit of surprise.
Jeff Friedman is director of marketing, Westlaw CaseLogistix
Posted by Jeff Friedman in:
Law firm business |
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Law firm mergers jumped by 67% in 2011, according to the new Merger Watch report from the Hildebrandt Institute. There were 45 mergers involving US firms in 2011, compared with 27 in 2010.
The trend is expected to continue in 2012 — the number of mergers already announced or completed so far this year has exceeded the number seen at this time in 2011.
While firms continue to remain somewhat cautious about large combinations – often preferring regional tie-ups – merger activity appears to be heading back towards pre-recessionary levels which typically saw 55+ mergers per year.
In addition, mergers outside the U.S. jumped to 54 in 2011 compared to the 44 tracked in 2010.
The complete Merger Watch report can be viewed here.
Posted by Jessica Leibrock in:
Law firm business |
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The Peer Monitor Economic Index (PMI) dropped six points to 56 in Q3. The Hildebrandt Institute report showed that demand for law firm services weakened slightly, while expenses rose, reducing law firm productivity and profitability.
Although demand for litigation services rose 1.5 percent in the third quarter, demand for transactional services such as M&A fell, due largely to volatility in financial markets.
PMI has been tracking a steady rise in expenses this year as firms have been slowly increasing their hiring. However, expenses are now growing faster than demand, reducing profitability.
A full copy of the report can be downloaded here.
Posted by Jessica Leibrock in:
Law firm business |
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As we talk with customers here at ILTA 2011, it’s clear that the unrelenting economic pressures continue to impact law firms. Firms are being challenged to run more like businesses, retain clients, grow intelligently, compete globally and focus on driving efficiencies. We’re seeing the functional areas within firms begin to collaborate more closely in an effort to address challenges and seize opportunities.
One additional emerging trend is the need for law firm leaders to have better access to insightful information. Data-driven decision making enables firms to take some of the risk out of growth strategies. We’re seeing a significant investment in information management systems and renewed interest in using SharePoint to distribute information to critical audiences.
Hubbard One is adapting its strategy and focusing efforts on helping clients navigate the complexities of law firm information in an increasing competitive environment. As one example, client reports are often cobbled together with an overwhelming amount of information from various systems and presented in a variety of formats. With the right architecture and infrastructure in place, these reports can be transformed into largely automated snapshots of easy-to-digest intelligence, which allow lawyers to absorb the information and make quick, informed decisions based on the data presented. Both client development and firm efficiency are enhanced.
The sessions and customer conversations we’ve been having at ILTA underscore the dramatic evolution that firms are undergoing. As always, we continue to be amazed by the innovations that are occurring within information and knowledge management, and by the ways that savvy law firms are applying these innovations to compete and succeed in today’s challenging marketplace.
Posted by Tim Corcoran in:
Law firm business |
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On Wednesday morning we were lucky enough to host Ari Kaplan, a West author and professional networking guru, who took time out of his current book tour to stop at Thomson Reuters. Ari spoke about creating and building a network, the skills it takes to work the career ladder, and his new book – Reinventing Professional Services: Building Your Business in the Digital Marketplace.
Early in his presentation, Ari spoke about the importance of distinguishing yourself from competitors and exceeding expectations. He supplements this advice with an anecdote: the taxi driver who took him from the Minneapolis-St. Paul International Airport to Thomson Reuters in Eagan offered Ari a bottle of water. Ari learned that the driver buys water bottles in bulk and offers them to his customers. He said that he does this because it raises his tips by at least 20%. This taxi driver is paying attention to detail and exceeding customer expectations. Ask yourself: what are you offering that is unique? What is your bottle of water?
Ari also spoke about the increasing importance of networking and the role that technology, including social media, plays in this. Networking is about knowing who you want to meet, and being able to connect them to others. He pointed out that it is easier to share about others than about ourselves, and yet networking with another person reflects who you are.
The quality of relationships means more than the sheer number of connections one may have. Therefore being able to leverage technology to increase networking opportunities and differentiate yourself from others is increasingly important. As Ari insists, you must “be the guy with the bottle of water.”
To learn more about Ari’s new book visit the Wall Street Journal’s Law Blog or the Houston Chronicle and watch for our video interview with Ari. And while we’re on the subject, what is your favorite networking tip?
Posted by Morgan Smith in:
Client development | Law firm business |
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What’s in a word? The Black’s Law Dictionary, 9th edition from Thomson Reuters can provide both definition and pronunciation through a new Android App. When the word of the day isn’t a word you know, Black’s mobile applications is ready to find that content on your Android.
Black’s is available as an Android App and also [...]
Pangea3 CEO David Perla was a member on the panel for Legal Process Outsourcing 2.0 at the ACC Annual Conference in Denver recently.
With the rapid growth surrounding LPOs in the legal industry, the panel addressed numerous topics and issues ranging from: how each company addresses the relationship with the LPO differently to the best way [...]
We’ve got a great podcast this month to kick-off the New Year featuring an interview segment with attorney Yar Chaikovsky about monetizing patents and the forthcoming impacts of patent reform.
Then in our “On the Blawgs” segment we learn about one blogger’s top five social media tips for businesses.
In our “Chaos in the Courts” segment, we [...]
