The legal market today is rife with volatility and change. Client needs are dynamic,new sources of competition are emerging, and the downward pressures on legal pricing show few signs of slowing.
Some law firms are adapting while others are not. At a recent international conference of managing partners from law firms across the globe, the sentiment was unambiguous. Not only do law firm leaders believe there will be some winners and losers – they believe there are going to be some real winners and some real losers.
Partners and administrators can easily find common ground in the desire to improve the efficiency of law firm billing. Traditionally the cycle of generating, reviewing and distributing legal invoices to clients has been a slow, cumbersome and tedious process.
Yet in recent years, the challenge has grown exponentially more difficult. Client billing guidelines, electronic billing and alternative fees have created an additional pressure point for law firms in an already competitive landscape.
Demand has dropped, budgets are scrutinized carefully, and new or alternative service providers have entered the market. As a result, the legal landscape has never been more intense and law firms have never had to compete so hard for business. At the same time, corporate clients are demanding greater efficiency, transparency and predictability into the legal work they send to law firms.
This paper will examine the catalysts for greater efficiency in law firms and explore in depth how case management technology supports this effort.
Why is Business Intelligence (BI) such a critical issue for law firms? Because firm leaders must have the right information for making decisions, effective BI can provide more decision-making authority and greatly improve a firm’s financial performance. Altman Weil’s “Law Firms in Transition 2015” report found higher Revenue per Lawyer and Profits per Equity Partner among firms who most effectively empowered their leaders to drive change.
In early 2015, Aderant embarked on a research study about partner compensation. This six month research project involved a review of industry studies, interviews with industry experts and five Aderant Leaders in Law events held around the U.S. These discussion sessions were attended by managing partners and senior leaders from more than 50 top U.S. law firms. This report summarizes Aderant’s research, including feedback from industry leaders along with prior published industry research.
We are pleased to announce Aderant has published a new white paper, Technology: Changing the Attorney-Client Relationship for the Better!
While lawyers retain the critical knowledge base that commands high fees, clients no longer accept being excluded from the process. This white paper focuses on new technology that facilitates a higher level of transparency and collaboration between attorney and client.
For law firms, staying competitive doesn’t mean staying in place—it means keeping a step ahead. That’s why firms increasingly are implementing advanced project management systems. Legal project management enables law firms to effectively manage client engagements throughout their lifecycle. Capabilities typically are delivered via matter management software that works in conjunction with existing systems and processes.
For law firms seeking to increase profitability, reduce risk and enhance client service, case management software that’s embedded into core business processes offers a better way of managing cases. It’s a time-saving tool for a firm’s fee earners and support staff, while delivering compelling improvements to business operations.
The legal profession has changed a great deal in recent years. A wide variety of factors have affected firm profitability. The requirement to have a comprehensive, agile, and user-friendly financial and practice management system to manage operations and support key decision making has now moved beyond a functional need to a strategic requirement. Therefore, choosing the right system demands much more than comparing software functionality.
The 2014 survey is our fourth research initiative in a longitudinal study began in 2009, canvassing law firms across the globe for developments affecting their businesses. While many of our questions focused on technology issues, we also explored company health, client issues and competitive trends. Our goal was to gain greater insights about the changing dynamics of the legal industry and how firms are responding to those changes.
Firms who are capitalizing on these trends and optimizing their processes will be the clear winners going forward. These firms will be able to gain not only higher profits, but more productive attorneys and staff, higher client satisfaction, and a flexible infrastructure that enables them to respond quickly and effectively to any new trends and mandates that arise.
A new Aderant white paper, “In Defense of Big Law’s Future,” takes a fresh look at Big Law and finds that while there have certainly been some startling realities and dark days over the past several years, the future looks pretty bright.
Firms that are taking this opportunity to reexamine the way they do business are growing stronger and becoming more resilient in the face of market changes.