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As law firms continually push to stay relevant in the information
age, certain functions and roles will change drastically - possibly
none more so than a firm's information functions and librarians.
Information services are now more important than ever, and are more
closely linked and integrated with all other functions of the firm.
This means, however, that many information departments and roles
will need to undergo a considerable metamorphosis in order to
realise their full potential. From integration with other functions
of the firm (such as Business Development and Knowledge
Management), to gathering intelligence to leverage a competitive
advantage - library teams, with the correct application, are set to
become critical in forging a firm's digital pathway to increased
success.
Effectively implementing project management has become a key
ambition for many firms across the world. The interest project
management has garnered from the legal sector is not surprising;
the range of benefits it offers are extensive and impactful;
including reducing costs, enabling more efficient commodity work,
and creating more accurate budgeting forecasts. However, despite
the general consensus on its value, adoption rates have been slow
across the sector - only a handful of top firms have successfully
implemented LPM into their practices, and are reaping the benefits.
The slow adoption rates create a real opening for a competitive
advantage through Legal Project Management, even at a basic
starting level, as according to Jim Hassett even "glacial progress
can produce new business when you are competing with firms that are
making no progress at all". Featuring expert analysis on the form
and function of LPM from leading industry experts, and case studies
from top law firms on effective implementation and take-up, this
title offers a robust overview of project management functions in
the legal sector.
KM has been accepted as an integral practice for most organizations
- however many are still, understandably, cautious of the
investments they make in the current financial environment
following the economic downturn. `The measurement of knowledge
value is difficult. It is specific to time, context, and the
perception of what it is that constitutes a knowledge asset.' -
David Griffiths Measuring the ROI of Knowledge Management 2nd
edition aims to explore how leading industry experts prove the
value of their KM initiatives and justify investing in them. From
outlining the best methods of quantifying the return from KM, to
discussing the limitations of an ROI-focused approach, this book
looks to present an all-encompassing view of how to best tackle
this this matter that is rife with guesswork and uncertainty.
Measuring the ROI of Knowledge Management covers topics including:
+ Understanding the knowledge economy + Knowledge management
business case arguments + Using a Knowledge Audit as the basis for
determining and driving the ROI of Knowledge Management + The
application of Artificial Intelligence to support the value of
organizational knowledge and assist the knowledge ROI + Measurement
of KM projects - A practical guide for busy people + Believing in
organizational progress using data and anecdotes (C6) + The case
against ROI for knowledge management + Winning the war by avoiding
the battles - Focusing on the I in ROI + An ecological approach to
understanding impact in knowledge management practice Measuring the
ROI of Knowledge Management brings together the sought-after advice
of a wide variety of experts including Stan Garfield, Andrew Gent,
David Griffiths, James Gunn, Tim Hawley, John Hovell, James Loft,
Helene Russell, and Professor Dave Snowden who provide tools, tips,
pragmatic guidance and best courses of action for any organization
looking to prove the value of their KM efforts.
The pricing of legal services is no longer simply about setting
rates. Properly optimizing a firm's pricing strategy is a critical
source of competitive advantage and increased profitability, which
now more than ever is crucial to staying relevant in the legal
sector. Firms must start looking to demonstrate their ability to
provide clients with greater value through alternative fee
arrangements, effectively controlled budgeting methods, and the
integration of innovative firm management practices - whilst
continuing to operate as a profitable business. Standard business
principles have become the norm for firms - as clients become
increasingly proficient in negotiating costs and defining the scope
of engagement, service delivery must now be framed by value,
expertise, and profitability rather than hours billed alone. With
contributions from pricing directors and expert consultants,
Practical Innovations in Legal Pricing offers insight into newest
effective approaches to pricing that top firms are undertaking.
Taking an in-depth look at the role of shadow-billing and client
collaboration in AFAs, integrating a firm's legal project
management and pricing functions for greater client benefits, and
effectively executing a newly formed pricing strategy, this title
will provide a comprehensive overview of the best practices in
innovative pricing functions.
Obtaining an accurate and comprehensive overview of performance
throughout the firm is no easy undertaking - there are numerous
aspects of the firm to inspect and many varying streams of
information to consider. From individual partner performance to
firm-wide cash flow, correctly measuring and managing performance
involves a keen eye on both the micro and macro aspects of the
firm. Measuring and Managing Performance for Law Firms offers an
overview of the measurement and metrics that firms can employ to
effectively manage their work force and firm-wide performance.
Discussing a range of topics from metrics that stimulate innovative
thinking, effectively managing high-performance teams and dealing
with stress in the work place, and implementing "balanced
scorecards" and "opportunity scoring assessments" to track firm
performance and effectively utilize internal information resources.
Many law firms today are far too focused on increasing market
share; they should be paying attention to what makes them a more
profitable business. Market share doesn't matter much if you're not
profitable, and firms cannot simply grow their way to prosperity by
undercutting the competition. Instead, firms must focus on value
creation and increasing clients' willingness to pay for their
services. The question should be: "What can your firm do better, or
more efficiently, and more profitably than anyone else?" The
Mechanics of Law Firm Profitability: People, Process, and
Technology examines why a focus on profitability and metrics is
reshaping law firm operations and matter management; how to define
the bottom line and to distinguish between "good" revenue and
"bad"; and how to change the dialogue from "hours and revenue" to
"revenue and profit", while changing the mindset from increasing
market share to simply running a profitable business. The Mechanics
of Law Firm Profitability covers topics including: + The "every
dollar is a good dollar" fallacy: The difference between good and
bad revenue + Increasing profitability by improving client intake +
Using KM to increase firm profitability + Pricing, profitability,
and compensation + Measuring different practice groups, differently
+ Four challenges in managing law firm profitability + Strategy and
culture driving effective use of people, process, and technology +
Profitability and the Concept of `Managing on the Edge' - Why It Is
Important to Regional Law Firms And brings together the
sought-after advice of a wide variety of experts including: + Toby
Brown, chief practice management officer, Perkins Coie + Mike
Roster, co-chair ACC Value Challenge and former managing partner of
Morrison and Foerster's LA office + Jack Bostelman, president KM/JD
Consulting LLC + Chris Boyd, senior director of professional
services, Wilson Sonsini Goodrich & Rosati + Jim Hassett,
founder of LegalBizDev + Wendy Wen Yun Chang, partner, Hinshaw
& Culbertson LLP + Keith Maziarek senior director of client
value, Perkins Coie + James G. Perkins, chief operating officer and
chief compliance officer, Procopio + Mark Voigtmann, partner; Steve
Petrie, chief strategy officer; Vanessa Savoie, senior strategic
analyst & pricing analyst; and Tom Snavely, manager legal
process improvement & project management, Faegre Baker Daniels
The Mechanics of Law Firm Profitability: People, Process, and
Technology provides practical and proven tips for all law firm
leader on adjusting current processes and identifying opportunities
for future profitability within their firms.
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