shifting from a taxicab mentality to an … · 8/11/2016 1 by mary e. vandenack, founding and...
TRANSCRIPT
8/11/2016
1
By Mary E. Vandenack, Founding and Managing Member Vandenack Williams LLC
vanwil.com [email protected]
SHIFTING FROM A TAXICAB MENTALITY TO AN UBER STRATEGY
vanwil.com [email protected]
8/11/2016
2
How do I know the attorney I am hiring has the skillset I need?
Will I be able to communicate with this attorney?
Is there a reason you can’t tell me how the process will happen and how long it will take?
What do you mean you can’t tell me how much it will cost?
vanwil.com [email protected]
Attorney information and consumer satisfaction ratings are readily available
The process is made clear
Timing of the process is explained before the engagement is final
Pricing methodology is clear
vanwil.com [email protected]
8/11/2016
3
BIG DATA ISN’T ONLY FOR BIG FIRMS SMALL FIRMS CAN USE BIG DATA TO GAIN A COMPETITIVE ADVANTAGE
vanwil.com [email protected]
What is Big Data?Generally, Big Data is used to refer to the significant volume of unstructured data that is available to law firms
More technology results in more
The Four V’s of Big Data
vanwil.com [email protected]
8/11/2016
4
The Value of Big DataBetter decision‐making can be made based on well‐organized data
Even small law firms struggle to share data throughout the law firm
Creating a Strategy to organize and use data creates the “uber” advantage
Look at more data as more opportunity rather than more work
vanwil.com [email protected]
Predictive AnalysisLink together cases of like kind topredict possible outcomes andprofitability
Possible Uses of Big Data for Law Firms
vanwil.com [email protected]
8/11/2016
5
PricingUse data to develop price strategyHow many times have you handleda certain type of case?What were the outcomes?What was the cost to the client?What were the internal costs andthus profitability to the law firm?
Possible Uses of Big Data for Law Firms
vanwil.com [email protected]
Capturing ContactsReview Documents and Emails to ensure that you have captured contacts into your database and contacts
Possible Uses of Big Data for Law Firms
vanwil.com [email protected]
8/11/2016
6
E‐discovery
Helping you find what is important
Possible Uses of Big Data for Law Firms
vanwil.com [email protected]
Case Reviews
Determine how certain judges have typically ruled
Possible Uses of Big Data for Law Firms
vanwil.com [email protected]
8/11/2016
7
Examine Opposing Counsel’s History
Support for decision‐making regarding a settlement offer
Determining whether a contract clause is standard for contract type/industry
Capturing client reactions to communications, bills, services
Possible Uses of Big Data for Law Firms
vanwil.com [email protected]
Accumulating unique drafting
Accumulating provisions you like from other lawyer’s documents
Identifying that which can be automated
Is anyone in your office still manually
entering data that can be imported?
vanwil.com [email protected]
8/11/2016
8
Big Data Strategy
Have a clear strategy
The data is endless (and mining can be expensive) so selectively choose a use of data that comports with your strategic plan and goals
vanwil.com [email protected]
Implement a Knowledge Management Strategy
Take Advantage of Big Data Opportunities
vanwil.com [email protected]
8/11/2016
9
KNOWLEDGEMANAGEMENT STRATEGYKNOWLEDGEMANAGEMENT STRATEGY
‐ as distinguished from knowledgemanagement itself ‐ is becoming one ofthe most valuable and strategic resourcesfor law firms
‐ is an approach to knowledge management that aligns knowledge management with business goals.
vanwil.com [email protected]
KNOWLEDGEMANAGEMENT STRATEGYKNOWLEDGEMANAGEMENT STRATEGYDevelop appropriate for your firm size
and practice type
is the most strategically important resource
ARTICULATE THE LINK BETWEEN KNOWLEDGE AND STRATEGY
KnowledgeLearning
Is the most important capability
vanwil.com [email protected]
8/11/2016
10
KNOWLEDGEMANAGEMENT STRATEGYKNOWLEDGEMANAGEMENT STRATEGY
ARTICULATE THE LINK
KnowledgeStrategy
vanwil.com [email protected]
KNOWLEDGEMANAGEMENT STRATEGYKNOWLEDGEMANAGEMENT STRATEGY
Capturing Processes
Developing new ways to support capture, storage, retrieval, and distribution of an organization’s knowledge
Capture knowledge that exists within peoples’ heads
vanwil.com [email protected]
8/11/2016
11
BE CLEAR ABOUT BUSINESS STRATEGY
Law is a business!
vanwil.com [email protected]
vanwil.com [email protected]
8/11/2016
12
Underserved, overcharged markets
New legal services
Millennials
Aging Baby Boomers
vanwil.com [email protected]
Alternative legal providers
Legalzoom
Artificial Intelligence
vanwil.com [email protected]
8/11/2016
13
What particular skills does your firm have to take advantage of
opportunities?
What skills are needed to overcome threats?
vanwil.com [email protected]
How can you strategically position your firm?
How can you take advantage of internal resources?
vanwil.com [email protected]
8/11/2016
14
Design a knowledgemanagement strategy that
supports your business strategy.
vanwil.com [email protected]
ExampleYoudecidethatyouareparticularlysituatedtoprovidestart‐upservices
toentrepreneurs
vanwil.com [email protected]
8/11/2016
15
Yourknowledgemanagementstrategymightinclude:
vanwil.com [email protected]
Create a habit of SAVING:
information on resources for capital
information about start‐ups in different industries
valuation information for different industries
vanwil.com [email protected]
8/11/2016
16
Create a habit of SAVING:
regulatory issues encountered by particular industry types
available federal and state tax credits related to available federal and state tax credits related to capital expenditures or hiring employees
vanwil.com [email protected]
Make it easy
A small firm may not have a librarian so the small firm has to have all lawyers and staff engaged in the process of knowledge management.
vanwil.com [email protected]
8/11/2016
17
Make it easyo Create a section in your document management system that
is just for your firm library. Divide the section into major categories and subcategories. Structure the system in a way that avoids duplication of efforts.
o Develop a memo that explains the system
o Train attorneys and staff
o Designate a knowledge management police person.
vanwil.com [email protected]
TURN YOUR WEBSITE INTO A CLIENT TOOL
Many law firm websites are simply a repository for attorney profiles and services of the law firm.
vanwil.com [email protected]
8/11/2016
18
Turn your website into a tool that clients engage with.
Differentconsumerswantdifferenttypesofinformation.
vanwil.com [email protected]
www.yourfirm.com
SECURE CLIENT PORTAL
BLOG AND CONNECT
INTAKE FORMS
CLIENTS UPLOAD
DOCUMENTS
vanwil.com [email protected]
8/11/2016
19
USE ALTERNATIVE FEES AND MAKE THEM PROFITABLE
vanwil.com [email protected]
Types of Alternative Fees Flat/Fixed Fee
A specific amount is quoted for an identified
service
Percentage Fee Based on a percentage of an amount involved in the project
vanwil.com [email protected]
8/11/2016
20
Types of Alternative Fees Fee Range
A fee range is provided that includes a
minimum and maximum
Fee caps Hourly rates are charged up to an agreed maximum
vanwil.com [email protected]
Types of Alternative Fees Availability Retainer
This is typically a set amount (often paid monthly)
for which the attorney agrees to be available to
handle certain types of issues
Pure Contingency FeeLaw firm receives a fixed or scaled percentage of a recovery in a lawsuit
vanwil.com [email protected]
8/11/2016
21
Types of Alternative Fees Partial Contingency/Success Fee Firm receives a base amount of fees that is
not subject to contingency and the balance
of the fee is dependent on success
Risk Collars Hourly billing arrangement is used but bonus is paid to law firm for being under budget
vanwil.com [email protected]
HOW TO MAKE ALTERNATIVE FEES PROFITABLE
Understand Client Perception of Value
Connect Client Perception of Value to Fees Charged
Know Your Business. Know your Competitive Advantage
Have a Strategic Plan
Take Steps to Increase Your Value
8/11/2016
22
HOW TO MAKE ALTERNATIVE FEES PROFITABLE
Develop tools that break down the processes for your services
Use your billing system to capture data
Engage In Knowledge Management
Know Your True Cost Relative to Each type of Legal Service you provide
Look for Opportunities to Automate
HOW TO MAKE ALTERNATIVE FEES PROFITABLE
Break Out & Value Each Aspect of Legal Project
Develop Niche Practice Areas
Automate Commodity Services (or don’t do them)
Price Less Cost = Profit
Improve Realization Rate
Reduce Cost per unit of service
8/11/2016
23
CONSIDER ONLINE DELIVERY OF LEGAL SERVICES
LEGALZOOM
USLEGAL
CORPNET
BIZFILINGS
ROCKETLAWYER
MYCORPORATION
LAWDEPOT
vanwil.com [email protected]
GET IN THE GAME
Have a clearly defined laid out process for the particular service to be delivered online
You must have automated forms
vanwil.com [email protected]
8/11/2016
24
vanwil.com [email protected]
When adding an online presence, distinguish yourself by a touch of personal service that your clients
can’t get from legalzoom
Make the personal phone call
vanwil.com [email protected]
8/11/2016
25
BE A LEGAL DISRUPTER
vanwil.com [email protected]
What are the assumptions that drive the way we practice?
How can we disrupt them?
vanwil.com [email protected]
8/11/2016
26
Constantly consider what is next
Refuse to be complacent
vanwil.com [email protected]
Be uniquely successful
INNOVATE
INNOVATE
INNOVATE
vanwil.com [email protected]
8/11/2016
27
Seek unconventional solutions assuming limited resources
Consider significant transformations
vanwil.com [email protected]
SUSTAINABLE LAW FIRMS*Strategic Planning
*Innovation*Workplace Structure*Diversity in Many Ways*Knowledge Management
*Value Identification*Technology
*Leadership Comfortable with Innovation
vanwil.com [email protected]