P2P

Fall21

Peer to Peer: ILTA's Quarterly Magazine

Issue link: http://epubs.iltanet.org/i/1415201

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12 P E E R T O P E E R : I L T A ' S Q U A R T E R L Y M A G A Z I N E | F A L L 2 0 2 1 conducive to capturing, understanding, and retaining data and knowledge, and are increasingly working with technology providers at the cutting-edge of their fields. The battle for data and knowledge is not strictly academic. As the market evolves and pressure continues for clients to control costs, the legal industry will see winners and losers, which was a trend that accelerated during the pandemic. Those interested in new ways to demonstrate value and ROI for clients will see the evolution of tech-enabled ALSPs as a catalyst for cost savings and better results. Failing to recognize the value of tech-enabled ALSPs will leave some lawyers behind. Law firms and legal departments may face different challenges and situations, but at the end of the day, they share common objectives: to demonstrate value; show themselves to be proven thought leaders who bring unique skills to their clients; and help their clients to achieve their own goals. Though these objectives are not new, the path to achieving them traverse new ground, involving new partners and new ways of doing things. Using Data, Telling Stories When it comes to lawyers battling perceptions of being hidebound, in-house counsel understand what it feels like to be stereotyped as extremely talented business professionals that say no too frequently and are slow to resolve matters. Whether papering a deal or conducting due diligence for a transaction, businesspeople are often frustrated with their counterparts in legal. Being a better business partner starts with empathy: align on business goals from the business's perspective. At its best, the legal department also needs to be a business pathfinder to see the way forward and anticipate the challenges that the business may not see. Presenting data and telling the story behind the data is critical to being a better business partner. But effectively automating the capture of such data is a challenge for most legal departments. This is an often- overlooked benefit of working with a tech-enabled ALSP: transparency and performance data. The goal of any new investment or partnership should not be to only speed up processes, whether those involve a workflow tool, e-billing, contracting intake, or the host of other things that GCs must oversee. The goals should also include generating and utilizing useful, usable data. A good technology-enabled service partner will perform tasks within a platform by design, executing workflow that creates telemetry invisibly. Once the data capture is automated and high-quality, generating reports and dashboards becomes straightforward. Usually, the factors driving legal adoption of technology or NewLaw service models start with efficiency, cost savings, higher velocity, and lower headcount risk. Yet the value of data may even outweigh those benefits, and can F E A T U R E S "Presenting data and telling the story behind the data is critical to being a better business partner."

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