Digital White Papers

October 2013 Risks and Rewards

publication of the International Legal Technology Association

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SHELTER FROM THE STORM: RISKS AND REWARDS XXXX OF UPDATING NEW BUSINESS INTAKE by James Edwards and Kathryn Hume of Intapp Not a word was spoke between us, there was little risk involved… "Come in," she said, "I'll give you shelter from the storm." — Bob Dylan In today's digital world, IT works increasingly close with firm risk leaders to manage risks related to compliance, client confidentiality, lateral departures and information security. The more serious the risk the firm is trying to manage, the more important it becomes that IT execute projects to manage them quickly and successfully. New business intake (NBI) is a perfect example of a particularly important — yet potentially risky — project because it engages so many firm departments, addresses the core risk of taking on bad clients and often results in expensive and extensive projects that fall short of original objectives. And yet, with so much at stake, many firms are actively and understandably updating their intake processes and systems. The Law Firm Risk Roundtable's 2012 Law Firm Risk Survey reports that nearly 60 percent of firms investing in risk management software this year will focus on NBI.

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