Digital White Papers

December 2013: Business and Financial Management

publication of the International Legal Technology Association

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INTRODUCTION About ILTA Providing technology solutions to law firms and legal departments gets more complex every day. Connecting with your peers to exchange ideas with those who have "been there done that" has never been more valuable. For over three decades, the International Legal Technology Association has led the way in sharing knowledge and experience for those faced with challenges in their firms and legal departments. ILTA members include firms of all sizes and all areas of practice, As professionals in the world of legal finance and business operations, it can sometimes feel as if we're on bucking broncos (or piggy banks, as depicted in our cover artwork) pulling us this way and that. ILTA's Business and Financial Management Peer Group is a collection of your peers at law firms and law departments who experience the same tugs and bumps, and we are dedicated to providing educational offerings that span the breadth of responsibilities and specialties of this growing population of legal professionals. all sharing a common need to have access to the latest information about products and support services that impact the legal profession. Statement of Purpose ILTA is the premier peer networking organization, providing information to members to maximize the value of technology in support of the legal profession. Disclaimer This report is designed for use as a general guide and is not intended to serve as a recommendation or to replace the advice of experienced professionals. If expert assistance is contributor shall have liability for any person's reliance on the content of or any errors or omissions in this publication. Copyright Notice Copyright © ILTA 2013. All rights reserved. No part I encourage you to grab a tight hold of this white paper, as you'll encounter a jolt of insight. Our authors have wrestled with the topic of pricing — from pricing services to negotiating fee arrangements. They've explored aspects of legal project management — from both the law firm and law department perspectives. And they have you covered on the essentials — from year-end collection tips to developments in new business intake. As the first white paper from the Business and Financial Management Peer Group, we are proud of this compilation of knowledge, and we're excited about the future of this peer group's educational offerings. permission of ILTA. Published by ILTA /o Editor, c 9701 Brodie Lane, Suite 200, Austin, Texas 78748. that has an effect on competition or on prices, terms or conditions of trade. Such concerted actions (affecting prices) cannot be justified by showing that they will benefit customers or that the prices set are otherwise reasonable. Accordingly, ILTA members should refrain from any discussion which may provide the basis for an inference that the members agreed to take any action relating to prices, services, production, allocation of markets avoided both at formal meetings and informal gatherings. The following topics are some examples of the subjects which should not be discussed at ILTA meetings, either virtual or live: • Do not discuss current or future prices. • Do not discuss what is a fair profit level. • Do not discuss standardizing or stabilizing prices or pricing procedures. • Do not discuss cash discounts or credit terms. • Do not discuss controlling sales or production or allocating markets or customers. (This applies to services as well as products.) • Do not complain to a competitor that its prices constitute unfair trade practices. With this understanding in mind, our Business and Financial I'd like to thank all the authors who shared their knowledge, experiences and successes. Please contact me at cemerson@bryancave.com if you have any ideas for future topics within this space. Together we can tame that wild hog! of this report may be reproduced in any manner or medium whatsoever without the prior written "Price fixing" is a broad term and includes any concerted effort or action or any other matter having a market effect. These discussions should be desired, the services of a competent professional should be sought. Neither ILTA nor any author or ILTA's Policy Regarding Avoidance of Inferences of Price Fixing Management Peer Group has a focus on delivering educational content on the topic of "pricing" in law firms. This white paper contains several articles on the topic. As we use the term in the legal sector, it is a far cry from "price fixing," and it does include knowledge-sharing around best practices in budget development, monitoring engagements, adoption of services within law firms and law departments, aligning pricing professionals' efforts with the business strategies of their firms, supply chaining, enhancing Chris Emerson Vice President, ILTA's Business and Financial Management Peer Group Steering Committee communication between law firm pricing professionals and law department procurement professionals, role and construction of pricing experience databases, and third-party tools to assist pricing strategies.

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