Digital White Papers

FM16

publication of the International Legal Technology Association

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40 WWW.ILTANET.ORG | ILTA WHITE PAPER FINANCIAL MANAGEMENT Client due diligence focused on geing value for money from their legal services provider is becoming ever more stringent. Pressures associated with measuring the level of technological competency at law firms and how this efficiency (or inefficiency) is contributing to their legal spend has resulted in independent checks and balances offered by the likes of the Legal Technology Core Competencies Certification Coalition (LTC4) and the formation of the Legal Technology Assessment (LTA), both of which provide firms with proficiency report cards. In terms of prioritizing technologies to master, firms must assess which technologies will have the most impact on service levels to clients and staff in the short term. This might include technology that helps with document creation, collaboration and management. One of the most interesting things about what's going on in the landscape of metrics is that while there is ample ability to measure big data and analyze the complexities of enormous data sets, many firms are overlooking mundane, repetitive tasks. If optimized, these could heavily influence cost-efficiency and value-creation related to client service. Justin Hectus, Director of Information at Keesal, Young & Logan (KYL) and KPI, metrics and technology assessment evangelist, looked at usage across all applications to determine who is using which applications, how much and how well. He notes: "If our aorneys are knee-deep in a specific set of applications, we can custom-tailor training to ensure they are using those technologies to the greatest effect, oen resulting in certification. Instead of relying on perceptions, we can use this new data reality [what's actually happening vs. where usage and productivity should be based on client expectations] and develop a measured action plan. This 360-degree perspective provides a clear picture and road map ahead. There is considerable value to be had from measuring baseline technology use via structured assessments and maximizing related usage and effectiveness. It is important to create transparency so you connect the dots between what's in the best interest of the client, which is objectively the most important thing, and what the end users are doing." The Future of Metrics When it comes to KPIs, focus on measure-to-manage principals and prioritize metrics that will not only help measure basic internal firm performance but provide useful data and benchmarks for the firm's clients. Velocity of time-capture metrics are a good example of data that, if measured properly, will lead to improved user timekeeping performance and increased data accuracy and transparency for clients. In addition, technology proficiency assessments and certifications are increasingly gaining traction in their role as effective firm-client communication tools and customer service enhancers. Knowing the technology proficiency of your legal team, utilizing benchmarks to make improvements and certifying such knowledge will provide the firm's clients with compelling evidence of cost-effective legal services delivery. ILTA Law Firm KPIs: Making the Leap from Inward- to Client-Facing PETER ZVER Peter Zver is the President of Tikit North America and has been serving the legal technology market for over two decades. His background in information systems and finance and his experience running technology companies have enabled him to collaborate with law firms globally on delivering time and knowledge management solutions to users. He can be reached at Peter.Zver@tikit.com.

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