Digital White Papers

37 WWW.ILTANET.ORG | ILTA WHITE PAPER FINANCIAL MANAGEMENT Can We See What They See? A Preview of Law Department Analytics Tools and Metrics » What to measure » Where to get the data » How to maintain the solution This model is appropriate for departments that have dedicated teams for managing reporting needs. The Role of Law Firms Law departments will look to their trusted advisors (law firms) to participate in the delivery of data intelligence as part of overall service delivery. Law departments are defining the curve, but also seeking means for collaboration, so firms can contribute intelligent information to reduce the pressure on in-house teams. Law departments increasingly expect firms to be prepared with their own versions of annual performance scorecards, productivity metrics and intelligence tools that demonstrate an efficient approach to service delivery. Soon, it will become more important for firms to make their own recommendations on how and what to measure. While it is important for law firms to focus their analytics efforts on financials, pricing and profitability, it is even more important that they demonstrate innovation on client-focused metrics. Firm-client programs such as Gowlings WLG Practical and Fisher Focus are examples of client-focused programs that generate measurements and analysis based on the client's priorities. A View to the Future Law firms must learn to beer understand their clients' data interests in relation to value-based performance categories. Access to data metrics used by law departments to assess firm offerings not only enables a firm to provide objective proof that they can provide desired results, but also allows for justification of, and evidence for, value-based pricing. To achieve this, and make future improvements to the process, collaboration is key. Law firms must participate in defining scorecards and identifying key benchmarks based on area of law. Law firms and law departments must work together and collaborate on mutual platforms to beer understand each other and promote transparent and effective business relationships. Progressive tools on the market can facilitate this much-needed collaboration through two-way, real- time access. ILTA PRATIK PATEL Pratik Patel leads Elevate's global legal business solutions line, helping corporate law departments and law firms better manage the business of law. His team specializes in organizational strategy, operations, spend, project management, Lean process improvement and technology management. Pratik also oversees innovation for Elevate's suite of Cael apps for law departments and firms and was the recipient of ILTA's 2015 Innovative Consultant of the Year Award. Contact him at pratik.patel@ elevateservices.com. Download the ILTACON session recording and presentation materials on this topic >>

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