The quarterly publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/1097368
30 the law firm; and there may be discussions with all three perspectives. Inside counsel has a particular need to evaluate these issues even if timekeeping is not required, since the phase structure provides a communication framework about how a deal may unfold. Using the common vocabulary provided by codes starts the process of ensuring that the client's goals are reached, that the fee reflects the client's perception of value, and that the matter is profitable for the legal service provider. Like any taxonomy or standard, codes only provide value if everyone uses them the same way. This requires the legal team (comprised of both the legal service provider and the client) to confirm explicitly their understanding of how the codes should be applied, and to consider: • What are the phases that are reflected in the code set? • Which tasks are contemplated by each phase? • What is the appropriate level of detail for capturing information about the work? • Should we use the framework to assign roles and responsibilities? • If we have experience using a code set, what adjustments should be made? Should more granular information be captured for some or all of the phases? Efficiency is a big, abstract idea that can be made concrete by addressing the five core questions of legal project management: Why are we handling the matter? What is the legal strate? When must the work be done? How will the work be done (phases, tasks, and sequencing)? Who will do the work? All of these questions are tackled in developing a work plan and a budget which is subsequently monitored, reviewed and managed during the course of the matter. Until AI truly revolutionizes timekeeping, make the most of phase codes. ILTA Jenny Anne Horst-Martz is a lawyer and project manager with deep BigLaw experience. At Hogan Lovells LLP, she works with the Business Improvement department to advance efficiencies in the business of law. Aileen Leventon is a lawyer and seasoned legal industry consultant. She speaks and writes extensively about topics promote effective and efficient law practice. See www.aileenleventon.com. F U R T H E R R E A D I N G Leventon and Horst-Martz are the authors of two books on codes, Legal Value Track: Transforming task codes into predictable pricing and law firm profits, and Best Practices for Using UTBMS Codes for Merger & Acquisition Transactions, which are available for purchase on amazon.com They both participated in the promulgation of the UTBMS/ABA M&A Codes.