Digital White Papers

I L T A W H I T E P A P E R | P R O J E C T M A N A G E M E N T 20 E F F E C T I V E L E G A L P O R T F O L I O M A N A G E M E N T S E R V I C E S • Align the firm's strategic goals to the projects • Monitor both practice and administrative group project portfolio performance • Align/Realign firm resources to support optimal resource capacity One of the challenges firms face is taking on many projects without a clear vision on the business problem the project is attempting to solve. A centralized request intake process is the key to success for a portfolio management service. The process allows for an objective review of incoming requests and evaluation of project ROI to the firm. It serves to evaluate the firm's business needs against the investment of the project request. Some firms have a project review committee to evaluate project requests, select the high-value projects and prioritize the projects into the roadmap of development work. The key portfolio management services provide: Monitoring of projects to ensure timely execution and completion Monitoring of budgets to ensure compliance with budgetary guidelines and restrictions Monitoring project tasks to ensure tasks are in alignment with project objectives 1 2 3 Alignment of project priorities with components of project portfolio/portfolio management There are several useful tools in the marketplace to help support the portfolio management process. These tools help capture portfolio management process metrics that present real time data to help the firm make objective project decisions. While new LPM tools are emerging, Microsoft products (Excel or MS Project, TEAMS) continue to be widely used, followed by third party and in-house tools. A successful legal portfolio management service will help drive alignment with the firm's strategic goals, create transparency in the project selection and management process, and optimize resource planning. The service ensures your firm is working on the right projects, at the right time, with the right resources. ILTA 4 April Heimerl Senior Business Solutions Architect Fish & Richardson P.C. Holly Hannah Anne Christman Certified Paralegal Shook, Hardy & Bacon L.L.P.

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