publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/1188906
I L T A W H I T E P A P E R | I N F O R M A T I O N G O V E R N E N C E 24 data related to their client relationships and used the analysis to develop a data model that found four key variables that directly affected client retention: • Reducing the size of matter teams to five or less and increasing time per team member proportionally where possible; • Introducing one new professional to the relationship; • Adding one more industry expert to the team (which could coincide with point two); and • Running a focused, relevant marketing initiative for each client. When comparing a control group to a group focused on improving those key variables, DLA prevented 85 percent of fee loss on a year-over-year basis. The CLOC Effect The Corporate Legal Operations Consortium (CLOC), has emerged as the premier voice of Fortune 500 legal departments. Their intent is to drive their outside counsel to more efficient matter management to surface and compare commodity work delivered across law firms and establish fair pricing for their work. They have defined a maturity model applied to law firms that serves as a basis for their service expectations in which data governance and process management are guiding principles across each of the levels of maturity. (See Figure 2.) CLOC estimates that 60 to 90% of a lawyer's day can be automated, and/or supplanted by legal service providers. Although this may seem extreme, their basic premise will trickle down to smaller companies' legal departments over time – law firms need to be more efficient. Combine this with resources like TyMetrics and Serengeti, now Thomson Reuters' Legal Tracker, and legal departments know how much your competition is charging for similar services. D A T A G O V E R N A N C E F O R L A W F I R M G R O W T H A N D C L I E N T S U C C E S S F I G U R E 2