P2P

52 P E E R T O P E E R : I L T A ' S Q U A R T E R L Y M A G A Z I N E | W I N T E R 2 0 2 0 F E A T U R E S SOLUTION POTENTIAL ROI IMPLEMENTATION Billing Many sources cite a study that shows attorneys only bill for 87% of the time they could. Combined with the eliminating manual data entr y, billing solutions can impact both costs and revenue positively. Billing solutions seek to replace attorneys using pen-and-paper solutions for billing tracking. Billing solutions can require starting and stopping activities for by-the-second recording. Some can integrate with CRM soware to automatically track time for activities initiated through the CRM interface. But to many attorneys, these may just feel like extra steps compared to dropping off hand-written notes for someone else to enter. Task Management Assuming the soware does exactly as intended, some ROI may be seen from efficiency. However, companies also value task management solutions for compliance reasons as much as any potential ROI. Changing how someone handles tasks requires significant buy-in from leadership to effect lasting change across the organization. Evaluating performance based on data from these systems can help incentivize change. These are the kind of solutions that need to be fully adopted to be effective. Document Assembly Reducing document creation time can potentially provide a solid ROI. How much time can be saved by making it easier to apply templated document components. Effective use of document assembly tools requires some behavior changes. Whether they're willing to embrace those changes or how to measure impact will greatly depend on the firm, its capabilities, and its culture. New Business Intake Automating part of the intake process, including conflicts checking, can greatly impact ROI. Whether it is clearing inactive matters (and reducing conflicts) using automation or creating a custom new business intake process overall, we have seen new matter timelines turn from weeks to days. Any new soware interface can require some training and adjustment. This requires some buy-in, but if matters can only be accepted through the new process, it tends to make adoption faster. Plus, this option may be welcomed if a more manual processed had burdened administrators. Knowledge Management This can be a ver y, ver y quick project. Some firms create their own knowledgebase or wiki. From a technical perspective, setting this up and even adding some initial content and categories can happen ver y quickly. Users can add to it and build it up over time, and it does not require a hard switch. Even if it is just a few users that do a lot of the initial heavy liing, a firm wiki containing important knowledge or links to helpful templates may be a slow burn, but it also has a hidden advantage: once users become accustomed to using it, you can use to advance tech adoption. "Advertise" new tech or store instructions or demo videos for current initiatives. Transcribing Software Accurate client meeting notes can reduce liability. Leaving a voicemail aer a meeting that gets transcribed by machine-assisted human editors is ver y cost-effective and can reduce time spent on non-billable tasks. Transcription is an easier internal "sale." Even attorneys resistant to change may relish being able to dictate their notes without having to wait on internal administrative staff who may have other priorities. AP + AI Automation Accounts Payable (AP) automation comes in various forms. For the purposes of this analysis, we assume a cutting-edge solution that includes AI invoice capture, a new technology. As a rule of thumb, this solution can cut manual invoice entr y from 5 minutes per invoice to less than a minute per invoice. No one likes entering invoies, and it can cost around $3 per invoice to enter them. Template-based automation still requires significant amounts of time for AP clerks to "train" a system. A pre-trained AI invoice capture solution can create ROI without disruption. Without any technical training or time invested, AI can turn semi-structured data in invoices into structured data -- the kind that goes right into your financial soware -- automatically. That's why we consider it among the easiest to implement with a solid ROI. Scheduling Some solutions for this are free, and those that are not are ver y cost effective. This is an easy way to reduce communication friction and shave off time that can add up with dozens of associates over the course of years. Does anyone really like doing the "how about this day at this time" back- and-forth? This is easier to implement because a simple link added to an email signature, possibly changed on behalf of the associate, can replace all of that back-and-forth. Instead, "please click the link in my signature and select a time that works for you" can simplify the whole process. Solution Analysis

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