P2P

23 I L T A N E T . O R G • Taking advantage of the existing firm talent and attracting more — Work allocation is a key ingredient of talent development, and technology can help make the process more automated based on availability, suitability, compatibility, diversity and need. • It's the only way to grow — Technology solutions help firms keep up with growing demand, allowing them to take on more clients, have more share of revenue per client, and be able to engage more with each client. • Higher financial returns — With cloud-based connected firm solutions like the kind offered by Intapp, there is far more efficiency and less leaking than through traditional, manual avenues. Billable hours are of paramount importance to law firms, and technology enables them to capture and monetize every minute of client service. • Managing risks — A purpose-built approach allows firms to seamlessly onboard new business while managing risk. They can ensure that new work meets regulatory and ethical considerations, accurately captures the true costs of engagements, and meets client requirements while improving profitability. • Unifying data and turning it into operational insights and action — Missing intelligence is a missed business development opportunity; without unifying client data and lawyer experience in a single firmwide system, opportunities will be missed as the complexity of engagements continues to increase. • Finding opportunity from internal business analytics. Law firms are a business, and more accurate and easily accessible internal reporting leads to increased efficiency, recognition of problems, and hard data to back up assumptions. The legal industry has its own unique characteristics and idiosyncrasies that one-size-fits-all or bolted- together solutions cannot adequately cover. Technology that isn't tailored to law firm's specific needs fails to provide a unified view of the firm's critical data, and is often expensive, slow, and error-prone, and can require significant customization. Law firms need a platform that will cover the breadth of their needs, from winning and growing clients to onboarding new business to delivering client value efficiently and profitability. Breaking Through Barriers to Becoming a Connected Firm Though the past year—and the years before that—have made it clear that a cloud-based, connected firm is the future, one might wonder why some law firms are still hesitant. In fact, there are several challenges that firms must meet to create a connected firm that goes beyond client demand. Even in 2021, many law firms lack a single place to aggregate and manage a firm's silos of data. This means that all data is not accessible to all employees depending on geographies, applications, and replications. This makes collaboration, especially in remote or hybrid work environments, nearly impossible - and important information can be neglected. Prior to working with Intapp, international law firm Baker McKenzie-- an early adopter of cloud technology in the legal industry-- struggled with each of its 77 global offices having its own solutions for managing client information. These separate systems were not integrated, which made it challenging for partners to access key-client intelligence that could reveal a holistic picture of growth and expansion opportunities.

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