P2P

51 I L T A N E T . O R G products because it's an evergreen, never changing, always being upgraded by the provider scenario." Certainly, any large-scale move to be the first to implement a system is a risk, Baxter concedes. But it's a calculated risk. He views implementations such as the firm's previous iManage move or its current 3E play as not only solving the needs for the firm as it stands, but anticipating the needs of the firm and the market two years down the road when the implementation is fully up and running. "You don't have an option anymore," Baxter says. "But in 2018, that was a different story. However, we were thinking about the world in 2020, right? And in many ways, it was less risky to bet on the cloud because that's where it was going to." When anticipating the firm's needs in 2024 and beyond, all three point directly to the possibilities of leveraging the firm's current data in unique and innovative ways. LaForce pointed towards the APIs coming out of the 3E implementation and other litigation- focused cloud systems, allowing the firm and its attorneys to have a more holistic look into its matters. "So if I have financial data, and I have matter, internal experience data, and I have external data, then I have a more complete view of this matter both from the legal side and the business side," he explains. Williams-Range adds that the firm is exploring using 3E building out client matter dashboards, which will utilize data such as accounts receivable, matter openings, communications and connections through email and the firm's website, and more to shine a light on client development and retention risks. "What does that allow us to do? To look at the white space," she says. "What are we missing? How can we stop a client from leaving before they leave? How can we look for opportunities for growth and additional penetration, and new markets or new practice areas?" These ideas just part of the continuation of the larger Shearman Analytics strategy that began five years ago, Baxter notes. It took a lot of work to get to the current point, to put the foundations in place to be able to capitalize on the time the firm has dedicated to true innovation. But he believes Shearman & Sterling has arrived to the point where the planning can be put into practice. "Then ultimately," he says, "our clients will benefit by reducing our risk more efficiently, and differentiating what we do versus the competitors old and new, if we can get the magic right with the data integration." ILTA Zach Warrenis the manager for enterprise content for technology and innovation with the Thomson Reuters Institute. At Thomson Reuters, Zach charts the future of professional ser vices industries, including legal, tax, and risk & fraud, through writing, podcasts, and more. He has been writing and speaking on tech and innovation for a decade, and before coming to Thomson Reuters, Zach was the editor-in-chief of ALM's Legaltech News. Zach lives in Minneapolis with his wife and two dogs, and has a bachelor's from Northwestern's Medill School of Journalism and an MBA from Minnesota's Carlson School of Management.

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