P2P

28 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 | F A L L 2 0 2 2 • The timing has to be right. Searches for "late night shopping" are up 100% — consumers expect timing to be convenient. • Over time is expected. Searches for "24/7 customer service" have risen 500% — consumers expect service to be available around the clock. • There's a need for speed. Experiencing the highest rate of growth, Google searches for "next-day flower delivery" have climbed 800% — urgency and on- demand are now the name of the game. Like today's consumers, corporate clients expect efficiency and transparency. Once work commences, they want to remain informed in real-time. Just as they might check the results of a recent blood test via their healthcare provider's website portal or review their latest credit card statement on their bank's mobile app, clients want instant access to information related to the progression of their case, the teams doing the work, and how much they are billing for their time. Law firms looking to remain competitive should consider technology that will help them deliver on these new expectations – adopting transparent approaches to the litigation and case management process that empower this level of client-counsel collaboration and access. Leveraging Practice Management for Better Client Interactions In just the last few years, the legal industry more widely began to trade its physical files for the cloud and automate so-called "lower value" tasks, such as legal research or contract review, manual, time-intensive processes typically relegated to junior lawyers. Today, widespread access to cloud-based technology has helped law firms of all sizes streamline data collection and analysis as well as other time-and-labor exhaustive processes to compete with larger firms. Further, the enablement of efficiency and data-driven decisions play an integral role as corporate clients select the law firm(s) with whom they want to give work. With this in mind, when looking to upgrade operations to keep pace with changing client expectations, firms will likely derive the greatest value from: • Automated Time and Billing Capabilities: After reaching an all-time high in Q2 2021, the Thomson Reuters Law Firm Financial Index shows profitability is now declining. Profits per lawyer dropped 3.6% in Q2 2022. Though lawyers have limited control over the flat demand for legal services and rising expenses driving this trend, they can use smart time and billing technology to proactively manage time entries, improve revenue realization, and ensure timely payments, all of which impact profitability. • Advanced Data Collection and Analysis: Knowledge is power. Analytics can level the playing field and increase profit margins for firms that might otherwise lack staff or resources. Real-time data also contributes to more productive client-counsel interactions. When accurate, immediate insights are available at the click of a button, counsel is armed with the most current information to present at client meetings while improving decision-making and outcomes. • Platformization: With real-time data centralized into one platform, your team members are no longer working in silos, allowing for visibility across the full business and the partnership you may have with a single client. Dashboards are a versatile tool that can enhance all manner of client interactions and F E A T U R E S

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