publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/192213
SHELTER FROM THE STORM: RISKS AND REWARDS XXXX OF UPDATING NEW BUSINESS INTAKE the-business" litigation, firms go so far as to analyze internal preparedness of staff to represent the client successfully, as a loss could incur client insolvency or even a bankruptcy lawsuit. •Non-Standard Terms of Engagement: Today, firms frequently review and process client requests for proposals (RFPs) and OCGs during inception. A 2012 LexisNexis survey reported that firms now handle an average of five to 16 RFPs per month. For large firms, that number increases to 21 RFPs per month. Intake is often the moment firms evaluate and ensure they will address client requirements for billing (e-billing or activity reporting specifications), matter pricing, matter staffing, records retention and information security (need-to-know access to client information). Firms should also make sure to write clear engagement letters to avoid future litigation. •Data Governance: Firms require clean, standardized metadata on clients and matters to automate many processes (billing, conflicts analysis, ethical wall compliance, etc.), and many struggle to govern data effectively. Data quality starts with accuracy at intake. Firms can then develop integrations and a master data management initiative to improve quality and coherence across systems. The challenge of managing intake in today's environment is that firms can no longer rely on a fixed process they repeat time and again with each new client. Many clients now impose specific requirements on firms, and many matters now require special treatment to comply with trickledown regulations from other industries. To manage this consideration and commitment. NBI is so complex that it resists being handled by a standard, rigid, out-of-the box solution. Firms should critically vet vendor promises of quick-to-implement, lowcost solutions, as many projects become endless engagements with exorbitant costs for change orders and customizations. The current and complexity and flux, firms therefore need a flexible tool they can change as required to harness specific demands and requirements effectively. impending risk landscape increases the need for an agile solution so firms can modify forms and workflows quickly to adapt to new legislation and emerging business needs. A Hard Rain's A-Gonna Fall: COMMON RISKS OF UPDATING NBI TECHNOLOGY Revisiting intake to migrate from a paperbased process to one that is fully electronic and automated or to upgrade from legacy software to a fresh alternative requires analysis, planning, Therefore, when evaluating technologies to update NBI, firms should understand they are not just acquiring software but also forging a partnership with a vendor or consultant to develop the right workflows, design the right forms, implement the right integrations and encourage a positive user