Peer to Peer Magazine

PEER TO PEER: THE QUARTERLY MAGA ZINE OF ILTA 64 FEATURES Drawing on the example of the evolution of transactional law in other jurisdictions and that of U.S. firms that seem to be on the right path, we offer the following suggestions to start you on making your transactional law practice more profitable: • Revise Your Organizational Structure: Reconsider how your firm is organized and managed. Lawyers are trained to excel in the practice of law, but they might not have the same capacity for the business of law. Advancements in the U.K. demonstrate the value of letting lawyers do the lawyering while non-lawyers take care of the business aspects of running a practice — such as the marketing, relationship management and rainmaking obligations that lawyers are saddled with under traditional models. This approach sets non-traditional U.S. law firms apart. • Develop Efficient Workflows: Make workflows and not people the "heroes" of your firm — and make them as efficient as possible. Do away with the hallowed billable hour mechanism and watch the culture that encourages hoarding of work dissipate. Examine the steps required in each transaction and "chunk" out the work to make its execution more streamlined. Chances are, legal skills aren't required for every step. This enforced allocation of work In response to the growing dissatisfaction expressed by clients about the value of the legal services they receive, here are some alternative business structures that have surfaced throughout the industry: Established in the U.K. in 2011, River view Law offers legal ser vices at fixed fees, leveraging effective technology and workflow systems. Taking advantage of the change in U.K. legislation, River view Law has brought on AdviserPlus Business Solutions and DLA Piper as strategic investors. riverviewlaw.com It isn't a law firm or an LPO, and according to The Wall Street Journal, "Axiom aims to disrupt the way legal ser vices are delivered to the countr y's largest companies." Axiom's innovation lies, in part, in doing away with the traditional trappings of the law practice: partnership pyramids, lavish offices and a mistrust of technology. axiomlaw.com A network of independent law firms with in-depth experience in more than 100 countries worldwide, Lex Mundi can offer clients expert representation in the most challenging cross-border transactions and disputes. Member law firms are located throughout Europe, the Middle East, Africa, Asia and the Pacific, Latin America and the Caribbean, and North America. lexmundi.com Although it has closed its doors, Clearspire was launched in 2011 and "merged the best of legal and business practices" by allowing attorneys to focus on the law, while business experts managed the firm's operations. The firm functioned with an emphasis on promoting collaboration, delivering value and implementing efficient workflows — all supported by innovative methodologies and technologies. Riverview Law Axiom Law Lex Mundi Clearspire Examples of Firms Moving in the Right Direction About the Author Andrew Hutchinson is the Head of Sales (North America and EMEA) at RBRO Solutions. Responsible for the expansion of RBRO's client base in his targeted regions, Andrew's global knowledge of the legal industry gives him unique insights into emerging technologies that could potentially shape law firms in the U.S. and abroad. Contact Andrew at ahutchinson@rbrosolutions.com.

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