publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/395170
GETTING STARTED Assuming the luxury of starting a program from scratch with these three principles in mind, the first step is to conduct a thorough needs assessment from which a long-term plan for addressing those needs can be developed. Ideally, this plan should have the following properties: • It should be relevant to the organization • It should clearly identify short-, medium- and long-term deliverables • It should incorporate feedback from management and other stakeholders The plan should also be clear about the resources and change management required to accomplish its various objectives. In addition to documenting the approach, the plan can be a change management tool to communicate the plan's objectives and, ultimately, results. It is furthermore important to be clear that the plan will evolve over time, depending on shifting priorities and the availability of resources. It is a living, breathing document. BUILDING BLOCKS The building blocks of an effective program should cover four core areas: data, analytics, tools and education (DATE). In assessing these core areas and developing a plan, key questions might include: DATA • Are matters tracked by type of work (area of law), industry, geography, etc.? • Is the taxonomy for tracking work by area of law, industry or geography sensible, clear and easy to use? • Is there an accepted methodology for client- matter profitability? ANALYTICS • Does the firm have a culture of business intelligence as opposed to traditional "flat" reporting? • What reporting tools and capabilities are available? • Have benchmarks been established for profitability by practice area or type of work? TOOLS • Is software available to help lawyers build budgets, such as spreadsheets or other tools? • How is actual activity monitored with respect to an individual matter's budget? EDUCATION • Do lawyers currently receive training on pricing and project management? • Within the firm, what pricing and project management topics are relevant to which audiences? The answers to these questions and many others will frame the development of the plan and identify the projects to be undertaken in the short-, medium- and long-term. While assessing needs and preparing the plan, it is important to identify low-hanging fruit. Getting some early wins while the larger program is beginning will help build credibility, which is crucial if the primary pricing resource is new to the firm. Examples of near-term plan components ILTA WHITE PAPER: OCTOBER 2014 WWW.ILTANET.ORG 7 DEVELOPING A PRICING AND LEGAL PROJECT MANAGEMENT PROGRAM The building blocks of an effective program should cover four core areas: data, analytics, tools and education.