publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/395170
might include the development of a concise training module that explains the basics of legal pricing with clear visual aids or a dynamic tool to assist lawyers in identifying valid pricing options based on a few simple inputs. The needs assessment could identify a particular practice area that has an immediate need for pricing templates or a client for whom there is a particular issue needing analysis and support. Clients are a ripe area of opportunity for an early win. For example, perhaps a firm has a client that has specifically highlighted the importance of the use of alternative fee arrangements (AFA), requiring an AFA proposal for every new piece of work. Such a client offers a prime opportunity for the firm to demonstrate the possible return on investment of the pricing and legal project management program, since the firm can use the client's available resources to work with its legal team on proposals for new engagements and to support the project management of existing engagements. PERFECT VERSUS GOOD "The perfect is the enemy of the good." In other words, the effort and time needed to execute some projects fully could delay access to useful information or solutions. For example, the implementation of a new taxonomy for classifying types of engagements will include developing and agreeing on the taxonomy, changing underlying systems and converting existing data. One way to provide some meaningful information once the taxonomy has been agreed upon, but before it has been fully deployed, is to identify those matters comprising, say, 80 percent of each major client's total matters and then applying the new taxonomy to those matters. These newly classified data can be stored somewhere temporarily (e.g., in a spreadsheet) for reference and updated when the fully formed solution is deployed. In addition to those preliminary data being available for immediate use and analysis, they are available later for incorporation into the final product. COMMUNICATE, COMMUNICATE, COMMUNICATE Communication is a key aspect of any change management effort. With a wide range of stakeholders, do not assume they all understand or are even aware of the program's achievements (let alone the activities underway). The use of an appropriate and targeted communications plan is critical to keep stakeholders informed of activities and progress, and the program plan is useful as ILTA WHITE PAPER: OCTOBER 2014 WWW.ILTANET.ORG 8 DEVELOPING A PRICING AND LEGAL PROJECT MANAGEMENT PROGRAM the foundation for such a communications plan. Of course, communication should be appropriate, targeted and informative, not simply communication for communication's sake. One potentially useful way to highlight progress is to put the plan into a larger overall context. I am fond of Stuart Dodds' "set, get, manage and review the price" paradigm, as outlined in his recent book "Smarter Pricing, Smarter Profit." Using a matrix format to marry Stuart's steps with the DATE areas could be a useful way to demonstrate and explain how each individual project fits into the larger picture. A pricing and legal project management program is in fact a series of projects with a common, overarching objective: change the way lawyers price their work and manage the delivery of their services.