publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/395170
SET THE PRICE DATA ANALYTICS TOOLS EDUCATION GET THE PRICE MANAGE THE PRICE REVIEW THE PRICE Tracking of work by area of law, industry, geography Client/matter protability methodology Ability to store matter budgets Task coding via time entry "Slice and dice" of relevant data points via a business intelligence-type solution Benchmarks for client/matter protability Monitoring of actual results vs. budget Dedicated legal project manager(s) Budget templates (top-down or bottom-up) Appropriate pricing arrangements Understanding protability Project management fundamentals Engagement letter templates Negotiation skills ILTA WHITE PAPER: OCTOBER 2014 WWW.ILTANET.ORG 9 LESSONS LEARNED The examples included above are intended to demonstrate how specific actions could fit into a larger program, but the precise form of any program should fit a specific firm's culture, strategy and resources. I have not addressed some areas such as compensation and incentives; these, although very relevant, are thorny issues in most organizations and, indeed, across the industry. This does not mean they should not be considered, but I would argue that these are advanced topics better addressed once a program has been established with some level of credibility. Now back to the answer to my question of what I would do differently. I would be mindful of the three overarching principles of establishing a pricing or legal project management program: • It is a marathon, not a sprint • It is a multidisciplinary effort • It is primarily a change management effort With these principles in mind, make a careful survey of the landscape and develop a comprehensive plan to address needs or gaps in data, analytics, tools and education. Finally, look for some quick wins and early opportunities to demonstrate expertise and utility while also building credibility for the overall program. It sounds easier said than done — and indeed, it is. But introducing a pricing and legal project management program in a manner that is mindful of context should help ease the journey. Following Stuart Dodds' matrix of steps, here are some examples of how individual projects fit into the context of your overall pricing and LPM program: THE SET, GET, MANAGE AND REVIEW MODEL