The quarterly publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/43128
BEST PRACTICES COST REDUCTION STRATEGIES FOR THE MODERN FIRM BE WILLING TO SACRIFICE THE SACRED BULLS Sometimes a firm must go further than just embracing new ways to work. Printing to a multifunctional device versus a local printer can save $.02 per page, which is nice and has an impact on the bottom line, but the bulls we are talking about here are bigger than that. WilmerHale, for instance, dramatically reduced their expenses by consolidating their entire back office operations in Dayton, Ohio. Similarly, some firms we work with have abandoned the traditional soft-cost recovery model for their onsite litigation support operation and have, instead, migrated to a vendor-direct cost recovery model. Another example is Robinson & Cole LLP, which outsourced its internal support services operation and decreased expenses by 22 percent. If you want to dramatically reduce expenses or increase cost recovery revenue, dramatic moves are required. USE OUTSIDE RESOURCES AND KNOWLEDGE Consultants, also known as "outside" resources, bring a certain perspective to your operation. By providing analyses, RFP work and contract negotiations, consultants can bring external knowledge and benchmarks to the table. I cannot count the number of times we have worked with a client who felt extremely confident on the pricing and terms they were receiving from their suppliers based on past history, only to find out that they were dramatically overpaying. The most successful firms are those not afraid to compare their internal operations to that of their peers, glean best practices from them and adopt new business practices when necessary, based upon an aggregate viewpoint. Every department in a law firm can have an impact on the firm's bottom line. By following the points outlined above, every member of every department can contribute to the efficiency and profitability of the firm — keeping it competitive and in business for, if not ages, at least many years to come. ILTA Rob Mattern is the President of Mattern & Associates, LLC, a firm of unbiased consultants who work with law firms to improve their support services and soft cost recoveries. Rob launched the company in 1997 after nine years of working in the support services outsourcing industry. He can be reached at rmattern@matternassoc.com. GW ONLINE WITH SHORT-TERM RESIDENCIES IN ALEXANDRIA, VA Master of Professional Studies & Graduate Certificate in Law Firm Management Invest in the Future with a graduate degree created by a partnership of The Hildebrandt Institute and the GW College of Professional Studies. Meet a growing need in legal management for highly skilled and adaptable leadership professionals. Develop Strategic Leadership and Management Skills. Gain business and legal knowledge from a faculty of legal consultants and professors of management. Expand Career Options in a program format designed for working professionals in the legal field. Online Information Session Tuesday, September 27 1:00 pm ET Tuesday, October 18 1:00 pm ET Rsvp Today! 1.800.JOIN.GWU nearyou.gwu.edu/lawfirm www.gwu.edu/gradapply THE GEORGE WASHINGTON UNIVERSITY IS AN EQUAL OPPORTUNITY/AFFIRMATIVE ACTION INSTITUTION CERTIFIED TO OPERATE IN VA BY SCHEV. 36612 Peer to Peer the quarterly magazine of ILTA 17