The quarterly publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/448505
WWW.ILTANET.ORG 17 and frustrations and then build custom technology solutions has been game- changing. With these client extranets, Levenfeld Pearlstein has created: • One-Stop Information Hubs: These are client-friendly, tech-driven and secure information portals with access to status reports, documents, real-time financial information, calendaring details and general resources about the legal collection process. • Cost Savings: Clients no longer have to request print-outs of status reports and other files since they can now access all relevant information 24/7. This means getting what they need when they need it, and not being charged for copies, rush fees and billable hours associated with these tasks. • Transparency and Consistency: Full access to case files, documents and collections updates gives clients complete clarity as it relates to the work the firm is doing on their behalf. In addition, the extranet structure and the way information is organized provide clients with ongoing consistency on which they can rely. (IN)VALUABLE CLIENT DEVELOPMENT This initial foray into the world of extranets opened our minds to other possibilities, including the development of a general extranet template. We created a menu of standard components used to create a tailored approach based on each client's needs. By design, we are a flat organization structured for effective decision-making, able to test systems and obtain appropriate buy-in in order to move quickly. For us, a strategic technology investment is by far the most ROI-focused client development initiative. Many firms spend big bucks investing in client relationships through entertainment (only 50 percent deductible as a business expense) or by supporting a client's favorite charity (non-deductible as a business expense). Contrast that with technology investments, many of which can be amortized or leased over three or more years and replicated with multiple clients. At Levenfeld Pearlstein, we use both client entertainment and technology-driven value to create a client experience that strengthens retention and referrals. Here is the real advantage of using technology to create value: new tools (e.g., the extranets) enable our attorneys to spend more time fostering their client relationships and less time on tasks that can be done more efficiently and consistently through technology solutions. In fact, during the extranet launch at the client's place of business, our principal contact noted that "we are never going to be able to leave your firm now because this is so valuable." Is there any better testimony to client value? We use both client entertainment and technology-driven value to create a client experience that strengthens retention and referrals. 57 percent of firms responding to the ILTA 2014 Technology Survey provide extranets to clients. Microsoft SharePoint is used for extranets by 36 percent of large firms (700+ lawyers), but its use drops to only six percent among firms with 149 or fewer lawyers. If we look at extranets in general, we find that 99 percent of firms with 350 or more attorneys leverage them versus only 50 percent among the "50 to 149 attorneys" segment. Smaller firms: Do not let the numbers fool you. While the survey statistics might suggest smaller firms do not benefit as much from the deployment of extranets, Levenfeld Pearlstein has found otherwise. It is a matter of providing business value in the form of client collaboration and information/knowledge management solutions. How valuable are financial dashboards and portals to your partners and decision makers? Can you save or enhance a client relationship through the deployment of a firm extranet or simple collaboration site?