publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/535467
ILTA WHITE PAPER: JUNE 2015 WWW.ILTANET.ORG 15 Fortunately for firms ready to examine their processes and make improvements, the technology now exists to make this less painful. Legal process management applications, for example, allow both firms and clients to view data in real time and track matters using various metrics. Using such programs creates an interesting new dynamic in the attorney- client relationship, empowering both sides with more accurate information for decision-making. TYING CLIENTS TO THE FIRM RATHER THAN INDIVIDUAL PARTNERS In their 2013 management issue, the ABA featured an article by Mary E. Vandenack called "Dawn of a New Business Model" about the new Morningstar Law Group, which arose when 10 lawyers left two large firms to create a new business law firm with multiple practice areas. The lawyers intended not only to break away from the big law system but also to define a new client services model and firm structure. At Morningstar, clients are viewed as "firm clients" rather than being tied to a particular partner. The group shifted focus from individual attorney performance statistics to the firm's overall performance, and the partnership decision structure was flattened. Morningstar leaders argued that the centralized management model so common in large firms "tends to create a sense of apathy and disenfranchisement among the working owners, i.e., equity partners. You end up feeling like an employee rather than a business owner, and you really are nothing more than an employee because you rarely ever are consulted about significant decisions in a meaningful way." The key to the new Morningstar model is incentivizing everyone in the firm. They accomplish this by ensuring that everyone feels they have a stake in the success of the overall enterprise and that their investment of effort and time will pay off. "We have 10 partners so far, and we sit around the table and discuss pretty much everything." Business Processes Required To Operate A Law Firm TECHNOLOGY: CHANGING THE ATTORNEY-CLIENT RELATIONSHIP FOR THE BETTER! STRATEGY AND PLANNING MANAGING FINANCES MANAGING MATTERS MANAGING CLIENTS BUSINESS DEVELOPMENT MANAGING PEOPLE EXECUTION • Market research • Competitor research • Legal sector trends research • Strategic planning • Business planning • Budgeting Accounts payable and receivable • Cash management • Capturing expenses • Control and report • Pay employees • Contract management • Plan matter economics • Manage matter lifecycyle • Record time • Manage WP • Bill • Manage debt • Report • Client take-on • Client financial reporting • Account planning and reporting • CRM and contact management • Communicate and report with/to clients • Manage and communicate brand • Strategic BD research • Client analytics • Campaign management • New product identification and development • HR operations • Career planning • Training Elections • Internal communications • Source work • Plan legal processes • Execute legal transactions • Record and classify content for re-use