Digital White Papers

ILTA WHITE PAPER: NOVEMBER 2015 WWW.ILTANET.ORG 24 CLEAR THESE HURDLES AND TRANSFORM NEW BUSINESS INTAKE serious reputational risks for a firm that takes on a client with opposing viewpoints. • Manage risks before issues arrive. Risks are minimized when firms base decisions on accurate and complete information. The risk management department must oversee an independent review and analysis for each potential client. • Choose client work that aligns with broader strategic business goals. Law firms should choose clients with a matter portfolio that supports strategic and financial objectives to advance the firm's overall reputation and marketing strategy. TAKING THE LEAD To retain a competitive edge in today's legal market, it is vital that firms have a strategy in place to quickly identify and resolve possible conflicts, mitigate risk and determine which opportunities to pursue. With that in mind, here are tips law firms can use to adopt a better business intake environment. • Establish healthy relationships with potential clients when a new matter opens. Law firms need to know their clients well enough to properly carry out necessary due diligence for areas such as anti-money laundering, credit worthiness and industry-specific codes. Regular and open communication will facilitate relationships with clients early on. • Comply with professional obligations and client-driven demands. It's essential to explore any conflicts of interest a potential client might pose to the firm. For example, if a law firm's partner sits on the board of a potential client, a conflict of interest is present. If the client presents potential risks from an ethical or reputational perspective, they should not be pursued. • Satisfy ethical obligations. NBI processes should include an evaluation of potential competing interests with the client. There can be WINNING THE RACE WITH AN EFFICIENT PROCESS The journey to improve business processes includes a multiphase approach. An NBI assessment is contingent on a firm's preferences, but you'll want to go through similar steps: Evaluate the current state of your firm's intake processes to determine opportunities for improvement. A comprehensive view includes looking at processes from both technical and business sides. Weigh the different objectives your firm might have (e.g., billable hours vs. risk management) to better understand priorities. And be thorough! This process requires looking at every element, including policies, procedures, reporting, staff resources and use of technology.

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