Peer to Peer Magazine

Fall 2016

The quarterly publication of the International Legal Technology Association

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Page 7 of 91

9 WWW.ILTANET.ORG BEST PRACTICES KM with Document Automation: A Game-Changer for Client Service shareholder agreements and non-disclosure agreements. This pathway to creating documents with minimal or even no aorney engagement gives clients control, flexibility and tremendous gains in speed. Even more than cost savings, clients are oen concerned about closing deals quickly, and the ability to generate compliant documents on the fly is oen what clients appreciate most about self-service document automation. Cooley has a separate in-house document automation system that its aorneys use to generate documents with tremendous efficiency. In one test, the firm found it could reduce the time required to complete a particular set of documents from eight hours to less than one hour. Client Retention Continuity of client service can be an important factor in encouraging client retention. When you have document automation in place, clients no longer need to worry about the loss of a key aorney or team; they can have the peace of mind that the expertise they rely on resides within the firm. Such was the case when Baker Donelson lost one of its leading partners. A leading Fortune 50 client cited Baker Donelson's knowledge management strategy as one of the key reasons they stayed with the firm. According to Meredith Williams, Baker Donelson's Chief Knowledge Management Officer, "They told us that one of the reasons they stayed with us was not just that we had a knowledge management system, but that we used it in a way that helps them save money and time." A Competitive Differentiator In an era where client service is an increasingly important factor in gaining and retaining clients, document automation can provide an important competitive advantage by enhancing client service, improving efficiency and reducing risk. Knowledge management solutions featuring document automation return a firm's investment in the form of lower costs and increased productivity. More important, they allow a firm to offer unique tools and services to its clients, giving it an edge in a competitive marketplace. P2P all clients. Because document automation is typically based on forms subject to some level of formal review, clients consistently receive the benefit of up-to-date resources and forms. Risk Management Document automation can help ensure documents involved in firm administration, such as engagement leers and ethical wall memos, meet all compliance requirements. By integrating with other client management systems, these documents can be produced quickly and routinely, reducing costs and significantly reducing or even eliminating the need for iterative corrections and revisions. Robust automated approval processes reduce bolenecks caused by incomplete, non-compliant answers by flagging those responses and generating email alerts. Approvers can review, approve, edit, reject or reassign documents, generating timely reviews and approvals. Associate Training Detailed online questionnaires in document automation tools can be an important educational and training tool for new associates or lateral hires. The responses from questionnaires, which are used to inform dozens of different documents, organize issues and provide a wealth of practical examples that are more targeted and detailed than those typically used in general training sessions or client intake forms. This can be helpful in training programs that explain both top-level issues of a particular transaction and more detailed minutiae of the documents. Enabling Client Self-Service Tools Sophisticated document automation allows firms to place key tools and resources at clients' fingertips. Firms are using this technology to deploy self-service online document creation, allowing clients to create documents meeting compliance standards without direct aorney engagement. This takes legal service delivery to a new level. Cooley LLP, for example, offers Cooley GO, a public website that allows users to create customized documents, such as articles of incorporation, A leading Fortune 50 client cited Baker Donelson's knowledge management strategy as one of the key reasons they stayed with the firm. Read about Baker Donelson's knowledge management strategy in the Summer 2016 issue of Peer to Peer. WANT TO KNOW MORE?

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