Issue link: https://epubs.iltanet.org/i/7694
www.iltanet.org The Business of Law 21 Putting the "business" back in the new business intake Process riSk ProTeCTion Firms have significantly beefed up their risk management practices in keeping with the global nature of today's business. Firms need to manage potential exposures that could result in loss of reputation, fines or worse. This includes managing regulatory requirements and other external requirements such as Know Your Customer (KYC), as well as managing ethical and privacy concerns. According to a 2008 Altman Weil study, more than 85 percent of law firms have appointed in-house General Counsel, and the majority did so in the last few years. New business intake systems in use today were not likely developed in cooperation with firm risk management leadership and may not be reflective of a firm's current risk profile and practices. For example, the firm may now have a rule that no work, even e-mail communication, can begin against a matter until related information barriers and ethical walls are in place. However, the existing new business intake system may issue a client/matter number to the requesting lawyer, whose team then begins billable work on the matter before required security is in place. eConoMiC ConDiTionS No one could have predicted the economy's screeching halt and the impact it would have on firms. This led to an increased need for strategy and speed in the new business intake review and acceptance process. Firms may now pay closer attention to a potential client's credit score or the accounts receivable of an existing client. A firm may change acceptance protocols in order to bring in new types of business to ensure profitability in a tough economy (and yes, that may be in direct conflict with risk protocols as noted above). With so many firms circling for business, first mover advantage Launching Your New Business Intake (NBI) Project: Choose your vendor partner wisely. Not every • tool kit vendor understands NBI. Instead of buying a tool kit to build your • custom NBI workflow, consider NBI application providers. These firms not only understand the process, they likely leverage sophisticated workflow-based systems that can be extended for other firm workflow needs. This can save time, resources and budget dollars needed to get up and running. Consider Microsoft Windows Workflow • Foundation (WWF)-based solutions, as opposed to proprietary workflow engines. WWF is strong, and for NBI type human- intensive workflows, it's the best technology choice at a fraction of the cost. Be open-minded. Your way of performing • NBI may be the best you know, but may not be the best system to implement. Find and trust a vendor that brings the knowledge and expertise of many different NBI implementations. Be prepared for change management. Any • change in process requires retraining of people and resetting their expectations. Plan for it to avoid disappointment and to ensure a successful rollout and the acceptance of new technologies and processes. Try to achieve better alignment of business and • IT goals by ensuring constant communication between GC and the CIO, and more importantly the firm's entire executive team.