Issue link: https://epubs.iltanet.org/i/7694
ILTA White Paper The Business of Law 22 is critical. Also, with collapsing firms, partner layoffs and associate furloughs, new business intake systems must also support the vetting of lateral hires and merger and acquisition activity, from both business strategy and risk perspectives. New business intake systems in use today were built to accommodate specific rule sets. As a result, these naturally arising changes are largely addressed via retrofits to the system. The more nuanced the new business intake process becomes, the quirkier supporting technologies become –– sometimes preserving efficiency and sometimes not. Firms need to determine the time and costs associated with updating these new business intake systems. What are the true costs associated with workarounds, not just vendor or consulting fees, but also IT resource drains and the potentially negative impact on speed and efficiency? Delays impact decisions, which impact speed, which directly impacts competitiveness and profitability. Further, dated information gathering and dissemination methodologies impact decision- making confidence and potentially expose the firm to risk. New business intake technology downshifted to addressing nuances rather than revisiting the overall business needs on a holistic scale –– and that's where we are today. It's no wonder new business intake and risk management systems are viewed as cost centers. revoLuTion: froM CoST CenTer To ProfiT CenTer One upside of the current economic situation is that it has served as a highly disruptive force that brings with it the opportunity for new leaders to emerge. Law firms are refining their business strategies and applying new dynamics to old business practices, choosing to focus on long-term planning supported by strategic investments that will ensure a return on investment. By helping to put the business edge back in new business inception, IT can play a major role in leveraging new strategies and technologies to not only support the client intake and risk management needs of the business, but also to help the firm proactively and profitably address these core functions. Sure, getting to the client/matter number fast is still the name of the game, but when you take a holistic view and address the true business needs of the firm, you have the potential for a comprehensive technology platform that can intelligently support the end-to-end needs of the business and can transform cost into profit. CIOs are vital members of leadership teams for firms on the road to reinvention. IT will play a pivotal role in the new frontier. Success is dependent upon the ability to look beyond what's in place today and understanding what's possible tomorrow. In leading this charge, consider these next- generation concepts: • Holistic Approach: Alignment of business goals, business development, risk management and technology. • 24/7 Capabilities: Decisions and resulting actions available and implemented around-the-clock (in minutes, not days.) • Global View: Ability to accommodate mandates that may vary from locale to locale (even for the same client), multiple language requirements and time zone differences. • Mobility: Two-way communication for receiving and sharing