Reuters’ Law Firm Leaders Forum: My Two Cents
I recently read the LegalTech News article titled, “Technology Proves Vital Force in the Future of Law Firm Business” and I had about a half dozen “ah ha!” moments and equally as many “told-ya-so” moments. As technologies continue to shape the way we do work, we need to continuously train law firm employees to use it! (Particularly older managers and partners who are reluctant but who hold many purse strings.) I will probably address my thoughts in different blogs but are a few in a nutshell:
The article says: The formation of the Corporate Legal Operations Consortium (CLOC), which focuses on building standard metrics to develop a common language for measuring law firm performance, was called "potentially a very powerful agent" for change.
My two cents: I 100% agree! For the same reasons that I have been promoting LTC4, whose mission is to measure a law firm’s tech savvy in a quantifiable way, giving clients a way to compare firm efficiencies. Both CLOC and LTC4 are looking at ways that law firms can prove their efficiency and worth to clients, who are increasingly gaining the upper hand in their relationship with firms. I applaud any efforts that bring more accountability and transparency to this relationship.
Learn more about the importance of LTC4 here.
The article says: “Another catalyst for law firm business evolution was technology, or, as Bernero & Press partner Aric Press put it, "The rise of the machines is upon us."
My two cents: The rise of the machines has been upon us for a while now! And yet we still have law firm managers, partners, associates and staffers who refuse to get on the bandwagon. When a partner doesn’t even know how to use PowerPoint, how do you expect him or her to use artificial intelligence? Firms that want to ride this tech wave better make sure they haven’t missed the last tech wave!
Learn more about the importance of training your law firm team here.
The article says: “Amid client concerns for law firms is cybersecurity. This arena presents an "incredible acceleration" of risk, bringing to light difficult questions that law firms struggle to address.
“How widespread and global this hacking industry is, it's just overwhelming," said Bradley Arant Boult Cummings chairman Beau Grenier. Quantifying the threat for law firms, he added the average cost of a data breach for a firm is $4 million.”
My two cents: All it takes is a few headlines about cyberattacks on law firms to get everyone’s attention – especially our clients. When one of us is vulnerable, we are all vulnerable because successful attacks make our entire industry look weak. There are inexpensive ways to protect your firm; most notably, you should train your weakest link – your employees – to recognize and manage threats properly.
Learn more about ways to manage law firm cybersecurity here.
The article says: “Putting the balance of technology and quality in perspective, moderator Baxter noted that while technology enables law firms to do better, clients are the true driver of change. Clients are in search of cheaper yet high-quality services, and law firms need to find a way of delivering this in a way tailored to their clients.”
My two cents: Henry Ford figured this out a long time ago. Maximize efficiency to lower costs, giving your firm a competitive edge while not risking the quality of the service you provide. What if you could deliver higher-quality legal services, charge the same amount (or less), and make more money? If everyone in your firm knew how to use your technologies well, you could cut support costs and time squandering significantly.
Learn more about the ROI on training initiatives here.
If you have questions about this article, please don’t hesitate to contact me directly at 303-800-5408 or firstname.lastname@example.org
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