Page 251 - 2019 - Leaders in Legal Business (n)
P. 251
Lawyers Actually Practicing Law Again
Working strategically with LMS companies can help top firms improve their ability to
recruit, train, and retain the world’s top legal talent by sending a clear signal to the marketplace
that a career at their law firm will not revolve around years of inefficient document review or other
high-volume, repetitive (but important) work. Furthermore, attorneys in such firms will more
quickly develop their skills in the traditional practice of law, including oral advocacy, witness
preparation, and legal writing. Associate morale can improve by reducing the tremendous cost of
a revolving door, and increased retention also improves the ROI on training associates on the firm’s
practice.
A Competitive Edge
Law firms can also deploy managed services to create a competitive advantage. In an RFP
or fixed-fee scenario, the firm presenting the lowest overall price tag on representation will often
have the winning edge. If deployed correctly, partnering with an alternative services provider can
give law firms a competitive advantage in attracting new clients.
Research shows that the vast majority of firms continue to face price competition, despite
the recovery in the overall economy. Moreover, many are adjusting their pricing strategy by
integrating fixed rates whereby the risk of cost overruns is born exclusively by the firm. Future-
focused firms are getting creative, pairing alternative fee arrangements with outsourcing, and
advanced technology. And it’s working: They are winning business with a lower cost solution,
while still maintaining non-discounted rates.
For smaller firms, the support of managed service providers can be a game-changer that
can level the playing field when competing with their larger rivals. Today, small- to mid-size firms
with lower headcounts are better able to compete for big, bet-the-company matters, because
engaging with high-quality LMS providers allow them to scale up with professional staffing
without increasing overhead.
Conclusion
Despite all this action, the focus of the mainstream legal media still remains fixated on the
AmLaw 200 and their always-exciting profits per partner (“PPP”) numbers. This boring narrative
misses the most dynamic and disruptive area of the industry, and we hope you continue to follow
this story on Above the Law, as we at alt.legal follow the disruptors working hard to make the
legal system work better.
236
Working strategically with LMS companies can help top firms improve their ability to
recruit, train, and retain the world’s top legal talent by sending a clear signal to the marketplace
that a career at their law firm will not revolve around years of inefficient document review or other
high-volume, repetitive (but important) work. Furthermore, attorneys in such firms will more
quickly develop their skills in the traditional practice of law, including oral advocacy, witness
preparation, and legal writing. Associate morale can improve by reducing the tremendous cost of
a revolving door, and increased retention also improves the ROI on training associates on the firm’s
practice.
A Competitive Edge
Law firms can also deploy managed services to create a competitive advantage. In an RFP
or fixed-fee scenario, the firm presenting the lowest overall price tag on representation will often
have the winning edge. If deployed correctly, partnering with an alternative services provider can
give law firms a competitive advantage in attracting new clients.
Research shows that the vast majority of firms continue to face price competition, despite
the recovery in the overall economy. Moreover, many are adjusting their pricing strategy by
integrating fixed rates whereby the risk of cost overruns is born exclusively by the firm. Future-
focused firms are getting creative, pairing alternative fee arrangements with outsourcing, and
advanced technology. And it’s working: They are winning business with a lower cost solution,
while still maintaining non-discounted rates.
For smaller firms, the support of managed service providers can be a game-changer that
can level the playing field when competing with their larger rivals. Today, small- to mid-size firms
with lower headcounts are better able to compete for big, bet-the-company matters, because
engaging with high-quality LMS providers allow them to scale up with professional staffing
without increasing overhead.
Conclusion
Despite all this action, the focus of the mainstream legal media still remains fixated on the
AmLaw 200 and their always-exciting profits per partner (“PPP”) numbers. This boring narrative
misses the most dynamic and disruptive area of the industry, and we hope you continue to follow
this story on Above the Law, as we at alt.legal follow the disruptors working hard to make the
legal system work better.
236
