Legal process innovation. Driving improvements to legal service delivery

Transcription

1 Legal process innovation Driving improvements to legal service delivery

2 Recent Headlines on In-House Legal Ops GC Plan Few Hires But Still Say More Work Coming In-House How to Control Litigation Costs with Technology Pressure Rising for Early Settlement Bad Times are Good Times for Alternative Fee Arrangements Controlling the Cost of Environmental Regulation Alternative Billing Making a Comeback Tech: Law Departments Look for Improved Management Reporting High Fees and High Pressure Spawn an Alternative Foreign Firms Offer Quality Work at Bargain Rates Blickstein Group, Inc.

3 The problem with technology Multiple systems create information silos Reliance on Spreadsheets as project management Multiple methods of communication

4 The problem with people We need better processes, but I don t have time We need a culture of innovation, who creates it? We ve always done it this way We re too spread out to work together

5 Why change? Increase operating efficiency Optimize transaction processes Adapt better service Maximize to business expectations Provide a technology investments

6 Collaborate? Cultural change focused on the user experience Agile and responsive to stay competitive Productive teams and efficient projects Optimized, digitized, automated processes Technologically advanced and innovative

7 Benefits of an agile approach More flexible approach to managing projects Deadlines, tasks and even goals can change frequently Work in short sprints with regular reviews and reprioritisation Iterative approach that creates a quicker feedback loop Smaller teams are more efficient and faster than big teams Improves transparency and communication

8 Service innovation starts at home Focus on process optimization Transform the way people work Encourage continuous improvement Be agile, responsive and experiment

9 Project management drives efficiency Project management is not natural to lawyers It s not a new concept but it s still under-utilized Drives process structure, consistency and efficiency Provides the business with transparency and predictability

10 Kanban boards improve visibility

11 Dashboards improve transparency

12 Digital transformation A disruptive new era in business It affects the way you work internally And how you engage with the business How you leverage smart technology How you deliver your products and services

13 Overcoming cultural inertia Identify users who are motivated to change People who are open to new ideas and have the most to gain Help them solve real world problems and deliver quick wins Provide them with compelling self-serving evidence that it works Shout about success internally, build advocates and champions Hold frequent retrospectives to drive continuous improvement

14 Network of service providers Excellent service delivery requires collaboration Partnerships and alliances are key to profitability Law firms need to partner with other service providers Opportunity for firms to act as a hub for key alliances

15 Case study: MarginMatrix Collaboration between A&O, Deloitte and HighQ Compliance system for over-the-counter (OTC) derivatives Help major banks deal with new regulatory requirements MarginMatrix codifies the laws across multiple jurisdictions Generates document drafts based on legal rules engine Provides a controlled workflow for contract negotiations

16 Case study: MarginMatrix Reduces effort from 3 lawyer hours to 3 minutes Review time for 10,000 contracts that any major bank holds on average reduced from over 15 lawyer years to 12 weeks

17 Case study: REDDA Award-winning Real Estate Due Diligence App (REDDA) 20 years of legal knowledge distilled into a lease analysis tool Traditional due diligence process is resource intensive and manual REDDA makes the process better, faster and more cost effective Improved consistency and flexibility with a 20-30% cost reduction

18 Case study: REDDA

19 Case study: CorrsEdge Smart legal document generation for start-ups and entrepreneurs Legal news, guidance & insights tailored for the start-up community Secure document storage to access company docs from anywhere Offers entrepreneurs support across their entire business lifecycle

20 Case study: CorrsEdge

21 Case study: CorrsEdge Over 35 intelligent legal documents with smart automation capabilities Legal guidance to walk you through which documents are relevant to you Document complexity rating and guidance on when to use them Integrated services will guide users directly to ATO / ASIC when relevant

22 Case study summary Deconstructed legal processes Codified legal analysis and knowledge Digitized processes and delivery models Faster, more cost effective, more efficient Disruptive innovation in legal service delivery

23 Your firm needs Digital Lego The bricolage approach to legal service innovation Assemble solutions quickly and easily with existing tools Be responsive and agile to new market opportunities Don t waste time and money building bespoke solutions Experiment, take risks, don t be afraid to fail and move on

24 Key takeaways Build a culture of innovation and experimentation Legal service improvement requires internal transformation Drive legal project management & process optimization Focus on the client journey and the digital experience Deploy a Digital Lego toolkit of legal tech solutions

25 Questions?