Session Descriptions Thought Leadership Track

Transcription

1 Session Descriptions Thought Leadership Track Firm Growth: All Partners Are Not Created Equal Presenter: Russ Haskin Tuesday, September 11, 8:30 am The historic partner compensation model that governed the legal community is changing, so much so, that firms may need to completely rethink how partners are compensated and how to balance the needs and goals of the firm versus the individual. This session will explore some of that history and the industry forces at play that are changing how partners are created. In this shifting environment, firms need to be both smart and flexible in managing partner compensation. To that end, the session will offer suggestions and specific examples supporting: Classifying partners by different types Rainmaker / Service Partner / Hybrid and their impacts on and contributions to the firm Variable compensation models that avoid a one size fits all approach Smart Score Carding that formalizes the metrics, benchmarks and measurements for each partner Links between profitability, firm objectives and compensation Communication to reinforce the behavior needed and eliminate surprises When handled properly, the combination of compensation and metrics becomes a valuable management tool for the solidifying a firm s success and future. Why Unbreakable Firms Break: Lessons Learned from Presenter: Brian Glauser Tuesday, September 11, 9:30 am Size and talent and global presence and past performance offer no guarantees of future success. Recent examples of large firms failing offer valuable lessons for the rest of the legal community. In this session, participants will explore some of the notable firm collapses as they learn about: Historical backgrounds and growth / expansion patterns Likely causes for what happened Common elements and warning signs to track Strategies to mitigate risk Page 1

2 Will Your Expansion Strategy Succeed? Presenter: Derek Schultz Tuesday, September 11, 11:00 am As the legal industry morphs and changes with the economic climate, law firms require solid strategies to ensure future success. Whether those strategies involve growing, contracting, or resetting core competencies, the right plan is integral. During this session, participants will get a look at how and why firms decide to grow, with a focus on several tactics that help lead to success. It will also examine: Current trends and mindsets law firms have in terms of growth Reports and techniques used to evaluate lateral hires Metrics and measures that are essential to success Warning signs and recent issues that have been caused, in part, by faulty tactics and strategies This presentation also will include perspectives and insights from two industry experts who will help answer questions specifically on: The intake process involved in lateral acquisitions Successes, trials and tribulations experienced at their own firms Pricing: Increasing Your Bottom Line through Effective Rate and Price Setting Presenter: Brian Taaffe Tuesday, September 11, 1:00 pm As economic concerns grow, so do concerns over law firm prices. Savvy clients are pushing for price concessions, creative alternatives, and other approaches that move firms away from the historic billable hour model. The good news is, with a little more insight and an application of the right tools and processes, law firms can address client concerns and still achieve profit levels comparable to those achieved in the past. During this session, participants will gain some of those insights by exploring: Techniques for setting rates Tools firms can employ to assist with rate setting for lawyers Looking at rates and pricing firms versus clients What really matters when it comes to price setting How to price work Why utilization affects pricing How capacity monitoring is essential to pricing Essential pricing tools and processes Page 2

3 Session Descriptions Product Leadership Track Legal Project Management: Hype or Reality in 2013 & Beyond Presenter: Audrey Mungal Tuesday, September 11, 8:30 am Interest in Legal Project Management continues to grow, driven largely by economic concerns and the pressing need to understand and manage work efforts and associated costs. In this session, participants will gain a thorough understanding of: The case for Legal Project Management Challenges and obstacles to adopting LPM approaches The current state of LPM adoption and practical ideas individuals can consider for their own firms Business Intelligence Best Practices (Client Panel) Moderators: Audrey Mungal and Stuart Allen Tuesday, September 11, 9:30 am This client panel session will explore some of the common elements found in successful deployments of a Redwood Analytics Business Intelligence solution. Session participants will have an opportunity to learn realworld best practices based on peer experiences and gain a better understanding of credible tips that work, as well as approaches that fall short of expectations. The client panel will discuss: Deciding what to measure in a Redwood implementation Managing the various inputs and information sources for profitability Identifying recipients for Redwood report distributions Guiding report recipients in using information and accessing the details they need Steps taken / changes made that improve performance Specific examples of wins and obstacles affecting the firm s goals, growth, strategies and success Page 3

4 Attorney Use of Insight & Intelligence Presenters: Bo Yancey and Ron Paquette Tuesday, September 11, 11:00 am Information is power; and successful firms using Redwood Analytics have figured out how to share pertinent information about the practice s performance without compromising personal information or sensitive compensation details. Participants in this session will learn tips and best practices involved in helping firms shift their culture and focus from billable hours to profitability. Reaching that point will require a change in mindset and several key steps along the way. BI 5 Success Strategies: Dashboard Adoption Presenter: Derek Schultz Tuesday, September 11, 1:00 pm This session will give participants a solid understanding of the positive difference dashboard adoption can make to practice operations. Included in the session are the viewpoints of three industry experts and their experiences in the world of dashboards. Currently, each individual is going through the deployment process of building and pushing out dashboards for their firm, which will enrich the session discussions about: Adoption strategies Mistakes and difficulties encountered from each individual s experience Metrics and measures to focus on A view at the entire process of building a dashboard This presentation also will look at an amalgamation of successes and teachable moments discovered during numerous client implementations of Redwood Analytics. Page 4

5 Billing & Collections 101: Best Practices for Managing Firm Finances Presenter: Stuart Allen Wednesday, September 12, 8:30 am With all the emphasis on profitability for law firms, it makes good sense to put extra focus on the collection portion of the financial picture. In an ideal world, the billing and collecting cycle would be consistent throughout the year and receipts would come in on a regular basis. Unfortunately, that isn t the case. A significant percentage of collection activity occurs in a year end scramble to capture aging accounts receivable and minimize write offs and lost revenue opportunities. This session will cover: Typical inventory management cycles for collections and billings Collection realization curves and the diminishing value/potential of aging receivables Identifying the elements that can be changed/affected Leveraging Redwood capabilities to focus on realistic changes Business Intelligence 2015: View of the Future of Intelligence in Firms Presenter: Audrey Mungal Wednesday, September 12, 9:30 am As the long time leader in business intelligence, Redwood Analytics has defined methodologies and best practices to improve the profitability picture at legal firms. However, that environment is never static. New technologies, business strategies and industry trends surface on a regular basis. In this session, we ll identify some of the key issues and topics worth exploring, and highlight the benefits and issues associated with those subjects. As participants learn some of the potential opportunities and threats for their firm from these future developments, they also will be able to take part in the discussions with their peers in attendance. Page 5

6 Session Descriptions Training Track Redwood Under the Hood Presenters: Daniel Ronesi and Michelle St. Pierre Tuesday, September 11, 8:30 am Go behind the scenes of Redwood software and learn how to manage the way information is presented which makes the application more useful for you and the people you re supporting. In this session you will learn how to schedule and run Redwood jobs and how to use the various Admin tools to make changes and affect outputs the way you want. Specifically for BI 5, you ll be able to add users, impersonate users for special operations, and create roll ups. You also will learn how to enter information and data that drives the Profit cube one of the more important aspects of Redwood capabilities. You ll explore different scenarios that result from decisions you make about profit data, understand what it takes to create and maintain an accurate profitability model for your firm, and benefit from hearing how other Redwood customers have built and managed their profit models. Preparing for Year End Presenter: Rudolph Vincent Tuesday, September 11, 11 am This class will focus on the variety of tasks that must be completed at the end of the year when a firm is closing out its financial records for that time period. A number of important Admin tasks will be addressed during this session, including the need to update Budgeted cost data in Timekeeper Override. Case studies and examples of problems that can occur if yearend planning activities are not attended to appropriately are part of the session content. Page 6

7 Planning Alternative Fee Arrangements: Hands On Applications Presenters: Russ Haskin and Daniel Ronesi Tuesday, September 11, 1 pm For years, the billable hour form of compensation has ruled the legal industry and there was little effort or demand pushing to explore different methodologies. Increasingly, however, in house counsel has become a catalyst for change with growing requests for alternative fee arrangements (AFAs). Firms who are able to respond quickly and confidently have a competitive edge and a solid opportunity to build customer loyalties while they capture more business. This course will cover the theory and rationale supporting AFAs; participants will also have an opportunity to practice creating some viable AFA responses. Client Profiles in LexisNexis Client Analysis Presenter: Rudolph Vincent Tuesday, September 11, 3:15 pm The LexisNexis Client Analysis application is a powerful tool for business development and building detailed understanding your existing customer base. Within LexisNexis Client Analysis, the Profiles module applies a combination of business intelligence and competitive intelligence to gain insight into identifying real opportunities for growth at a legal firm. Based on the metrics and measurements available through Profiles, you can expose the potential for client attrition as well as areas with growth potential. By expanding the understanding of existing client relationships, firms can help close attrition gaps. The effectiveness of using a Profiles strategy effectively depends upon knowing which client relationships are most likely to grow. Profiles provides that viewpoint by giving your firm a better understanding of existing client growth patterns, and allows you to combine information from several sources to sharpen your focus on the best opportunities. Participants will be exposed to a review and definition covering the drivers of client segmentation so that they can focus on these kinds of opportunities more effectively and intelligently. Page 7

8 List Reports and Grouping Report Studio Presenter: Michelle St. Pierre Wednesday, September 12, 8:30 am The full potential of a Redwood Analytics application is only realized when individuals are able to convert data to information and extract the details in ways that are most meaningful to different groups and individuals across the firm. That makes being able to manipulate the extensive list and reporting capabilities of the Redwood package a critical skill for users. Working from Redwood Report Packages, participants will create a simple list report and learn how to add sorting and grouping as enhancements to that basic capability. Formatting list reports and aggregations will also be discussed as valuable skills to learn. Ages and Stages Analysis LexisNexis Client Analysis Presenter: Rudolph Vincent Wednesday, September 12, 9:30 am With Redwood Analytics capabilities at its core, the LexisNexis Client Analysis application is a powerful tool for business development and marketing professionals. It brings quantitative insights to a process that has historically relied on intuitive approaches. In turn, this allows firms to adopt a more scientific and disciplined methodology in pursuing marketing initiatives, client cultivation programs, and client retention efforts. In this training session, individuals will gain a more detailed understanding of existing customer bases by exploring the different kinds of analysis possible based on Client Age and Client Stage dimensions. Follow on activities will use available data to further explore the relationships between different client stages and client Page 8

9 Streamlining Practice Group Reports BI5 Presenter: Rudolph Vincent Wednesday, September 12, 10:45 am The full potential of a Redwood Analytics application is only realized when individuals are able to convert data to information and extract the details in ways that are most meaningful to different groups and individuals across the firm. Practice Group Reporting is a major case in point. The extensive reporting capabilities of Redwood Analytics Business Intelligence software make it very easy to give practice group leaders too much information about their areas of interest. It s equally easy to provide information packaged in a form such as spreadsheet reports that have diminished meaning for the group. Either approach undermines the real value and potential of Redwood Analytics. Based on experience, individuals have learned to work closely with their practice groups to identify the kinds of information that hold the most value and to explore with them alternative ways to highlight key performance indicators. In this session, attendees will learn valuable alternatives for monitoring practice group performance and discover the power of graphs as an effective means of communicating with practice group leaders at law firms. Even if individuals have already determined what indicators are important at their firm, class attendance will be beneficial as we showcase ways to make the most of the graphing functionality in Report Studio, and specific graphs that have proven effective with practice groups. Page 9