The Path to Data-Driven Strategy & Planning

Transcription

1 The Path to Data-Driven Strategy & Planning Moderator Moderator Lizzy Duffy Vice President, Acritas Marcie Borgal Shunk President & Founder, The Tilt Institute Judy Okenfuss Managing Partner, Ice Miller LLP Gillian Ward Chief Marketing Officer, Baker Botts LLP

2 BUILD GROW PROTECT ENHANCE FORTIFY

3 The State of Law Firm CI 8 out of 10 AmLaw and Global 100 firms have at least 1 professional dedicated to CI Just over half of law firms globally have a formal CI function Law firm leaders rate CI functions 6.4 on a 10-point scale in terms of helping firms make better, more informed decisions The most valued quality is an ability to connect the dots Lack of partner engagement is the second greatest challenge faced by CI teams exceeded only by capacity All survey data is copyright Acritas and The Tilt Institute and may not be used externally without prior written consent from Acritas and The Tilt Institute.

4 4 Keys to Highly Effective CI Base: 70. Diameter of bubble relates to the proportion 1. Have a formal, centralized function 2. Engage in more strategic activities 3. Possess a trained CI professional 4. Excel at connecting the dots All survey data is copyright Acritas and The Tilt Institute and may not be used externally without prior written consent from Acritas and The Tilt Institute.

5 Outpace competitors 6% 5% 4% 3% 2% 1% 0% Base: 59 5-yr CAGR 2016 Revenue Financial Trends by CI Effectiveness Rating 5-yr CAGR 2016 PPEP 5-yr CAGR 2016 PPL 5-yr CAGR 2016 RPL 5 or under Average All survey data is copyright Acritas and The Tilt Institute and may not be used externally without prior written consent from Acritas and The Tilt Institute.

6 Five-year awareness growth Stronger brand growth 5% 4% Significant correlation (excluding outlier) 3% 2% 1% 0% -1% % -3% CI effectiveness rating All survey data is copyright Acritas and The Tilt Institute and may not be used externally without prior written consent from Acritas and The Tilt Institute.

7 Amount of Work The Legal Services Spectrum Increasing demand at the high (and low) ends of the spectrum, though not evenly distributed Commodity 2018 The Tilt Institute Inc. Nature of the Work Complex

8 Amount of Work The Spectrum of the Future? Technology Alternative delivery and pricing models Trusted advisors Specialized expertise Business acumen 2018 The Tilt Institute Inc. Commodity Nature of the Work Complex

9 Amount of Work The Spectrum of the Future? Efficiency and leveraging Innovation and distinction Commodity 2018 The Tilt Institute Inc. Nature of the Work Complex

10 Strategy-Structural Alignment Must-have Project management Nice-to-have (enhances performance) Efficiency and Leverage Combination Innovation and Distinction Process improvement Professional support staff Ancillary services Use of technology Alternative pricing structures Innovation (in service delivery) Extraordinary client experience Market differentiation Extraordinary client experience Premier talent Unique expertise/positioning Market differentiation Advisory approach Highly personalized touch Use of technology Project management Innovation (in approach to legal) Process improvement Ancillary services Alternative pricing structures

11 How Data Helps: Case Studies Market expansion and go-to-market strategies Talent acquisition, development and retention The client experience Pricing and staffing models Innovation and technology investments

12 MARKET EXPANSION AND GO-TO-MARKET STRATEGIES

13 TALENT ACQUISITION, DEVELOPMENT AND RETENTION

14 Case study: talent retention Problem: Firm X has low partner satisfaction overall, low engagement with the firm s strategy, low satisfaction with reward and a higher than average flight risk Approach: Building on results of Acritas survey among top talent, developed an action plan to increase partner engagement through: Segmentation of lawyers by the behavioural qualities in which they excel 3 unique types emerged Understand the critical drivers of support, reward and training for each type Develop an action plan with career paths that address each profile Commit to better communication around the new compensation system Next steps: Execute on action plan and measure progress again in Q Data sources: Acritas Stars survey (1700 partners surveyed Jan 2018) Acritas All rights reserved.

15 THE CLIENT EXPERIENCE

16 PRICING AND STAFFING MODELS

17 INNOVATION AND TECHNOLOGY ADVANCEMENT

18 Tips for Data-Driven Planning 1. Communication is critical 2. Keep it clean data hygiene 3. Know your data (sources) 4. Buy/build analytical talent 5. Cultivate a culture of data-based decisions 6. Leadership matters

19 Thank you