As 2019 wraps up, Legal Current is revisiting milestones and key accomplishments from the Legal business of Thomson Reuters this year. Today, we look at Panoramic, a legal workflow solution that enables firms to plan, manage and execute legal matters with data-driven confidence. The February launch of the cloud-based system enables firms to predict profitability …
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The Real-World Risks of a Slow Mobile Website
Worrying about how quickly a website may load on your smartphone can be a nuisance when you’re just looking to occupy your time waiting for a table at a restaurant or for that friend who thinks running late is cardio. But for people looking to find legal assistance on their mobile device in the midst …
A Strategic Approach to Purchasing Legal Services, Pt. II
The strategic-sourcing approach to legal service delivery is meant to be systematic, continuous, and collaborative. Whether you start with one of the illustrative examples in Part I or not, start somewhere. But recognize that there is no finish line. Having a single conversation is not enough. Rather, the objective is to systematize regular periods of …
A Strategic Approach to Purchasing Legal Services, Pt. I
If a law department is spending six figures or more with the same law firm year after year, the two are in a de facto strategic partnership. Whether or not the law department takes advantages of the attendant leverage to improve its supply base, rather than seek illusory discounts, is a separate question. A strategic-sourcing …
What Law Departments Can Learn from Burritos and Cars
The recent events at Chipotle have once again highlighted the importance of supply chains in our modern economy. The law has long recognized the ability of large corporate purchasers to affect the behavior of their downstream suppliers. For better or worse, legislation on topics from sustainable food sources to conflict minerals and human trafficking is …
Zero-sum Game: Hourly Billing, Productivity and Profitability
Law departments and law firms are not locked in a zero-sum game. Law departments can get higher quality work at lower cost while law firms increase profitability. In a flat-fee environment, the dynamic is obvious—cost reductions via productivity gains from investment in process and technology outpace price reductions. But even under the reign of the …
CFO-COO Forum– Unprofitable Partner? Now What?
The last several years have altered the economic landscape for law firms – some for the better, but many have not been so fortunate. And some firms likely have had to face the difficult decision whether or not to part ways with a partner that is no longer profitable for the firm. A recent panel …
CFO-COO Forum – Enhancing Project Management Capabilities at the Partner Level
During the recent CFO-COO Forum in New York, a discussion was held on instituting project management solutions within law firms. Moderated by Terrence Herlihy, solutions architect at DTI, the panelists of the session “Enhancing Project Management Capabilities at the Partner Level” were careful to note that despite some challenges they encountered with their own firms, the …
A Story of Sandwiches
My first interaction with the law firm was as an account rep for a famous Los Angeles deli. We made great sandwiches. They ordered sandwiches in bulk. The law firm was my best and worst customer: Best because they bought a lot of sandwiches; worst because they were never satisfied. The first time we delivered …
