In the General Session at Vantage Miami on Tuesday, Bill Burch, vice president of Global Sales for Thomson Reuters Elite, reflected on the concerns he is hearing from senior management at law firms. As his head hits the pillow at night, his brain starts racing with concerns and challenges around the competition. Thoughts like, “show value where before who you were as a firm was enough,” “establish predictive spend for clients,” and “grow through an investment in business development” definitely keep Burch up at night.

What combats these challenges is efficiency, productivity and creativity. Creative management of deals, fixed fees for tasks and matters, hourly spend discounts and combinations, and as one client said to Burch in a meeting, “no matter how good or creative the deal is, if we don’t do a good job managing the deal, we are dead.”

Burch didn’t provide a magic tonic to the sleepless nights, but he did outline key takeaways in the video clip below from Vantage Miami 2013.