Business & Financial Management

Matt Laws, Director for Client Services & Pricing at Crowell & Moring LLP, based in Washington shares with us why when trying to embed LPM – using software is key to success

Matt:

While the aim of many software providers is to assist law firms in the LPM process, the legal industry has yet to see a software package that completely offers a turnkey solution.  Whether it is purchased off the shelf or created in house, software is needed to facilitate the successful implementation of an LPM program rollout to a firm.

An effective LPM software program facilitates the structure and process needed to go from LPM discussions to firm wide implementation.  Specifically, it must provide for the AFA budgeting and proposal approval processes, home to matter templates, the matter intake and conflicts, matter management throughout the phases of the engagement for the legal team, budget monitoring and reporting, and most importantly ongoing communications to the client.

The list of needed functions in an integrated LPM software package is significant and has led Crowell & Moring to create an in-house solution using Microsoft SharePoint combined with LexisNexis Redwood Planning for profitability analysis.  Development of the software required a time investment of the IT department of a year including the stages of design, functionality development, financial system integration, budget template development, partner testing, training, and ultimately full firm adoption.

Clients and firms are evolving in the transition away from the traditional hourly approach in pricing engagements to pricing matters, dockets, counselling, etc. in ways that are more creative, client centric and ever changing.  As a best practice to handle the myriad of target budgets and fixed fees used today by firms and clients, a library of budget templates across all practice areas allow for an expedient response to engagement proposals that most always require a short turnaround by the client.

Ultimately, in-house developed LPM software has been the key to our success in the firm-wide adoption of project management and is serving the needs of our clients in this dynamic legal environment.

Thank you very much Matt. I am bit of a technology fiend myself and am all for using great tools to make my life and the task at hand easier!