3 Efficient Law Firms Making Huge Profits with … — Law Firm Billing by TimeSolv — Quora
The legal industry is heading for some changes. In an increasingly complex world, there lies the discomfort of uncertainty for your clients. As a legal service provider, you need to be top of your game to combat the plethora of competition out there, and the best way to start reviewing your service standards is to make innovation at top of your agenda. Focus on how you are delivering your legal advice to your clients, and make sure it is the way that makes the most sense to your clients. A framework of innovation will help you achieve that. We’ll be taking a look at how investing in a robust Legal Project Management (LPM) tool will lead to inconceivable results in increased efficiency and profitability for your law firm, using the examples of the following three law firm big shots that are using these LPM tools to drive their amazing worldwide success.
Baker & McKenzie
Baker McKenzie is a multinational law firm that uses legal project management. It is ranked in the top 5 largest international law firms by headcount and the largest in the United States. With revenue in excess of $2 billion, you know they must be doing something right!
Baker McKenzie has an Innovation Committee to ensure that the latest innovations are incorporated into the business’s operations. This committee addresses the growing importance of the technology economy, industry dynamics, and addressing the changing needs of their clients. Taking bold steps towards long-term success of your business is crucial for growth and profitability, and that’s exactly what Baker McKenzie set out to do.
Paul Rawlinson, global chair of Baker McKenzie says ‘Our Firm has a proud history of innovation. We need to create an environment where fresh ideas are encouraged and established ways of doing work are challenged.’
Jason Marty, who founded the firm’s Global Services Belfast Operation, adds: ‘We consider ourselves to be leaders across the main components of innovation in the legal industry — project management, technology, knowledge management, pricing, process engineering, and alternative staffing. This program brings these areas together and adds proven innovation methodologies that other industries have used for some years now.’
Clifford Chance
Clifford Chance is another multinational law firm using legal project management tools, with its headquarters based in London, UK. It is listed as one of the largest law firms in the world in terms of both revenue and headcount. Understanding the importance of delivering an exceptional platform for their global network, the firm achieves its success through a series of software for use in different areas of the legal process.
Delivering clients exceptional value is the heart of the firm, and that’s why they invest heavily in all the advanced technologies to ensure that their clients are getting the best resources for the best outcome of their situation. Regularly joining forces with industry innovators and breakthrough technologists, Clifford Chance prides in setting the bar high and being at the forefront of innovation.
Oliver Campbell, global head of client service solutions at Clifford Chance, said in a statement: ‘An important element of our strategy is an unwavering focus on adding value to our clients. This is based on an appreciation that we must constantly challenge ourselves to be more innovative in how we deliver our service’.
Latham & Watkins
Latham & Watkins is another one of those big guns that use law firms in the world, with around $3 billion annual revenue. highest grossing legal project management software for efficiency and profitability. Latham is also multinational, and one of the
Understanding that clients are increasingly leaning towards cloud computing as the most effective method of doing business, and that IT plays a crucial role in serving the thousands of legal professionals and staff across the world, it was voted in the top 10 of ‘Most Innovative Law Firms in Europe’ list in the 2016 Financial Times.
The firm has specific expertise in the cloud-based world inside and out, its benefits and the most efficient way of overcoming any shortfalls, it’s these guys! Cloud-based and prides its services for clients in the form of Cloud Guidance. If anyone knows the platform,
Using legal project management tools will not only help business growth, effectiveness and efficiency of internal systems and practices, but it will change your entire workforce and the way you operate — for the better. When your firm is expanding in business with an increasing number of clients, the volume of services, professionals etc., you need to have a robust system in place to cope with all that additional load on processes. By being innovative in technological investments, it is the best way to provide the best service to clients and create a smooth workflow in the firm’s internal environment which will inevitably attract the best professionals and clients for you.
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Originally published at lawfirmbilling.quora.com.
