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In-House Special Many Law Firms Want to Be Considered Innovative

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In-House Special Many Law Firms Want to Be Considered Innovative July/August 2018 BriefingSMARTER LEGAL BUSINESS MANAGEMENT WARE CHANGE GROW FIGURE NET EFFECTS Jessica Burston at Royds Withy King Mills & Reeve on managing greater growth The knowledge team at Osborne Clarke on her transformation journey and boosting practice management on internationalising their intranet In-house special Many law firms want to be considered innovative. But what do their clients think of that? Swiss Fire Protection Research & Development AG Swiss Fire Protection Research & Development AG, based in Sarnen, Switzerland, has produced the revolutionary Pressurized Instant Foam System, a Foam-Based Fire Extin- guishing Technology that is on track to become the new norm of fire extinguishment in the Oil, Pharmaceutical, Chemical & Vegetable-Oil Industries. Our company is looking for either (1) a buyer/licensee or (2) a consulting firm to assist in the sale of our technology. Our goal is to sell all patents and know-how on either a worldwide or regional basis. Over the past 10 years, the earlier versions of the Pressurized Instant Foam SystemTM has been installed worldwide by companies including: ISSN 2398-9769 Issue sponsor: Editor’s Who we are… letter Headers lmost three-quarters (72%) of your clients Richard Brent is the editor of already have a panel/preferred list of Briefing. He likes to get out vendors, with a further quarter planning to and meet as many of you as A possible, so contact him at develop one – which will make this one of the [email protected] most common procurement tactics around, according to the recent 2018 Buying legal procurement Kayli Olson is 's Briefing assistant editor. She finds survey. The Buying Legal Council points out that more firms stories and data. Care to contribute? Contact: therefore risk the possibility of “losing long-standing clients [email protected] in the next round of panel formations.” Or in other words, your competition (probably) just got that little bit tougher. Holly McDaid is Briefing’s client services manager, One of the other really popular measures – and set to responsible for managing become even more so if the planners follow through – is supplier insight. Contact: [email protected] negotiating alternative fee arrangements (AFAs). In fact, once you factor in those who say they plan to develop this toolset (and/or skillset), slightly more will be doing this than are issuing RFPs. Moreover, exactly the Footers I was particularly same percentage will be carrying out data intrigued by the idea analytics on spend – suggesting cost clarity Rupert Collins-White is and predictability, which we hear so much Burlington Media’s creative put forward that firms director. Contact him at: about anecdotally at Briefing, really is [email protected] could come up with an paramount to the increasingly AFA specifically linked procurement-influenced corporate legal Sarah Cox is Burlington to a firm’s successful function. Media’s head of client AFAs also came up a number of times in services. Contact her at: investment [email protected] in innovation presentations at the EMEA Legal procurement conference, hosted at Dentons last month. And I was particularly intrigued by the idea put forward that firms could come up with an AFA Talk to us specifically linked to a firm’s successful investment in innovation. Never mind that another presenter pointed out Briefing on Twitter @Briefinglegal firms really need to be wary of coming up with AFA options Email us your thoughts clients struggle to track – one example given was a set-up [email protected] where partners billing in excess of a threshold automatically Find all our back issues online switch clients from the hourly to a monthly discounted rate, www.lsn.co.uk/Briefing applied across all matters – it also raises the issue of how Write us a letter (remember those?) exactly you judge ability to innovate. Briefing magazine Burlington Media Group Is this the same thing as efficiency? Even if not quite, 20 Mortlake High St there’s little point pursuing innovation that goes unlinked to London SW14 8JN DX 36356 East Sheen the value clients receive one way or another. So, have you asked your clients what innovation means to them as a business? As our feature this issue explores, there may be This month’s interviews were all transcribed by: more to it than even your innovation forum thinks. RICHARD BRENT EDITOR 3 Tweet us @Briefinglegal Briefing JULY/AUGUST 2018 Transformation - July Briefing advert FINAL.pdf 1 20/06/2018 15:00:12 TRANSFORMATION CONFERENCE C M Y TRANSFORM CM MY YOUR FIRM’S FUTURE CY CMY THURSDAY SEPTEMBER K ONE AMERICA SQUARE, LONDON EVENTSBRIEFING.CO.UK BOOK NOW BRIEFINGTRANSFORM WWW.BRIEFING.CO.UKTRANSFORMATION HELP YOUR LAW FIRM TAKE FLIGHT sponsored by: CONTENTS Inside this month July/August 2018 BriefingSMARTER LEGAL BUSINESS MANAGEMENT WARE CHANGE GROW FIGURE NET EFFECTS Jessica Burston at Royds Withy King Mills & Reeve on managing greater growth The knowledge team at Osborne Clarke 16 on her transformation journey and boosting practice management on internationalising their intranet Home on the change In-house special Many law firms want to be considered innovative. “Change fatigue But what do their clients think of that? is real – and Briefing is the only legal it’s a real risk, business management title, and is focused exclusively on which might improving the work and worlds not be fully of law firm management leaders. Every issue is packed appreciated.” with relevant insight and lessons from peers and pros. Jessica Burston, director of operations, Royds Withy King UPFRONT FEATURES INDUSTRY VIEWS sees a new chapter in cloud-based delivery Roundup Is this a The big idea Are Claire Clarke and Horia Selegean 06 new chapter for 12 your clients 24 Mark Finch at external investment? Mills & Reeve say new 34 at BT on how a convinced of the business machine-learning move Database case for innovation on the technology from Thomson Reuters Elite is a very with iManage is a Allen & Overy’s agenda? 07 strong strategic fit contract for continuous Peerpoint asks lawyers and Briefing people improvement students what they expect Paul Charmatz at 16 Jessica Burston, Eric-Jan van director of operations, encompass says 28 Alten at Aderant OPINION Royds Withy King, on process automation can 36 help with an onerous client says firms should seek to Stephen Allen, tipping transformation compliance burden be stronger than the 08 head of legal status quo services delivery at BRAIN TRAINING John Aldred at Barclays on why Hogan Lovells, issues an Hands on Mike 30 REAR VIEW AI BS warning 20 Gutsell and Sophie law firms are redesigning Louise Hadland, Thompson at Osborne their working world Five of the best 09 HR director at Clarke explore the process Peter Gill at 38 The top UK law Shoosmiths, sees potential of building a more proactive 32 Converge firm brands of 2018 show in gender pay gap reporting international intranet Technology Specialists signs of disruption Save money by outsourcing your document production to us. Visit intelligentofficeuk.com/cost-calculator UPFRONT ROUNDUP IPOMG ou wait for years, and then they all seem model which doesn’t support profitable growth.” to come at once, right? Without a doubt, “For those law firms which carry excessive debt Y the only letters on everyone’s lips in legal and unnecessary overhead, equity partnership has this last month have been IPO. become a high-risk career move that could end in A Thomson Reuters poll of large law firm personal financial disaster.” finance directors finds the number that would Knights won private equity investment and consider a stock market flotation has jumped from adopted its current corporate structure in 2012. In 12% to 20% in just a year. And DWF, the largest May 2018, it also acquired Manchester-based law UK firm known to be exploring the option to date, firmTurner Parkinson. Four acquisitions in five has issued a statement clarifying its position. years, plus organic growth, have propelled it well “We have been considering a number of into the top 100 with a compound annual growth strategic options for our business, including the rate of 32%. James Sheridan, head of corporate at possibility of an IPO on the London Stock Turner Parkinson, said his new firm had pioneered Exchange,” it reads. “If we were to proceed with “an ownership model that represents the future of the legal industry.” Elsewhere, some firms are busily refuting a flurry of speculation on the subject. However, another legal business certainly set to benefit from some new finance power is LOD. The flexible- 20% lawyering ‘NewLaw’ pioneer has secured the Of top 100 law firm finance directors mulling a future backing of mid-market private equity firm float, as fifth UK firm confirms the strategy Bowmark Capital for a buy-out from recently merged Bryan Cave Leighton Paisner (BCLP). an IPO, we believe that it would enable us to “This is all about access to capital for our next achieve our strategic objectives more quickly, stage of growth,” said LOD CEO Tom Hartley. while also enhancing our ability to attract and “LOD has already been a separate entity from retain the best talent and to incentivise our people BCLP for the last six years, during which time by aligning them through offering ownership we’ve seen excellent growth. We want to maintain within the business. that expansion by continuing to add new service “We are focused on an IPO; however, a number lines, geographies and of options are available to us, and we can still technology to our existing continue to build on our success to date, with the offering for our lawyers, “If we were to support of our clients, under our current structure.
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