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The Future is What Happens

The Future is What Happens. While You’re Making Other Plans. Pop Quiz. Question: Name a comprehensive information resource, written by random people and commentators all over the country (the #1 contributor was condemned as insane), that is only distributed online?. 11/28/2014. 2. Pop Quiz.

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The Future is What Happens

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  1. CPR January 15, 2010 The Future is What Happens While You’re Making Other Plans

  2. Pop Quiz Question: Name a comprehensive information resource, written by random people and commentators all over the country (the #1 contributor was condemned as insane), that is only distributed online? 11/28/2014 2

  3. Pop Quiz Question: What is the most important technology in the history of law firms? 11/28/2014 3

  4. Half Empty or Half Full?

  5. Half Empty or Half Full?

  6. In All Fields, Change Follows a Diffusion Curve Not especially useful to say: “change isn’t complete, therefore there will be no change.” • innovators - • early adopters • early majority - • late majority - • laggards - Where Are We?

  7. Law Change Curve More Compressed Laggards Are Not Predictive

  8. Two Views of the Next 5 years Demand Pricing Model Competition Clients Delivery Continuity 6% growth 3-5% annual increase Leverage-driven Traditional leaders “Buy Tiffany’s” Associates Change 3% growth Flat to slightly down Rapid de-leverage 3% shift “down-market Assert buying power 3% annual substitute technology, unbundling Inevitable That Majority of Partners Will Believe in Continuity 11/28/2014 8

  9. 3% Solution … Move 3% of Revs to Change Demand Pricing Model Competition Clients Delivery Continuity 6% growth 3-5% annual increase Leverage-driven Traditional leaders “Buy Tiffany’s” Associates Change Take market share 3x Value Pricing Focus on outcomes Address Cost Issues Improve Client Intimacy Substitute Technology For Info Processes If you bet on Change and Continuity Happens, You Will Do Fine If you bet on Continuity and Changes Happens, You Will Heller-ize Which Approach is Prudent??? 11/28/2014 9

  10. My Profile as Platform For Navigation (will replace inbox)

  11. Share Best Practices

  12. Law Firm Management Forum Context- Cisco Collaboration

  13. Resource Centers

  14. Use wiki to develop common vocabulary

  15. Alternate Fees Wizard Client Side • Scope of Matter • Single or multiple • What drives scope within our control • What drives scope outside our control • Define objective, Quality • Stakeholders • Best case • Worst base • Most likely • Competitive Sourcing? LPO Marketplace • Payment Model • Hours – holdback + bonus • Payment tied to outcome Firm Side • Related Matter Database • Matter Definition • Estimated Scope • Comparable Cost Information • Staffing Plan • Partners • Associates • Paralegal • Outsource • Firm Side tools • Project Plan • Areas to Re-engineer • Comp System Metrics Joint Project Agreement. • Definition of Desired Outcome. Complete the Fusion Deal by 2/4/10 with the following 4 key criteria • Payment timing. 20% Retainer. 40% of billable time as accrued. Completion bonus on deal closing calculated on basis of…. • Client side commitment. Sarah Smith to spend 5-10 hours/week as project lead. Expected turnaround on day-day questions. Draft the indemnity and non-disclosure agreements • Law firm Side Commitments. Identify four highest priority issues by 11/4/09…

  16. Twitter-Like Synthesis of Information From Trusted Sources

  17. Individual Firm Lawyer Shares Expertise, Acts as Guide

  18. Game-Changing Innovations To innovate requires (a) deeper understanding of how status quo came to be and (b) willingness to ask “what if” questions instead of “I can think of a reason this might not work.”

  19. Stakeholders for Change True Client Engagement ???? Partner Appetite for Change, Investment Leaders Explore & Align Stakeholder Interests With Long-Term Interests of Institution Managing Partner Peers? Professional Liability Associate “Contract” Compensation Systems Law Schools

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