P3℠ CONCURRENT EDUCATION: SESSIONS & WORKSHOPS
Achieving Value Harmony – 5 Things Corporate Legal Departments and Law Firms Should Do Together
Speakers: John Ferko, Executive Vice President – Practice Management, Pricing and Operations, Miles & Stockbridge; and, Steve Manton, Director of Pricing and Matter Management, McDermott Will & Emery LLP
This session will take you through the key findings of the True Value Partnering Institute’s two-day ThinkTank meeting of how law firms and in-house legal departments are collaborating to enhance their relationship thereby driving fair value exchange and greater partnering for the long-term. Participants will break-out into sub-groups to discuss each take-away in greater detail. Each sub-group will then report back on their conclusions and offer actual suggestions as to what they can do tomorrow to enhance the law firm and corporate legal department relationship.
Alternative Fee Arrangements in High Stakes Litigation: Case Studies
Speakers: Alexandra Buck, Chief Operating Officer, Special Counsel, Bartlit Beck Herman Palenchar & Scott LLP; Geoffrey A. Frost, Director, Client Development, Bondurant Mixson & Elmore; and, Carla Goldstein, BMO Financial Group
In this session, two law firms experienced in using alternative fee arrangements in high stakes cases and 1-2 in-house lawyers will give a presentation outlining actual fee arrangements used in cases. They will discuss what worked, what didn't work, how to prepare for situations such as one side doing dramatically better than an hourly arrangement, and how to best structure an AFA to ensure the law firm's and corporation's interests are aligned.
Analog to Success – The Defensive and Offensive Use of Information
Speakers: William Sowinski, Wolters Kluwer ELM Solutions, Director, Decision Support SVC; Sheila M. Kennedy, Medtronic - DIrector, Legal Operations; Paul Liebenson, ArcelorMittal USA, GM - Regional General Counsel, North America; and Holly Montalvo, Practice Group Leader, Nossaman LLP
Law firms compete to secure and retain clients. This session will give you tips and tricks to help you distinguish your firm from your competitors, based on the following three principles:
- First, understand how Corporate Legal Departments manage their business in the age of Business Intelligence.
- Second, make absolutely certain that you understand and perform well against those performance metrics relied upon by your clients.
- Third, develop the internal infrastructure used by corporate legal departments to develop your own metrics, using them as marketing tools.
Best Practices in Pricing & Process Improvement
Speakers: Sharon Quaintance, Senior Director, HBR Consulting; John Hulak, Director of Pricing and Client Service, Mintz Levin; and, Madhav Srinivasan, CFO, Hunton & Williams LLP
Not all Alternative Fee Arrangements (AFAs) are created equal. Using case studies and results from HBR Consulting's latest Law Department Survey, learn how firms are successfully navigating the transition to more "collaborative pricing" and on-going matter management processes. Hear from law firm leaders about the pros and cons of different approaches, and gain insight into methods for building internal partner buy-in to achieve long-term success.
Building an Empire: How to Design an Effective Pricing & Project Management Team
Speakers: Brad Antici, Director of Strategic Pricing and Analysis, Butler Snow LLP; Christopher Ende, Managing Director of Pricing & Project Management, Goodwin Procter LLP; Brian Fanning, Davis Wright Tremaine LLP ; and Bart Gabler, Director of Pricing and Legal Project Management, K&L Gates LLP
Ten years ago, dedicated pricing or project management professionals simply did not exist within law firms. By 2016, a significant number of AmLaw 200 not only have dedicated pricing and project management professionals, but are building structured teams to tackle the growing list of initiatives and needs in this area; however, firms have taken very different approaches to designing and building pricing and project management teams, leading to the question: Which model works best for your firm?
This session will provide attendees with expert insight into how to design and build an effective pricing and project management team within a law firm. A panel of four seasoned pricing professionals will share how each of their firms designed a pricing and project management team, and discuss the key factors and considerations that drove their decisions. The session will cover both the structure of pricing teams (organizational charts and reporting lines) as well as the various roles and responsibilities of the team, including insights into responsibilities that might not be best suited to pricing and project management professionals. Finally, the panel will discuss how to develop an effective business case for growing a pricing and project management team.
Building a "Margin" Focused Firm One Matter at a Time
Speakers: Jeffrey Suhr, DFTech
Most of todays law firms are being financially pressured from all sides. Clients are demanding cost certainty and reduced legal spend. At the same time, law firm partners expect to see their incomes increase year over year. The result is one of decreasing realization rates and contraction of firm profits. Many firms agree that the problem can no longer be solved by increasing rates in attempt to increase revenue. Rather a shift in thinking is needed to become a "margin focused firm". However, where should you focus your efforts to make this change?
This session will introduce a "grass roots" approach to this problem by starting to financially plan/model/track margin data one matter at a time. By managing your work with a focus on efficiency, instead of revenue, the culture of an organization can more easily shift towards one less focused on gross revenue and more focused on operational efficiency and creative pricing/staffing.
Once the work is managed in this fashion, these concepts can then be applied to compensation models to ensure that creative staffing and pricing can be rewarded when compensation is determined.
Brief look at current law firm economic performance and issues along with thinking around strategies to deepen client relationships. This session will take a strategic look at outside counsel guidelines.
Join us for our closing session where we will highlight some of the “golden nuggets” from the conference. You’ll be sure to impress your boss or direct reports back at the office having a recap of the best that the conference had to offer. As a final farewell, there will be an open bar available for networking over drinks and we will be raffling off a complimentary registration to the 2017 P3 Conference! (You must be present to win.)
Collaboration in Practice: Real World Case Studies on Working with Alternative Service Providers
Moderator: Brandon Spurlock, SVP of Operations and Client Relations, Strategic Legal Solutions
Speakers: Brian Stearns, VP and General Manager, Axiom; and, Mark R. Williams, CEO and President, Kroll Ontrack
Leaders from alternative service providers come together for a panel alongside in-house legal executives to discuss the nuts and bolts of how different kinds of legal engagements are collaboratively handled between firms, clients and their respective providers. The goal of this session is to illustrate using real world case studies how these different entities come together to unbundle legal tasks, establish communications protocols, utilize project metrics and leverage technological tools to deliver modern legal services in the 21st century. The panel will address the strengths and challenges of these hybrid execution models and attendees should expect to leave with a better, working understanding of the kinds of matters on which these collaborative models are most commonly deployed, and how they work on an operational versus theoretical level.
Commitment to Value: A Case Study on Planning and Implementing a LPM Program Firm-Wide
Speakers: Carl Herstein, Real Estate Attorney, Honigman Miller Schwartz and Chon LLP; Joseph Sgroi, Bankruptcy, Restructuring and Commercial Transactions Attorney, Honigman Miller Schwartz and Cohn LLP; and Robert M. Riley, Associate, Honigman Miller Schwartz and Cohn LLP.
Honigman Miller Schwartz and Cohn LLP is a Detroit-based firm with strong local, regional and national practices. In developing its strategic plan in 2011, Honigman concluded that it needed to make a commitment to value as the centerpiece of its efforts to address to the changing economics of practice and the demands of its clients. As the first part of this value initiative, its signature program has been Legal Project Management (LPM). While it appears that the majority of firms are trying the "land-and-expand"¯ approach, where they take a small test group of people and build from there, Honigman committed itself to a firm-wide effort. Working under the umbrella of its unique Value Partner structure, LPM, process improvement, pricing and the broad spectrum of billing and collection matters, are all addressed together. We propose to discuss how the firm planned and implemented its distinctive program, which has allowed it to make significant strides in implementing LPM and the discipline of the LPM process throughout the organization.
Data Visualization for Law Firms
Speakers: Christopher Ende, Managing Director of Pricing & Project Management, Goodwin Procter LLP; Rebecca Holdredge, Manager of Practice Economics Group, Bryan Cave; and, Adam Stock, Chief Marketing and Client Services Officer, Allen Matkins
With the wealth of data that we can now collect on clients and prospects, we need new tools to understand the patterns and relationships in our increasingly information-based businesses.
Data visualization (sometimes called DataViz) is the art and science of displaying (often) large amounts of information to enable the viewer to gain insights that would not otherwise be apparent through numerical displays and spreadsheets. Data visualization takes advantage of human visual perception and cognition. For example, a human can distinguish differences in line length, shape orientation, and color (hue) readily without significant processing effort whereas, it may require significant time and effort to identify the number of times the digit "5" appears in a series of numbers.
Imagine having simple displays that show:
- the strength of your client relationships
- the industry mix of your clients
- the effectiveness of your email communications
- the jurisdictions for your different practices
- the breadth of your service to key clients
- the effectiveness of your pricing strategy
- an effective dashboard for the Key Performance Indicators (KPIs) of your business
This session explores interactive data visualization using law firm data. It shows insights that would not would not be apparent through other visual display methodologies, and it provides attendees pointers to how to employ data visualization in their everyday work.
Project managing legal matters is more than just the financial aspects of creating a plan, assessing profitability and monitoring the budget. Successful LPM models use practical processes and tools to monitor progress, communicate material risks, report on key updates and share information both within the team and with the client. Learn how lawyers are using Cael LPM to project those aspects of their matters.
In the past few years, two trends have emerged: (1) partners make extensive use of bottom of the bill discounts; and, (2) clients have begun issuing outside counsel guidelines. These two trends, while separate, have been impactful and intertwined. The result is that every client now has its own unique deal with the firm and those firms have also lost their ability to understand the impact on realization and profitability from write-downs and write-offs. In this session, we will demonstrate how Prosperoware Umbria can provide order to the chaos.
In this brief demonstration of Deltek Maconomy LPM, you will discover an open platform that allows firms to support their specific configurations and end to end processes to deliver an enterprise Pricing and LPM solution.
Choosing the right technology that can support pricing and project management with the ability to leverage industry best practices and adapt in response to changing firms needs and market pressures is key to the longevity of your investment in a Legal Project Management solution.
When you ask knowledge management professionals for their top priorities, two common replies are "process improvement" and "matter management." Both will be highlighted as we discuss the fact that clients are becoming more sophisticated in purchasing legal services. Increasing pressure from this informed client base is causing firms to modify their approach to engagements through adoption of various forms of alternative fee agreements. With this comes the need to re-engineer how legal work product is delivered by professional staff in order to protect profits and reduce legal and business risk. This helps firms manage resources and allocate work appropriately.
MatterSphere, from Thomson Reuters Elite, is a unified matter and case management solution designed with the legal practitioner in mind. It consolidates matter information and walks you through the actual production of legal work product. Best of all, it is delivered to the professional's desktop through Microsoft Office, the very place they spend most of their day. It also offers complete integration with your back office software, giving you the perfect firm-wide solution.
Demo – Managing Client Commitments with Intapp Open Terms of Business
Speakers: Laura Marino, Intapp
Are you receiving an increasing number of client-imposed engagement letters or outside counsel guidelines? Is your firm struggling to ensure that there is visibility and adherence to these client commitments? In this demo session you will see how Intapp’s newest product, Intapp Open Terms, makes it possible for firms to effectively manage client commitments. Learn how Intapp Open Terms centralizes, indexes, and provides visibility into client terms, enabling firms to better understand and comply with their contractual obligations.
Planning Blox is a comprehensive Professional Services Management Platform for both law firms and corporate legal departments, including legal project management, budgeting, resource forecasting, status reporting and role-based dashboards (and more). The founders of Planning Blox will provide a brief demonstration of how the solution’s capabilities support any level of LPM and budgeting process maturity, providing the business sophistication corporate clients expect from its firms while also the simplicity and automation required for realistic adoption. See how Planning Blox supports all audiences in a firm by using tools such as innovative scoping checklists, lawyer and client collaboration, powerful pricing, and automated project management features. The demo concludes with a short discussion of the simplicity of implementation and integration with billing, docketing, and other systems, made possible by the founders’ decades of experience in related systems design and data integration.
This presentation outlines a best practice for implementing a yearly price increase program. The presenters will begin with an overview of a prior process outlining some of the challenges and inherent flaws in the approach, then cover how to think about segmenting your current clients and pricing arrangements based on the underlying financial performance, AFA type and client size. With the segmentation complete, we'll show how each segment can be treated differently resulting in a much more streamlined process and a targeted focus on the worst performers and largest clients. They will also discuss the many benefits including how this approach helps accelerate the timeline because it allows you to set your pricing strategy at the client level before setting the new firm-wide standard rate card.
A Dialogue on the Expanding Role of Outside Counsel Guidelines
Speakers: David Cambria, Global Director of Operations, Archer Daniels Midland Company (ADM); Shawn Cassatt, Legal Matter Portfolio Manager, Corning Inc.; Kristina Lambright, Director of Strategic Pricing, Akin Gump; Rodney Stone, Director of Professional Responsibility, Baker & McKenzie; John Strange, Director of Pricing and Project Management, Baker Botts L.L.P.; and Byron Buck, Sr. Corporate Counsel, Catepillar Inc.
As Outside Counsel Guidelines (OCGs) grow in quantity and complexity, there appears to be some disconnects on client expectations and law firm understandings. This session will include both points of view, discussing various hot-button aspects of OCGs.
Divergence and Complexity
Speakers: Randy Steere, Owner, Randy Steere LLC
Law firms continue to differentiate themselves and carve out their own path to the future. Some stress Legal Project Management, others push creative pricing and business models while yet others are having great success with pricing analytics. The development of these roles within law firms are also just as diverse. This session will discuss the differentiation that we see in our client base and how various firms have adapted. Without naming names, we will use specific case studies to get under the hood and spark ideas that you can use at your firm.
The Evolving Role of Legal Operations Executives
Moderator: Keith Maziarek, Head of Strategic Pricing, DLA Piper LLP
Speaker: David Cambria, Global Director of Operations, Archer Daniels Midland Company (ADM); Elizabeth Jaworski, Motorola; Shawn Cassatt, Legal Matter Portfolio Manager, Corning Incorporated
As corporations have put additional demands on their legal departments to cut budgets and increase the value they bring to the table, many of them have begun creating and adopting multi-faceted legal operations roles. The population of legal operations professionals in corporations is growing, and in many ways, they are becoming the most influential voices in the legal department when it comes to managing the operations and commercial agreements between their companies and vendors. These dynamic individuals come from different backgrounds—from practicing lawyers to procurement, and from finance to operations—and can be instrumental in ensuring that the work being done with outside counsel is well organized, intuitively structured and productive. In this session, legal operations executives will share more detail on the many hats they wear within their respective organizations, what goals drive their actions, what metrics and data are most important to them, and how law firms can work with them to bring about mutually beneficial working relationships.
The Good, Bad and the Ugly
Speakers: Sharon Quaintance, Senior Director, HBR Consulting
"TED Talks" are noted for their personal stories and some of the best are occasionally borderline gossip. (Not that any of us would EVER gossip at a conference.) So let's listen in on the highlights of HBR Consulting's latest law department survey, including some special feedback on pricing and project management, illustrated with real stories from clients* of the best¯ and worst experiences related to pricing and project management.
*All names will be changed to protect the innocent and/or guilty.
How Clients Are Measuring Law Firm Performance
Speaker: Sharon Quaintance, Senior Director, HBR Consulting
Sure, you’ve won the RFP. But, do you know what metrics and tools your CLIENTS are using to track and evaluate your progress? As CLIENT consolidation of outside counsel continues, learn 10 common evaluation criteria used by CLIENTS in law firm consolidation RFPs. In group discussion, use three corporate counsel case studies to explore trends in how law departments increasingly are using metrics, monitoring tools, and performance management “triggers” to evaluate outside counsel.
Have you ever received a client request that doesn’t seem to make sense? Or have you received a request that doesn’t seem to deliver anything meaningful other than creating a lot of work in trying to formulate a response? In these situations, how do you say “no” to the request, get more information, and shift the conversation to a more constructive solution. In this session, we will share real-life war stories from the firm and client side and facilitate breakout discussions. Our goal is to encourage frank discussion and best practice sharing to turn confusing circumstances into productive interactions that strengthen the bond between clients and firms.
P3: Now in English
Speakers: Micah Ascano, Legal Project Management Program Manager, Fisher & Phillips, LLP; Melissa Prince, Legal Project Management Program Manager, Ballard Spahr LLP; and, Peter Lane Secor, Director of Strategic Pricing and Project Management, Pepper Hamilton LLP
Have you ever been talking with a group of people about project management PM) or process improvement (PI) and all of a sudden it doesn't seem like you know what language they are speaking? This panel is for you! An introductory session breaking apart the concepts that make up PM and PI away from the often overused buzzwords that have decreased in meaning.
P3 Rewards: Trends in Partner Compensation Redesign
Speakers: Timothy B. Corcoran, Principal, Corcoran Consulting Group
Law firm compensation lags the innovations taking place elsewhere in the firm. When partners embrace alternative fees, efficiency, client satisfaction, and firm profitability, they often forgo compensation linked to billing hours. Learn what firms are doing to incorporate new metrics and processes to properly reward the "right" behavior. Presenters will discuss both the financial elements and potentially disruptive process of changing compensation plans.
There are numerous ways profitability can be measured, but what's the right way? The profitability question is a circular formula. This session will take an in-depth look at the various choices to be made when developing your profitability methodology and how each one impacts lawyer behavior and how, in turn, it can affect the firm's ability to achieve the desired profitability objectives.
Speakers: David Libesman, EVP & CRO at 9Dots Management Corp, LLC; Barry J Mehew, Global Director Pricing Strategy & Legal Project Management, Mayer Brown LLP; Catherine Schmidt, Manager, Matter Analytics & Pricing, Dechert LLP; and Eddie Raychaudhuri, Chief Pricing Officer, Simpson Thatcher & Bartlett LLP
How far has your firm progressed in data analysis and what new and innovative approaches to data mining are firms using to support pricing? In this panel discussion including peer members from top law firms, we will tackle...
- What progress has been made in terms of the quality and quantity of data collected by law firms?
- The new technology available to support the mining and analysis of data
- Is using historical data a valid approach to support pricing in today’s market?
The other pricing approaches being used by firms today that don’t rely on data analysis.
Significant time and effort are spent within law firms debating the inputs of a client/matter profitability model (for example, how to allocate overhead and account for partner compensation) as well as explaining and defending the model even when it has been officially sanctioned. This workshop will skirt that minefield and focus instead on how the output from a client/matter profitability model can actually be used to produce meaningful analysis. Using a predefined dataset, participants will slice and dice results along with available dimensions to create benchmarks and identify practical ways to incorporate profitability modeling into day-to-day activities.
Despite the pundits’ predictions that alternative fee structures such as fixed fees would quickly eclipse hourly arrangements, the opposite seems to have happened. Many legal departments continue to prefer hourly arrangements, and now some are seeking a new approach — procedure-based pricing. A set price per unit of work (e.g., Medium Plaintiff Deposition). Interestingly, procedure-based pricing is hardly a new concept — it’s one that the medical profession has been reliant upon for years to price their services. In this session, we’ll explore why fixed fees have struggled to gain adoption and why procedure-based pricing provides an attractive alternative for both clients and firms — and how to scale their use in a firm.
Understand Your Story: Leveraging Data Analytics to Uncover Your Hidden Strengths
Presented by ILTA
Speakers: Christian Zust, Director, Client Technology Group, Bryan Cave, LLP; and, Andy Peterson, Innovative Solutions Strategist, Davis Wright Tremaine LLP
What secret strengths does your firm have that you wish you could tell a potential client? Through presentations of recent case studies, discover how to uncover those stories, improve them, and protect valuable assets.
What are the Managing Partner, Practice Group Leader and COO Thinking?
Speakers: Sally King, Chief Operating Officer, Akin Gump; Mike McNamara, Managing Partner, Dentons; and, Peter Tomczak, Steering Committee, Baker & McKenzie's North America Litigation and Government Enforcement Practice Group
Sit in on this panel that presents a conversation between an MP, PGL and COO. Learn about their expectations as they relate to the roles involved in the 3 Ps.
What IS a Legal Service? Or...How I Stopped Worrying and Learned to Love Lawyers
Speaker: Eric Meltzer, Managing Consultant in Legal Operations, RGP
The perception of legal services in our culture is undergoing an enormous shift and creating a much more competitive and useful legal market, where firms large and small can compete on value, where in-house counsel can have truly strategic and collaborative relationships with external advisors, where start-ups and consumers can easily source services, and where the bar can fulfill its potential as a professional organization rich with thinkers, innovators, researchers, speakers and dealmakers.
This shift is removing superfluous practices and traditions — expensive "Class A" office space with pictures of London on the walls, antediluvian 30-page memos, unknowable and uncomparable hourly rates and hidden fees, Byzantine firm websites evoking a strange mix of "Geocities" and "Infinite Jest," limitations on non-lawyer ownership of law firms — while bringing new opportunities for lawyers and other providers to redefine what a legal service¯ means today.
This talk will explore and detail the unprecedented opportunities for experimentation, competition, growth and leadership in the current landscape of legal services.
Speakers: Adam Barvels, Pricing Director, Robins Kaplan LLP; Hushmand Jonathan Cott, Covington & Burling; Justin R. Ergler, GlaxoSmithKline; James Foley, Pricing and Budget Director, Hunton & Williams; Peter Lane Secor, Pepper Hamilton LLP; and Adam Barvels, Pricing Director, Robins Kaplan LLP
Firms and their clients are continuously looking to create fee arrangements that benefit both organizations. Clients look for value scenarios, and firms look to foster long-term relationships that generate revenue and provide earning. In this session, panelists will explore concepts and methods that produce win-win engagements. Win-win does not end with the fee arrangement; it is not a "set it and forget it" situation. Tremendous effort is needed by both parties to create true shared management responsibility that produces successful results.
Experience a live walk-through of fee negotiations. Participants will assist each negotiator in the process followed by a detailed explanation of the value-based pricing methods used in the negotiation
RFP Process: Best and Worst Practices
Speakers Andreea Axani, Manager, Pricing Strategy, Gowlings; Luanne Ellison, Senior Manager, Legal Operations, Baxter Healthcare; and, Trevor Torrence, Business Owner and Project Manager of Legal Initiatives, Sears Holdings' Law Department
RFPs come in all shapes and sizes. Wouldn't it be nicer if the process was more streamlined, as to give clients and law firms more value out of the significant effort put in? In this session we will look at some examples of RFPs and proposals, specifically chosen to stimulate debates about best and worst practices.
Using Lean Sigma to Create Competitive Advantages
Speakers: Angela M. Hickey, Executive Director, Levenfeld Pearlstein, LLC.; Catherine Alman MacDonagh, Esq., Chief Enthusiasm Officer, The Mocktail and the Legal Mocktail™; and, Audrey Rubin, Consultant
Today's law firm and legal department professionals are using process improvement to increase efficiency, improve quality, and enhance relationships. Attendees of this program will get different case studies and perspectives about how to begin building a continuous improvement program and culture. Learn how the global legal department at Aon and Chicago law firm Levenfeld Perlstein, took different and effective approaches to using Legal Lean Sigma and project management courses, methodologies framework, and tools to develop competitive advantages. Both present evolving case studies on taking unique and collaborative approaches to improving processes and relationships while driving greater value for everyone.