Jim Hasset is the founder of LegalBizDez, which helps law firms increase profitability by improving project management, business development, and alternative fees. He recently wrote a chapter in the book by the Ark Group entitled 2020 Vision: The Future of Legal Services., and a lot of it is really important to note to those law firms out there that are reading out blog. The entire chapter of this book is really interesting, but every point he makes surrounds one clear-cut fact, “firms that improve LPM will have a competitive advantage because its growth is being driven by clients.”
Hasset quoted a statistic that is what drew me in and pretty much called on me to write this blog post. In a 2014 Chief Legal Officer Survey, Altman Weil asked a question: “Of the following service improvements and innovations, please select three you would most like to see from your outside counsel.” There were about six concepts listed. The three most chosen were “greater cost reduction (58%), more efficient project management (57%), and improved budgeting and forecasting (57%).”
In Atlman Weil’s 2015 survey, he asked another question of managing partners: What are your opinions on which of fourteen current trends are more likely to be permanent. The answer? 93% put an increased focus on practice efficiency as number one. Legal Project Management leads you to each one of those trends and improves them exponentially for your law firm–greater cost reduction, efficiency, and improved budgeting and forecasting. But when the same survey asked “Has your firm significantly changed its strategic approach to efficiency of legal service delivery?” only 37% said yes.
If you are a law firm that wants more clients (and what law firm doesn’t?) than you have to be better than your competition. There are still so many law firms that have yet to get on the LPM bandwagon, even though we KNOW that law firms that have started down the LPM path have the best opportunity to get ahead compared to those who haven’t. Law firms, if you want to beat the best, you have to be the best! What is stopping you?