HBR recently held its annual Procurement Roundtable, an invitation-only gathering of 25+ law firm procurement leaders. In connection with the Roundtable, HBR surveyed the participants on a variety of procurement-related topics ranging from organizational information for benchmarking through current front-of-mind topics / priorities, including investment in procurement technology solutions. These technology solutions are a key tool that can help a procurement function on multiple fronts. They improve operational efficiency and, through controls, mitigate risk, as well as help with tracking, monitoring and reporting key performance metrics that can aid in promoting the procurement function’s value proposition.
Back in the day, law firms and clients usually set forth the terms governing their relationships in standard engagement letters. But more recently, as bargaining power has shifted away from law firms and toward clients, organizations have begun to document their expectations for outside counsel in increasingly long and detailed guidelines.
At this year’s annual ARMA Live! Conference in Anaheim, we conducted an informal survey of the 300+ visitors to our booth, asking a single question: “What is your greatest information governance challenge today?” We received a variety of responses including:
I had a clear message to deliver to those in attendance when I took the stage at this year’s International Legal Technology Conference (ILTACON): law departments are gathering, centralizing and sharing more data than ever, and many law firms are lagging behind. During the presentation, “Data Gathering and Sharing by GCs,” I was joined by Ron Katcher, director and senior corporate counsel at Qlik Technologies, and Paul Nicandri, chief service delivery officer at DLA Piper. We took a deep dive into how law departments and law firms are (or are not) using analytics, highlighted the disparities between law departments and law firms, and offered some suggestions to law firms about making better use of data analytics to bolster their relationships with clients. Here are some key takeaways from our session.
As law firms recognize the growing importance of an information governance (IG) strategy, they are beginning to think about how they can transform traditional records management (RM) staff into true IG professionals. This shift, which is driven by increasing regulatory demands and pressure from clients for stronger security, is making firms realize that IG requires a much broader set of skills than records management.
Fall is officially here, and many of us are already enjoying colorful leaves and cooler weather. Along with these pleasures of the season, many law firms are also gearing up for another budget cycle. While the annual process of reviewing prior spend and projecting future costs can be time-consuming, it is worthwhile to use budget season as a time to reflect on changes in your firm’s environment and plan strategically for future research and information needs.
The Summit on Legal Innovation and Disruption (SOLID) East, held on September 13, 2018 in New York City, delivered on its promise to bring together professionals who are transforming the legal industry. The daylong event held an action-packed sprint of 14 TED Talk-style sessions spanning the full spectrum of stakeholders in the legal ecosystem. SOLID East 2018 was the third such event orchestrated by The Cowen Group and delivered in partnership with several sponsors, including HBR Consulting. Each summit has reflected the ethos of those dedicated to exploring the rate of change and innovation at the intersection of technology and the business of law in both law departments and law firms.
Data science and analytics are relatively new to the legal industry. While companies across almost all sectors are investing heavily in analytics, legal organizations are very much in the early stages of learning and adoption.
That situation is changing, however. Through the work we have done with clients and as we observed at ILTACON 2018 and other industry gatherings, there is tremendous interest in legal analytics. HBR Consulting is beginning to see new, creative uses emerge and an expansion in the field of play for analytics in law. The reasons for change are many but expanding business expectations for law departments, an increasingly competitive landscape for law firms (including new non-firm competitors) and the noticeable adoption outside the legal industry are three drivers of note.
With the rise of new compliance laws like GDPR in Europe, California’s new privacy requirements and other increased privacy scrutiny, as well as well-publicized law firm data breaches, it is understandable that law firms are feeling even more pressure to take steps to reduce their risk profile and triple-check that their data is safe. CIOs are looking at all aspects of security, including how systems can be breached or how data can be shared inadvertently. If you are working on 2018 data protection commitments made to your firm’s upper management, we wanted to make sure you are aware of a tool that can bolster the effects of your data loss prevention (DLP) solution: DLP Tagger.