ResolvingtoChange“Beforeworryingabouthowtochange,executiveteamsneedtofigureoutwhattochange—inparticular,whattochangefirst.”
1. Catalystfortransformation,
2. Yourfirm’sunderlyingquest,and
3. Leadershipcapabilities
#ClioWeb
CatalystforTransformationPursueValue• ImproveEfficiency• Streamliningandcostcutting
• ReinvestinginGrowth• Requiresdualfocusongrowthanddiscipline
#ClioWeb
2017LegalPractitionerSnapshot
#ClioWeb
20% 25% 30% 35% 40% 45% 50%
Solo 2to5 6to10 11to25
IfIhadmoretimeIwouldspendit:Attendingtopersonalmatters Buildingmylawfirm'sbusiness Onmorebillablework
PickYourQuest1. Globalpresence:extendingmarketreach2. Customerfocus:understandingyourcustomers’
needsandprovidingenhancedinsights3. Nimbleness:acceleratingprocessesorsimplifying
howworkgetsdone4. Innovation:incorporatingideasandapproachesfrom
freshsources,bothinternalandexterna5. Sustainability:moresociallyresponsiblein
positioningandexecution
#ClioWeb
LeadingtheWayTrapstoAvoid• Neglectingthequest• Stickingwiththewrongquest• Focusingonmultiplequests
#ClioWeb
HypotheticalFirmExample
Blackacre LLPwantstogrowtheirbusinesstoincludeanearbycity.
• Catalyst=reinvestforgrowth• Quest=Globalpresence• Leadership=developingexternalvision
#ClioWeb
WhatareYourLawFirmResolutions?• Increasebillablehours
• Removenon-billabledistractions• Bemoreorganized
• Gettingtodonequicker• Growmylawfirm'sbusiness
• Takeonanewpracticearea• Havemoreeffectivemarketing
• Havemorework/lifebalance• Behealthier• Travelornewhobby
#ClioWeb
TargetBillingRateCostRate=Overhead/ExpectedBillableHours
InternalRate=CostRate/ExpectedRealizationRate
TargetBillingRate=InternalRate/(100%- ExpectedProfitMargin)
#ClioWeb
HypotheticalTargetBillingRateCostRate
$117=$175kOverhead/1,500ExpectedBillableHours
InternalRate$146=$117CostRate/80%RealizationRate
TargetBillingRate$183=$146InternalRate/(100%– 20%ProfitMargin)
#ClioWeb
WhereDoYouSpendYourTime?
Business development
Officeadministration
16% 15%
11%
6%Collections
Configuringtechnology
Generating andsending bills
Licensing andcontinuing education
16%
33%
Administrative tasks48%
#ClioWeb
WithoutPracticeManagement WithPracticeManagement
Client/ConflictManagementManuallytrackedSolutionsusedinclude:email,spreadsheets,andpaperfiles
Automated
Scheduling Manuallybyelectronicorpapercalendars Automated
TimeTracking • Manuallytracked• Standalonetimetrackingtoolused Automated
Billing
• Manualdataentryofclientandtimeinformation
• Standalonebillingtoolforgenerationofinvoices
Automated
AccountReconciliation ManualreconciliationSolutionsinclude:spreadsheetsordedicatedaccountingtool Automated
MatterManagement
• Paperfilesmaintainedonsite• Paperfilesmaintainedbyphysicalstorage
provider• Documentsstoredonattorneydesktopsorin
sharedfolder
Centrallymanagedwithinpracticemanagement,integratedwithclientandbillingdata
Collaboration Byemailorpaperdocuments• Internallywithinpracticemanagement• Externallyviaportalsmanagedbypractice
management
Remote Access VPN,remotedesktop,orremoteemailclient Directlyviapracticemanagement
Source:BuildingaBusinessCaseforLawPracticeManagement,BlueHillResearch #ClioWeb
TimeSavingsinClio• Reductionintimespentfindinginformation(centralizedinformation)• Reductionintimespentgeneratingbills• Increaseinourfirm’sproductivity• Reductionofoutstandinginvoices
#ClioWeb
TypesofCustomFieldsinClio1. Checkbox2. ContactSelect3. Date4. EmailAddress5. Integer6. MatterSelect
7. Money8. Picklists9. Text(Multi-Line)10. Text(One-Line)11. Time12. WebAddress
#ClioWeb
ClioPayments• Firmsacceptingcreditscardswerepaid40%faster• BuiltintoClioBoutiqueandElite• Noextrafees
#ClioWeb
AdvancedResolution#4:CalculateROIfromAdvertising• Lessthan10%oflawfirmssurveyedcouldcalculatetheirreturnonmarketingspend• ReturnonInvestmentis:• (Return– Investment)
Investment• Respondentsexpected3:1orgreaterthan5:1ROIontheirmarketingspend
#ClioWeb
EasyLawFirmResolutionsfor20181. TrackBillableHour
Targets2. DownloadClio’sMobile
App3. UseClioforGmail
Extension4. SwitchtoNewClio5. BuildDocument
Templates
6. AvoidLock-UpDays7. AcceptCreditCards8. AskforBusiness9. GetSeriouson
Passwords
#ClioWeb
AdvancedLawFirmResolutionsfor2018
1. CustomizeClio2. Clio’sAdvancedTask
Report3. UseTrustAccountsto
ImproveRealization4. CalculateROIfrom
Marketing
5. TakeaVacation6. 2-Factor
Authentication7. RunYourBackup
#ClioWeb
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