Page 10 - Partnership

S10 | MONDAY, APRIL 24, 2017 | Partnership
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Innovation
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this kind of hands-on collaboration is an innovation driver. The of ce design adopts a uniform of ce size regardless of seniority or title and builds in several collaboration rooms on each oor. These rooms are digital- rst, for when the new ideas generated in the Innovation Hub are ready for implementa- tion. The rm is also adding the capability for immersive videoconferencing, where mobile conferencing “pods” can be deployed to make two remote meeting rooms seem like one. Designing our space for collaboration among our attorneys, between our of ces, and with clients, is a key driver for innovation—it lets more ideas and perspectives come to the table.
Focus on Business Outcomes
Innovation is more than just ideation: It is the introduction of new methods and solu- tions to address our clients’ needs. In order to succeed today, attorneys need to provide business solutions—not just legal solutions. Attorneys should aim to work with their cli- ents to successfully evolve their businesses
Principles
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practice area was tasked with setting spe- ci c budgets and nancial goals on an annual basis. These metrics are based upon mar- ketplace conditions and tied to an analysis of existing client matters, pipeline work and business development targets/prospecting. This laser-focused approach to nancials has helped Weil see where revenue streams are coming from (and in which direction they are going), allowing us to readjust if nancial targets are not being met.
Succession Planning
Another fact of today’s hyper-competitive legal market that we must accept is that clients, more and more, are hiring individu- als, not rms, for their most signi cant and sensitive matters. Clearly, the strength and
through innovative, sector-driven expertise. Successful attorneys expand and enhance how their teams work creatively with cli- ents, external partners, and each other to drive ongoing improvements in delivering client value.
A great example of this was when Reed Smith was faced with the challenge of combining the knowledge and resources of employees from over 50 business units, residing in dozens of countries to build a library of all laws and key requirements insti- tuted within the various business unit juris- dictions for a multi-billion dollar nancial services client. Historically, the client utilized over 150 separate data sources across its global business units to identify and track compliance with the appropriate regulatory agencies. With the ever changing laws in each governing country, this method proved inef cient and became a risk management issue for the client.
Rather than simply update or revise the client’s prior approach, Reed Smith leveraged its in-house technology as a central repository for over 300 client users spanning more than 30 countries to access and modify content concurrently. Attorneys, partnering with technologists and clients, developed a custom library
reputation of the rm are important to pro- vide the support needed for these compli- cated matters. Therefore, it is necessary to think through succession planning and rm leadership with this in mind. This requires more than selecting individuals who have great legal talent. Of course, great intellect must be a given, but being well situated to thrive in the “new normal” also requires lawyers who understand their clients’ busi- nesses, are commercially savvy, practice with passion and are avid about business development.
Succession planning was a key part of our strategic plan and we have now phased in a new generation of leaders that are pas- sionate about helping Weil achieve even greater heights. They embody the energy and business know-how that distinguishes Weil, and were selected for these reasons. As rms begin to comport themselves more as businesses, they will need to cultivate, promote and reward new client business
of global laws and regulations that govern the functional areas of each client busi- ness unit. The technology solution also enabled users to electronically search and properly lter through all jurisdictions. The client was able to pinpoint speci c legal requirements that apply when engaging in business across the globe. By focusing on business ef ciency, the rm developed a better method of managing legal risk in partnership with the client.
Another example of Reed Smith’s innova- tion through client partnership involved a global corporation negotiating the sale of various business unit holdings. The client engaged the firm to analyze tens of thou- sands of its corporate contracts to determine the restrictions and obligations that would require consent from the contracted parties. However, the project had a strict deadline for completion within 30 days.
Initially, these contracts were being reviewed in the client’s intranet site. Continu- ing to use the original technology would have taken anywhere from six months to a year to complete the analysis. With a ticking clock to get the deal closed, the situation required Reed Smith to think outside the traditional technology parameters in order to meet the strict timeline and minimize cost. The rm
development and expansion of existing cli- ent relationships.
Preserving Culture
What about firm culture? How do you make sure you don’t forsake culture in this new business-oriented approach? The key is communication. Firm leaders today must be hands-on and have a true open-door pol- icy. It is amazing what sort of practical and actionable feedback you can receive simply by asking people. Transparency engenders trust and goodwill, generally, in all areas of rm management.
On an annual basis, I travel to all of our of ces and meet with our partners either indi- vidually or in small groups to discuss their con- cerns, ideas and business plans. I also address associates and staff in an interactive Town Hall format. The bene ts these personal meetings yield far outweigh the signi cant travel and time they require. In addition to talking about
teamed with its technologists and the client to centralize the review in a modern reposi- tory to leverage data analytics and quickly organize similar contract clauses and restric- tions. This enabled the rm and the client to ef ciently identify parties requiring the same types of consent for mass distribution, rather than sifting through them manually. The team also built custom applications to automate the tracking of consent from required parties. The rm completed the project in just one month, enabling the client to close the deal.
Conclusion
Innovation is increasingly becoming a driver for success for law rms, and clients are increasingly demanding it. Partners in law rms have an important role to play in build- ing the environments, teams, and processes that make innovation possible. As the legal services eld adapts to constant change, it is beholden on partners to act as the key- stone between their rm’s capabilities and the client’s business needs. Innovation can be the mortar that holds that keystone in place. Partners up and down the line should consider how workspace, collaboration, and client partnership all contribute to making that “must have” innovation possible.
business plans, I have the chance to introduce new programs undertaken by the rm that support other facets of our rm culture, such as our longstanding commitment to diversity and corporate social responsibility.
Clarity. Con dence. Control.
While none of us went to law school to learn how to manage a business, we need to embrace new marketplace realities. The good news is that once you examine your business and engage in candid conversations with partners, some key issues and opportu- nities will emerge.
And making important business deci- sions proactively and offensively will give you clarity, con dence and a feeling of con- trol about your rm’s future. It will also give you a greater appreciation for what all our corporate clients face on a day-to-day basis, which can only help in our client relationship management.
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