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A Blueprint for Legal Department Budgeting and Forecasting – Part 1

a-blueprint-for-legal-department-budgeting-and-forecasting

Are you accountable for tracking your legal department’s spend? Are you currently using matter budgets, but don’t feel that you have a good way to predict your organization’s future legal spend accurately? Or, is your legal department maybe one of the approximately 40 percent that don’t do any budgeting at all? If you fall into any one of these groups, ... Read More »

ABA Legal Tech Survey Finds Use of Predictive Coding Still Related to Size of Case

Predictive Coding

The 2016 Legal Technology Survey Report, published by the American Bar Association’s Legal Technology Resource Center (LTRC), documents a common misconception in the legal industry that technology assisted review software tools are only useful in large cases. “There is a myth in our industry that predictive coding and other smart review tools are only useful and cost-effective in large-scale commercial ... Read More »

Relationships Matter! Understanding 8 Benefits of Relationship Intelligence

relationships-matter-understanding-8-benefits-of-relationship-intelligence

When you want to win new business for your firm – relationships matter! In a recent conversation, a highly successful attorney mentioned that the business development opportunities that work best for him are predicated on relationships. This attorney finds that people who know and trust him tend to give him business. Every professional should seriously consider how he or she ... Read More »

Data Security Audits: Start with the Resources Under Your Roof

Data Security Audits

Perhaps no topic has attracted as much attention – and angst – in the legal profession this year than data security. One strategy that many corporate clients are employing to try to minimize their risk profile in working with outside law firms and their third-party information service providers is to require them to undergo intensive data security audits. Earlier this ... Read More »

The Key to Success in a Client’s Market, Know Your Firm’s Financials

the-key-to-success

Note: The following is a digest version of the post we published last Wednesday, November 9. On the chance that a portion of our Business of Law Blog readers may have been distracted by the day’s election news, we’ve decided to provide a second opportunity to read this valuable information on law firm economics. Law firms ought to focus less ... Read More »

5 Ways Government Agencies Can Automate FOIA Compliance

5 Ways Government Agencies Can Automate FOIA Compliance

Complying with the Freedom of Information Act (FOIA) is an important way that our government agencies serve our democracy, but the fact is that complying with these mandates is incredibly time-consuming and expensive. A 2016 report from the U.S. Department of Justice found that the 100 agencies subject to FOIA transparency requirements received more than 713,168 requests in 2015 while ... Read More »

3 Reasons Law Firms Should Care About Passive Data Capture

3 Reasons Law Firms Should Care About Passive Data Capture

As they say in the legal profession, time is money. While most attorneys are measured by their proverbial “books of business,” the last thing they want to do is spend valuable time updating their client rolodexes. After all, clients pay top dollar for expert legal counsel, not data entry. Last week, we shared an anecdote about a database administrator at ... Read More »

How to Go from 40K Known Law Firm Contacts to 250K Using InterAction IQ

InterAction IQ

Lateral hiring is a tried and true growth strategy for many law firms and with good reason. Each time a lateral is hired, that attorney brings a wealth of new and existing connections which ideally helps the firm grow its business pipeline. The only trouble is this strategy assumes that attorneys who are newly hired as laterals to the firm ... Read More »

Data Security Audits: 4 Ways We Can Work Together

Data Security Audits

Data security audits can be onerous and burdensome, but they’re a necessity of business practice — particularly in the legal industry, where confidential documents reside on virtually every desktop, laptop and notebook. To help law firms understand their responsibilities, LexisNexis recently partnered with Lewis Brisbois to host a CLE panel event in Los Angeles: “How to Interpret and Meaningfully Comply ... Read More »

Covering the Bases – Hyperion Benchmarking Identifies Key Contributors to Legal Tech Adoption

Covering the Bases – Hyperion Benchmarking Identifies Key Contributors to Legal Tech Adoption

“Build it and he will come.” Although the now-classic maxim may have rung true in the movie, “Field of Dreams,” that’s certainly not always the case in real life. Consider, for instance, a new ballgame in which the “he” (or she, for that matter) is a lawyer, and the destination is adoption of his or her organization’s latest legal technology ... Read More »