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Ilta09 Managing Preceptions Of Value S Gonzalez
This document discusses how to build perceptions of value for technology solutions among clients and lawyers at law firms. It notes that value is subjective and situational. The document outlines various technology solutions firms provide, from basic services like email to more customized offerings. It discusses the need to understand what clients value and how solutions can help meet client goals. The document also stresses the importance of communicating value internally to gain support. Overall, the key points are: 1) Value is subjective and must be defined for each client and situation; 2) Firms should craft solutions that meet clearly defined client needs and goals; and 3) Communicating value internally and externally is crucial to gaining support and fulfillment expectations.
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- 1. Managing Perceptions ofValue Sally Gonzalez Director Baker Robbins & Company SGonzalez@brco.com
- 2. Today’s Proposition Technology isonly valuable Firm if clients and lawyers Facing perceive it as such. Client How can we develop and Facing fulfill expectations in a way that creates a lasting sense of value? Perceptions of Value
- 3. First…The Challenge ofValue • Exists only in the eye of the beholder – “One man’s meat is another man’s poison” • Situational by nature • Subject to change over time – Today’s value is tomorrow’s commodity • Begs to be measured – Quantitative vs. qualitative • Demands dialogue – Needs to be made explicit • Requires continuous focus
- 4. Building Client Perceptionsof Value
- 5. Client-Facing Technology Opportunities Higher Value & Risk Bespoke Brand Distinguishing (Extranets, Apps) Commodity (Extranets, E-Mail, Voice Messaging Lower
- 6. Should Firms Chargefor these Services? Qualifying Question: Is the primary value monetary? Higher Possibly, but Value & Risk Bespoke often not Probably Brand Distinguishing (Extranets, Apps) not Commodity Not (Extranets, E-Mail, Voice Messaging Lower
- 7. Value: What docorporate clients want? • “What corporate clients want and need: value driven, high quality legal services that deliver solutions for a reasonable cost and develop lawyers as counselors (not just content- providers), advocates (not just process-doers) and professional partners.” • “The problem is not cost per se, but the fact that cost is disconnected from value.” • Goal: Reconnect value and costs through dialogue, methodologies and metrics, tools to drive change, and enhanced awareness and communication of success stories Source: The ACC Value Challenge Project
- 8. “Next on ouragenda, Bendleman will present the outside counsel budget through interpretive dance.”
- 9. How Can ITParticipate in Delivering Value to Clients? • Understand the client’s view of the value proposition – Partner with client teams (if your firm has them) – Build the right skills into the IT organization – Research your firm’s top clients – Find out what competitors are doing • Identify solutions and “pitch” them to the firm – Demonstrate the value proposition • Build confidence in IT’s ability to deliver and sustain solutions – Start small – Never fail where it shows • Be persistent
- 10. Firm-Driven Solutions: Brand DefiningExtranets Value: Differentiating Firm from Competitors Leveraging existing content Source: http://www.foley.com/services/otherservice_detail.aspx?serviceid=8
- 11. Firm-Driven Solutions: Brand DefiningExtranets Source: http://www.allenovery.com/AOWeb/binaries/46504.pdf
- 12. Client Perspectives? • I expect my firms to offer extranets at no cost • I’ll use extranet sites only for critical matters and only if the firm really keeps the content fresh • I don’t like: – Having to remember different IDs and passwords for separate firm sites – Having to go to separate sites for each firm • I want an aggregated view of all information across all matters irrespective of firm providing services – Some clients build matter management systems to address this – Some clients use public services for selected matters Query: Why don’t firms band together to provide information in a consistent way to feed MMS’s?
- 13. Firm-Driven Solutions: Sharing KnowledgeResources Value: Differentiating Firm from Competitors Leveraging existing content Value Add Services ic c bl ifi Pu pec to tS en n p C lie O
- 14. Client Perspectives? Thank you very much! Please make sure the content is up-to-date and easy to search and use!
- 15. Firm-Driven Solutions: Sharing CurrentAwareness Value: Differentiating Firm from Competitors Leveraging existing content Value Add Services
- 16. Client Perspectives? Thank you very much, but… If you really want to stand out from the crowd… Give me current awareness tailored to my company and my current business issues!
- 17. Managing Matters &Budgets Value: Satisfying client demand for better matter management and greater transparency into spending while matter is on-going Foley ClientSuite: Budget Management Tool • Track spend against budget • Monitor burn rate & run rate • Drill down to project task or phase
- 18. Client Perspectives? Thank you very, very much! Still… Lawyers need to become good project managers to populate and use the systems effectively!
- 19. Firm as Systemof Record Value: Providing on-line repository of all client information accessible to lawyers and clients
- 20. Client Perspectives? Thank you very, very much! I’m glad you are taking good care of our records and docket because my law department has very limited tools.
- 21. Client-Driven Solution: Novartis LegalDepartment 2006 New GC 2006-07 Arrives KM Global KM Strategy Team & 2007 4 Quick Wins First 2007 Global onwards KMO Global Network Next Generation Novartis Legal KM Systems Initiative Outside Counsel Initiatives
- 22. Novartis Legal KMPlatform myLegal Portal myLegal Search myLegal myLegal myLegal Knowledgebank Expertise Matters Next Generation KM Systems
- 23. Novartis Outside Counsel– The Vision • Integrate law department and law firm systems seamlessly through personalized portal (“extranet-less extranet”) • “Google-like search” returning unified internal and external results for documents & people • Comprehensive training portfolio • Improved precedents and current awareness • eBilling & Matter Management
- 24. Novartis Outside Counsel– Value Proposition • Make lawyers more effective and efficient • Manage spend • Improve internal lawyer skill levels • Expand knowledge repositories • Leverage Novartis’ technology platform (no special apps)
- 25. Novartis Outside Counsel– A tale of 4 firms • A&O: from the beginning • Morrison & Foerster: connecting through Recommind • Cravath: focus on training • W&C: taking it further through a Global Client Team… – Training – Extranets – Precedents & Models – Current Awareness • …Each delivering value in its own way
- 26. Common Denominators • Client has a specific need • Firm gets visibility into that need • Firm crafts and delivers solutions – Lawyers, IT, KM, BD, and PD working in partnership • Unique solutions evolve into generic (sometimes) • Client perceives value add • Lawyers perceive value through client’s eyes
- 27. Building Internal Perceptionsof Value
- 28. Strategic Planning • Strategic technology planning sets the context for on-going value discussions Current State Vision Plan • Provide baseline • Understand firm’s • Frame benefits in against which to goals and needs terms of business measure change and goals and • Frame benefits demonstrate value objectives accordingly • Demonstrate value: • Make value create clear linkage proposition between transparent investments and • Build support for benefits investments & change
- 29. Understand the TraditionalLaw Firm Value Chain & How IT Helps Get More Work Managing The Firm Ex ce ed ing Getting Getting Staffing Staffing Doing Doing Managing Work Work Work ns Work Work Work Work tio ct a pe Ex Supporting The Practice Copyright, Michael Farrell Group, 2002
- 30. Understanding How YourFirm Defines Value Typical Value Drivers for Law Firms • Profits Per Equity Partner (PPEP) – Increase revenues – Manage/reduce costs • Recruiting, developing, and retaining top legal talent • Delivering high quality, timely legal services • Expanding services to existing clients • Attracting new clients • Maintaining competitive positioning Tip: Find the answers through dialog and research
- 31. Align IT toYour Firm’s Value Definition Increase revenue Increase revenue Reduce costs Reduce costs Develop/retain Develop/retain Measure IT Project legal talent legal talent Improve quality Improve quality Service Against Firm Meet clients’ Meet clients’ needs Project needs Project Values Project Value to the Project Service Investments needed Investments needed Firm Project Complexity of work Complexity of work Clarity of requirements Clarity of requirements Project Familiarity with Familiarity with technology technology Service Required behavior Required behavior Service Project changes changes Acceptance Acceptance Project Project Ease of Implementation
- 32. Prioritize Based onValue Project Service Field of Field of • Re-focus priorities Dreams Project Project Project Gain • Nurture the Value language of value to the Project Service Firm Project • Embed value in Project goals and Field of Field of Service evaluations Pain Service Distraction Project Project Project Ease of Implementation
- 33. Annual Budget Process:Make it an Ally • Stay connected to the value proposition – Start early – Reach out to leadership, practice groups, and business departments – Understand what they want to achieve – Think a lot about how technology can help – Propose and promote solutions – Use strategy prioritization tool to communicate and sell – Use Programs and project charters to focus on benefits
- 34. Leverage Recognition • Firm naturally takes what it has for granted • External recognition of value can awaken internal value perception – Enter public contests and competitions – Speak and write • Seek out internal testimonials and share them
- 35. Develop a CommunicationsPlan • Consider branding IT’s systems and services • Crystallize your value proposition into messaging points • Promote awards and testimonials • Create a formal plan to communicate value periodically – Newsletters – Internal meetings – Intranet presence – Client-facing presence • Be prepared for informal opportunities – Rehearse your elevator speech and use it BUT DON’T GO OVERBOARD!
- 36. Make Value Integralto IT Staff & Operations • Communicate the IT Strategy and value proposition to them • Find opportunities for them to embed value thinking in their work – Listen for client-facing opportunities – Listen for testimonials – Ask them how their projects, services, and activities fit in the “Field of…” matrix • Require a business value justification for every project • Embed business value in annual goal setting and evaluation processes
- 37. Consider the Futureof Value for your Firm What will value look like next? Temporary Dip? The New Normal?
- 38.