Tomorrow I will give you the answer, but I’ve got 10 minutes before my next client meeting and I know I can fire out about 200 words in that timeframe.
Every week I average 3-4 conference calls with prospective Law Firm clients who are further investigating Legal Outsourcing/LPO – in some shape or form. I am always fascinated by who I speak with first. Usually it is a COO, but it is equally likely to be the CFO or the CIO of the law firm. In addition, they often have a Project Manager attending, who will bring the detailed experience of the work they have done to date.
Stage 1 for me is really to understand their current position, current thinking, the work they have done to date, and strategic objectives.
Stage 2 is to understand the “why now?” question. Why are they looking at their delivery model now, and not last year or next year.
Stage 3 becomes my turn to talk. I have a checklist of areas that law firms need to address, depending on what stage they are at in their discussions, thinking or project. By going through these it is clear where the law firm needs the help and what kind of assistance they require e.g. access to data, project leadership, strategy, coaching etc.
Stage 4 is answering all their specific questions about what they should do and how to do it.
Towards the end of that first hour, the question always comes up. “How do we compare with other law firms?”
Having these conversations week in, week out puts me in an unusual position. I have built a Moving LPO Index that will help Law Firms gauge how they compare to the rest of the market. For now it is just an Excel sheet that I tweak a couple of times a month. The debate I am having with my colleagues is whether the Index can just be put online or whether it only comes to life when there is a discussion and an analysis attached to it.
Tomorrow I’ll walk you through the key stages in the Index. For now, if you wish to compare yourself with your competitors, set up a one hour call via [email protected]
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