Ari Kaplan recently spoke with Lydia Flocchini, Chief Marketing Officer of SurePoint Technologies, Debbie Foster, CEO of Affinity Consulting, and Laura Wenzel, Global Director of Product Marketing at iManage.
The consortium of three companies has launched a new report based on interviews with 18 chief operating officers, 10 managing directors, 1 chief executive officer and 1 chief administrative officer of mid-sized law firms. announced.
Ali Kaplan: Lydia, what was the most interesting finding in this report, and how do you think law firms are driving the current changing environment?
Lydia Flockini: Three key elements of the report stood out. First, law firm leaders manage professionals of varying experience levels in a variety of locations, including office, remote, and hybrid locations, so the skills needed to help their firms grow in the digital world. is reconsidering. Embed that new paradigm into the way companies grow, innovate and gain competitive advantage, becoming more dynamic agents of change. Second, leaders need to become more impactful data stewards and data champions to promote data-driven thinking across law firms. Third, from a financial acumen standpoint, individuals entrusted with managing legal organizations are expected to be more strategic with regard to long-term growth.
Ali Kaplan: Laura, one of the key takeaways from this survey is that digital transformation is on the rise. Of them, 63% report automating documents that their company creates frequently, and 73% create workflows around repeatable processes. How should readers interpret this data to improve their productivity?
Lydia Flocchini is Chief Marketing Officer at SurePoint Technologies. Debbie Foster is CEO of Affinity Consulting. Laura Wenzel is iManage’s Global Director of Product Marketing.
Laura Wenzel: Digital transformation has been a hot topic for decades, but we’ve reached a point where clients expect their companies to live up to that promise and legal leaders want to operate as a business. Did. As such, leaders must be both technically and financially apt. It is this combination that makes digital transformation most effective. Adopting new technology is not enough. Rather, we also need to understand how it affects and improves the workflow so that end users can work more efficiently. Forcing change is ineffective, especially at the edge of generative AI and legal automation. The most effective application of AI requires a thorough understanding of how employees work, so leaders who invest in understanding and leveraging new tools will gain a competitive advantage. can.
Ali Kaplan: Debbie, there is a common theme in the report to drive adoption of new tools through training, with 43% noting that their company provides leadership training for those who are promoted to senior management. What are some best practices that law firm leaders should incorporate into their training?
Debbie Foster: Leadership training has two aspects. One is that law firms and many organizations are failing to promote individuals to leadership positions while providing them with the tools they need to become effective and effective leaders. Leadership is a journey that requires ongoing education, including developing skills such as providing feedback and motivating your team to help you achieve growth and profitability. The other is that we are in an era where we cannot keep up with the changes as new functions are added to the tools we use. Therefore, when thinking about new tools from a law firm’s perspective, training needs to be part of the culture.
Ali Kaplan: According to Lydia, 47% of respondents said they spend 20% or more of their time focused on strategy and innovation. Do you expect this number to increase as law firm leaders become a larger part of their role?
Lydia Flockini: Yes, no doubt. Leaders developing strategies to grow, thrive, and gain competitive advantage in today’s marketplace should work with other stakeholders to improve their company’s culture, provide professional and practice groups individual success and implement dynamic professional development. Law firms today operate in a multigenerational environment that requires rapid adaptation to improve internal interactions and external client service. Smart leaders help retain, expand, and identify new areas of opportunity.
Ali Kaplan: According to Laura, 70% of respondents reported that legal technology helped their law firms grow, 90% said legal technology helped their firms increase revenue, and 100% said Respondents say it helps their team serve their clients better. How has the process of evaluating and implementing technology in law firms evolved since the pandemic?
Laura Wenzel: To improve client service, increase efficiency, and increase productivity beyond technology adoption, law firms need to provide transparency. And because it is still people and their knowledge that create competitive advantage, companies need to share, reuse and build on their collective intelligence. Legal technology makes it possible, and is fundamental and essential for integrating workflows and user experiences.
Ali Kaplan: Debbie, one of the leaders of the law firms profiled in the report, said: “Before the pandemic, we were not only keeping the spinning plate up in the air, but now someone has set the plate on fire.” , how do you see leadership evolving, especially in an AI-centric future?
Debbie Foster: First, leaders need to slow down. I know the plates are on fire, but before I act, I need to figure out what to do with the burning plates. When there is customer demand, important leadership elements such as mentorship tend to be replaced with higher priority tasks, which may not help the company in the long run. When it comes to AI, we are all applying our best guesses as to what will happen to generative AI and how it will change jobs. It only took him 15 minutes to solve your problem, but I think he solved your problem in 15 minutes and it took 20 minutes to learn how to charge for years instead of minutes. I remembered a meme about spending years. Instead of fearing generative AI, law firms must focus on the value they bring to their clients and use new tools to perform the rote tasks they no longer need. Successful leaders increasingly focus on value and price their services accordingly.
Editor’s Note: This interview refers to research conducted by independent advisory firm Ari Kaplan Advisors on behalf of Affinity Consulting, iManage, and SurePoint Technologies.
Read the full interview on Reinventing Professionals.
Ali Kaplan regularly interviews leaders in the legal industry and the wider professional services community to share perspectives, highlight transformative changes, and showcase new technologies on his blog and on iTunes.
This column reflects the opinions of the author and does not necessarily reflect the views of the ABA Journal or the American Bar Association.
