SHIFTING FROM A TAXICAB MENTALITY TO AN … · 8/11/2016 1 By Mary E. Vandenack, Founding and...

8/11/2016

By Mary E. Vandenack, Founding and Managing Member Vandenack Williams LLC

vanwil.com mvandenack@vanwil.com

SHIFTING FROM A TAXICAB MENTALITY TO AN UBER STRATEGY

8/11/2016

How do I know the attorney I am hiring has the skillset I need?

Will I be able to communicate with this attorney?

Is there a reason you can’t tell me how the process will happen and how long it will take?

What do you mean you can’t tell me how much it will cost?

Attorney information and consumer satisfaction ratings are readily available

The process is made clear

Timing of the process is explained before the engagement is final

Pricing methodology is clear

8/11/2016

BIG DATA ISN’T ONLY FOR BIG FIRMS SMALL FIRMS CAN USE BIG DATA TO GAIN A COMPETITIVE ADVANTAGE

What is Big Data?Generally, Big Data is used to refer to the significant volume of unstructured data that is available to law firms

More technology results in more

The Four V’s of Big Data

8/11/2016

The Value of Big DataBetter decision‐making can be made based on well‐organized data

Even small law firms struggle to share data throughout the law firm

Creating a Strategy to organize and use data creates the “uber” advantage

Look at more data as more opportunity rather than more work

Predictive AnalysisLink together cases of like kind topredict possible outcomes andprofitability

Possible Uses of Big Data for Law Firms

8/11/2016

PricingUse data to develop price strategyHow many times have you handleda certain type of case?What were the outcomes?What was the cost to the client?What were the internal costs andthus profitability to the law firm?

Capturing ContactsReview Documents and Emails to ensure that you have captured contacts into your database and contacts

8/11/2016

E‐discovery

Helping you find what is important

Case Reviews

Determine how certain judges have typically ruled

8/11/2016

Examine Opposing Counsel’s History

Support for decision‐making regarding a settlement offer

Determining whether a contract clause is standard for contract type/industry

Capturing client reactions to communications, bills, services

Accumulating unique drafting

Accumulating provisions you like from other lawyer’s documents

Identifying that which can be automated

Is anyone in your office still manually

entering data that can be imported?

8/11/2016

Big Data Strategy

Have a clear strategy

The data is endless (and mining can be expensive) so selectively choose a use of data that comports with your strategic plan and goals

Implement a Knowledge Management Strategy

Take Advantage of Big Data Opportunities

8/11/2016

KNOWLEDGEMANAGEMENT STRATEGYKNOWLEDGEMANAGEMENT STRATEGY

‐ as distinguished from knowledgemanagement itself ‐ is becoming one ofthe most valuable and strategic resourcesfor law firms

‐ is an approach to knowledge management that aligns knowledge management with business goals.

KNOWLEDGEMANAGEMENT STRATEGYKNOWLEDGEMANAGEMENT STRATEGYDevelop appropriate for your firm size

and practice type

is the most strategically important resource

ARTICULATE THE LINK BETWEEN KNOWLEDGE AND STRATEGY

KnowledgeLearning

Is the most important capability

8/11/2016

ARTICULATE THE LINK

KnowledgeStrategy

Capturing Processes

Developing new ways to support capture, storage, retrieval, and distribution of an organization’s knowledge

Capture knowledge that exists within peoples’ heads

8/11/2016

BE CLEAR ABOUT BUSINESS STRATEGY

Law is a business!

8/11/2016

Underserved, overcharged markets

New legal services

Millennials

Aging Baby Boomers

Alternative legal providers

Legalzoom

Artificial Intelligence

8/11/2016

What particular skills does your firm have to take advantage of

opportunities?

What skills are needed to overcome threats?

How can you strategically position your firm?

How can you take advantage of internal resources?

8/11/2016

Design a knowledgemanagement strategy that

supports your business strategy.

ExampleYoudecidethatyouareparticularlysituatedtoprovidestart‐upservices

toentrepreneurs

8/11/2016

Yourknowledgemanagementstrategymightinclude:

Create a habit of SAVING:

information on resources for capital

information about start‐ups in different industries

valuation information for different industries

8/11/2016

Create a habit of SAVING:

regulatory issues encountered by particular industry types

available federal and state tax credits related to available federal and state tax credits related to capital expenditures or hiring employees

Make it easy

A small firm may not have a librarian so the small firm has to have all lawyers and staff engaged in the process of knowledge management.

8/11/2016

Make it easyo Create a section in your document management system that

is just for your firm library. Divide the section into major categories and subcategories. Structure the system in a way that avoids duplication of efforts.

o Develop a memo that explains the system

o Train attorneys and staff

o Designate a knowledge management police person.

TURN YOUR WEBSITE INTO A CLIENT TOOL

Many law firm websites are simply a repository for attorney profiles and services of the law firm.

8/11/2016

Turn your website into a tool that clients engage with.

Differentconsumerswantdifferenttypesofinformation.

www.yourfirm.com

SECURE CLIENT PORTAL

BLOG AND CONNECT

INTAKE FORMS

CLIENTS UPLOAD

DOCUMENTS

8/11/2016

USE ALTERNATIVE FEES AND MAKE THEM PROFITABLE

Types of Alternative Fees Flat/Fixed Fee

A specific amount is quoted for an identified

service

Percentage Fee Based on a percentage of an amount involved in the project

8/11/2016

Types of Alternative Fees Fee Range

A fee range is provided that includes a

minimum and maximum

Fee caps Hourly rates are charged up to an agreed maximum

Types of Alternative Fees Availability Retainer

This is typically a set amount (often paid monthly)

for which the attorney agrees to be available to

handle certain types of issues

Pure Contingency FeeLaw firm receives a fixed or scaled percentage of a recovery in a lawsuit

8/11/2016

Types of Alternative Fees Partial Contingency/Success Fee Firm receives a base amount of fees that is

not subject to contingency and the balance

of the fee is dependent on success

Risk Collars Hourly billing arrangement is used but bonus is paid to law firm for being under budget

HOW TO MAKE ALTERNATIVE FEES PROFITABLE

Understand Client Perception of Value

Connect Client Perception of Value to Fees Charged

Know Your Business. Know your Competitive Advantage

Have a Strategic Plan

Take Steps to Increase Your Value

8/11/2016

Develop tools that break down the processes for your services

Use your billing system to capture data

Engage In Knowledge Management

Know Your True Cost Relative to Each type of Legal Service you provide

Look for Opportunities to Automate

Break Out & Value Each Aspect of Legal Project

Develop Niche Practice Areas

Automate Commodity Services (or don’t do them)

Price Less Cost = Profit

Improve Realization Rate

Reduce Cost per unit of service

8/11/2016

CONSIDER ONLINE DELIVERY OF LEGAL SERVICES

LEGALZOOM

USLEGAL

CORPNET

BIZFILINGS

ROCKETLAWYER

MYCORPORATION

LAWDEPOT

GET IN THE GAME

Have a clearly defined laid out process for the particular service to be delivered online

You must have automated forms

8/11/2016

When adding an online presence, distinguish yourself by a touch of personal service that your clients

can’t get from legalzoom

Make the personal phone call

8/11/2016

BE A LEGAL DISRUPTER

What are the assumptions that drive the way we practice?

How can we disrupt them?

8/11/2016

Constantly consider what is next

Refuse to be complacent

Be uniquely successful

INNOVATE

8/11/2016

Seek unconventional solutions assuming limited resources

Consider significant transformations

SUSTAINABLE LAW FIRMS*Strategic Planning

*Innovation*Workplace Structure*Diversity in Many Ways*Knowledge Management

*Value Identification*Technology

*Leadership Comfortable with Innovation

SHIFTING FROM A TAXICAB MENTALITY TO AN … · 8/11/2016 1 By Mary E. Vandenack, Founding and...

Documents

Transcript of SHIFTING FROM A TAXICAB MENTALITY TO AN … · 8/11/2016 1 By Mary E. Vandenack, Founding and...

Taxicab Company

Toronto’s Taxicab Industry Review

Taxicab Industry Review Preliminary Report · 2012-09-24 · Taxicab Industry Review The City of Toronto committed to undertake a review of Toronto’s taxicab industry. The purpose

Taxicab Number Conference

taxicab magazine issue 1

The New York City Taxicab Fact Book

NEVADA TAXICAB AUTHORITY CHARLES D. HARVEY ADMINISTRATOR.

TaxiCab (Camilo Sandoval)

LOS ANGELES TAXICAB REVIEW AND PERFORMANCE REPORT

webzoom.freewebs.comwebzoom.freewebs.com/electrum/DICTIONARY/LEXC85.doc · Web viewCAB (=TAXICAB) SHKE1. CAB (=CABIN, DRIVER’S COMPARTMENT IN TRUCK/TRAIN/ETC.) ZLÜ3. CAB (TAXICAB)

Mary E. Vandenack Curriculum VitaeMary E. Vandenack Curriculum Vitae Brief Biography Mary E. Vandenack is founding and managing member of Vandenack Weaver LLC in Omaha, Nebraska. Mary

2014 Taxicab Fact Book - nuridetg.comnuridetg.com/articles/2014_taxicab_fact_book.pdf · 2014 Taxicab Fact Book The Taxicab Fact Book was last published in 2006 by Schaller Consulting.

The Impacts of Taxicab Deregulation

TAXICAB RULES AND REGULATIONS OF THE BOARD … · taxicab rules . and regulations of the . board of taxicab commissioners city of los angeles . ... taxicab rules and regulations .

Taxicab Bagian Vita

how existing taxicab

TAXICAB RULES AND REGULATIONS OF THE BOARD OF TAXICAB ... · 126. TAXICAB OPERATOR means every person, company, corporation, association- , co operative or any other organizational

Towards Reducing Taxicab Cruising Time Using ... - cse.unt.edu

TAXICAB GEOMETRIJA · 2019. 5. 12. · Taxicab geometrija jos je poznata pod nazivima Manhattan geometrija,ˇ L 1 geometrija, city block geometrija i pravokutna geometrija. Taxicab

1 20.1 Taxicab Geometry The student will learn about: other geometric figures in Taxicab Geometry. 1.