ClioWebinarKeep Your

Law Firm Resolutions

JoshuaLenon• LawyerinResidenceatClio• AttorneyAdmittedinNewYork•@JoshuaLenon

Agenda•NewYear’sResolutionsforBusinesses• Setting&TrackingLawFirmResolutions•Questions

NewYear’sResolutionsforBusinesses

ResolvingtoChange“Beforeworryingabouthowtochange,executiveteamsneedtofigureoutwhattochange—inparticular,whattochangefirst.”

1. Catalystfortransformation,

2. Yourfirm’sunderlyingquest,and

3. Leadershipcapabilities

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CatalystforTransformationPursueValue• ImproveEfficiency• Streamliningandcostcutting

• ReinvestinginGrowth• Requiresdualfocusongrowthanddiscipline

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2017LegalPractitionerSnapshot

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20% 25% 30% 35% 40% 45% 50%

Solo 2to5 6to10 11to25

IfIhadmoretimeIwouldspendit:Attendingtopersonalmatters Buildingmylawfirm'sbusiness Onmorebillablework

PickYourQuest1. Globalpresence:extendingmarketreach2. Customerfocus:understandingyourcustomers’

needsandprovidingenhancedinsights3. Nimbleness:acceleratingprocessesorsimplifying

howworkgetsdone4. Innovation:incorporatingideasandapproachesfrom

freshsources,bothinternalandexterna5. Sustainability:moresociallyresponsiblein

positioningandexecution

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LeadingtheWayTrapstoAvoid• Neglectingthequest• Stickingwiththewrongquest• Focusingonmultiplequests

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HypotheticalFirmExample

Blackacre LLPwantstogrowtheirbusinesstoincludeanearbycity.

• Catalyst=reinvestforgrowth• Quest=Globalpresence• Leadership=developingexternalvision

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Setting&TrackingLawFirmResolutions

#ClioWeb

WhatareYourLawFirmResolutions?• Increasebillablehours

• Removenon-billabledistractions• Bemoreorganized

• Gettingtodonequicker• Growmylawfirm'sbusiness

• Takeonanewpracticearea• Havemoreeffectivemarketing

• Havemorework/lifebalance• Behealthier• Travelornewhobby

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SeasonalityinCaseloadByPracticeArea

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IncreaseBillableHours

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SetaBillableHourTarget

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TargetBillingRateCostRate=Overhead/ExpectedBillableHours

InternalRate=CostRate/ExpectedRealizationRate

TargetBillingRate=InternalRate/(100%- ExpectedProfitMargin)

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HypotheticalTargetBillingRateCostRate

$117=$175kOverhead/1,500ExpectedBillableHours

InternalRate$146=$117CostRate/80%RealizationRate

TargetBillingRate$183=$146InternalRate/(100%– 20%ProfitMargin)

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#ClioWeb

#ClioWebSource:AltmanWeil,“CalculatingProfitability”

EasyResolution#1:TrackBillableHourTargetsinClio

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BeMoreOrganized

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WhereDoYouSpendYourTime?

Business development

Officeadministration

16% 15%

11%

6%Collections

Configuringtechnology

Generating andsending bills

Licensing andcontinuing education

16%

33%

Administrative tasks48%

#ClioWeb

WithoutPracticeManagement WithPracticeManagement

Client/ConflictManagementManuallytrackedSolutionsusedinclude:email,spreadsheets,andpaperfiles

Automated

Scheduling Manuallybyelectronicorpapercalendars Automated

TimeTracking • Manuallytracked• Standalonetimetrackingtoolused Automated

Billing

• Manualdataentryofclientandtimeinformation

• Standalonebillingtoolforgenerationofinvoices

Automated

AccountReconciliation ManualreconciliationSolutionsinclude:spreadsheetsordedicatedaccountingtool Automated

MatterManagement

• Paperfilesmaintainedonsite• Paperfilesmaintainedbyphysicalstorage

provider• Documentsstoredonattorneydesktopsorin

sharedfolder

Centrallymanagedwithinpracticemanagement,integratedwithclientandbillingdata

Collaboration Byemailorpaperdocuments• Internallywithinpracticemanagement• Externallyviaportalsmanagedbypractice

management

Remote Access VPN,remotedesktop,orremoteemailclient Directlyviapracticemanagement

Source:BuildingaBusinessCaseforLawPracticeManagement,BlueHillResearch #ClioWeb

TimeSavingsinClio• Reductionintimespentfindinginformation(centralizedinformation)• Reductionintimespentgeneratingbills• Increaseinourfirm’sproductivity• Reductionofoutstandinginvoices

#ClioWeb

ReductioninTimeSpentFindingInformation

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EasyResolution#2:DownloadClio’sMobileApp

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EasyResolution#3:UseClioforGmailExtension

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AdvancedResolution#1:CustomizeClio

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CustomFields

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CustomFields

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TypesofCustomFieldsinClio1. Checkbox2. ContactSelect3. Date4. EmailAddress5. Integer6. MatterSelect

7. Money8. Picklists9. Text(Multi-Line)10. Text(One-Line)11. Time12. WebAddress

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CustomFieldsforMatters&Contacts

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CustomFieldSets

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CustomizingClioTimeEntries TaskLists

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ReductionInTimeSpentGeneratingBills

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EasyResolution#4:SwitchtoNewClio

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ColumnCustomizations

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BulkBillGeneration&Payment

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IncreaseInYourFirm’sProductivity

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EasyResolution#5:BuildDocumentTemplates

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AdvancedResolution#2:Clio’sAdvancedTaskReport

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ReductionOfOutstandingInvoices

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SimpleResolution#6:AvoidLock-UpDays

#ClioWebSource:PWC’sLawFirmSurvey2017

EasyResolution#7:AcceptCreditCards

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ClioPayments• Firmsacceptingcreditscardswerepaid40%faster• BuiltintoClioBoutiqueandElite• Noextrafees

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AdvancedResolution#3:UseTrustAccountstoImproveRealization

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GrowMyLawFirm'sBusiness

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EasyResolution#8:AskforBusiness

Upto85%oftheaveragelawfirm’sbusinesscomesfromreferrals.

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AdvancedResolution#4:CalculateROIfromAdvertising• Lessthan10%oflawfirmssurveyedcouldcalculatetheirreturnonmarketingspend• ReturnonInvestmentis:• (Return– Investment)

Investment• Respondentsexpected3:1orgreaterthan5:1ROIontheirmarketingspend

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UseClio’sCampaignTrackertoCalculateMarketingROI

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HaveMoreWork/LifeBalance

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AdvancedResolution#5:TakeaVacation

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GetaCo-CounselforFree

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SecureYourLawFirm

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EasyResolution#9:GetSeriousonPasswords

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AdvancedResolution#6:2-FactorAuthentication

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2-FactorAuthentication

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AdvancedResolution#7:RunYourBackup

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DataEscrow

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AmazonS3forDataEscrow

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Conclusions

#ClioWeb

EasyLawFirmResolutionsfor20181. TrackBillableHour

Targets2. DownloadClio’sMobile

App3. UseClioforGmail

Extension4. SwitchtoNewClio5. BuildDocument

Templates

6. AvoidLock-UpDays7. AcceptCreditCards8. AskforBusiness9. GetSeriouson

Passwords

#ClioWeb

AdvancedLawFirmResolutionsfor2018

1. CustomizeClio2. Clio’sAdvancedTask

Report3. UseTrustAccountsto

ImproveRealization4. CalculateROIfrom

Marketing

5. TakeaVacation6. 2-Factor

Authentication7. RunYourBackup

#ClioWeb

ThankYouJoshuaLenon

joshua@clio.com

@JoshuaLenon

Linkedin.com/in/joshualenon

1-888-858-2546