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2015 LMA P3 Conference - Day Two Round-up

Posted by LMA International on Jun 11, 2015 1:31:21 PM

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Day 2 at LMA's P3 – The Practice Innovation Conference, hosted by the Client Value Shared Interest Group (SIG), continued and deepened the conversations begun on Day 1. Twelve sessions covered a full range of topics, including client satisfaction, profitability, alternative business models, LPM success measurement, cross-functional teaming, price saving innovations, international pricing tactics and rate structuring. Augmenting session education were demos from nine leading service providers, as well as ample opportunities for networking.

Great takeaways from the day included:

  • Clients want the appropriate talent to work at a reasonable cost, no matter the price-saving initiative
  • Professional development needs to be spread evenly for a well-rounded pool of talent
  • Commercial litigation financing is a no recourse investment, providing capital to the client and extending the budget, while allowing firms to facilitate high-value arrangements and resource top experts and additional resources
  • 5 Principles for Success in Cross-functional Teams:
    1. Prioritize the client experience above all else
    2. Design from the client’s perspective, not the firm’s
    3. Get in front of the client early and often
    4. Don’t underestimate the need for change management
    5. Look outside legal for inspiration
  • Business development professionals can equip themselves for a pricing role by getting close to finance and building bridges
  • Pricing power is the ability to justify why we should be chosen, even if we are more expensive
  • Great leadership leads to creative approaches that change old ways of thinking and meet the challenges and opportunities of new realities
  • Elements of strategic pricing function (talent, tools, technology, processes, senior management support) need to evolve to maximize their contribution to the firm and to clients
  • Craft a flexible, specific and simple vision for change that is rooted in profitability, and then communicate it clearly for buy-in
  • You can't fix everything with a hammer. You need a complete toolkit. That is why it is P3. We need not only pricing, but the other Ps as well
  • The change in buyer behavior is here to stay, as is the less-for-more perspective. Firms need to work to understand clients' needs and how to help them meet requirements and overcome challenges
  • How to achieve harmony between in-house teams and firms:
    • Create value measurements; decide how to communicate that value to client; make sure relationships go beyond metrics; focus on opportunities to collaborate, particularly on budgets and scoping documents; work across teams to achieve efficiency

Some interesting demographic information from this year's conference:

  • Attendees came from four continents and seven countries
  • Attendance increased by 34 percent over 2014
  • More than 60 of the Am Law 200 firms were in attendance
  • Over 65 speakers presented 33 sessions
  • 43% of attendees participated in social media at the event and contributed 872 tweets
  • The #LMAP3 hashtag reached approximately 250,000 users on Twitter

"I was very happy to hear about the effort to understand clients and to encourage bi-directional communication. I saw a group of people and firms who are trying to do the right thing and provide a fair price for a valuable product, not a group who is trying to take advantage or get the most money out of their clients." - Justin, In-house counsel

As the legal profession continues to transform, pricing, process improvement and project management will dominate the conversations we have on profitability and will shape the future of the industry. We hope you'll join us at our next P3 Conference. Stay tuned for the dates at www/legalmarketing.org/P3Conference!

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