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2018 P3 Conference – Wednesday Recap

Posted by LMA International on May 17, 2018 5:08:26 PM

P3 Conference Collage - Wednesday, May 16

Photo credits (clockwise from left): LMA International; @karajmckenna via Twitter; and, @kim_craig via Twitter

As P3 continue to grow and make their mark in legal business, the 2018 P3 – The Practice Innovation Conference  brought up multiple themes, including agreeing to disagree while still learning and having fun, starting small, being honest and maintaining perspective.

Rather than tying things up with a neat bow, the sixth annual P3 left things more opened-ended, leaving attendees with many topics and ideas to take back home from Chicago. The final day of conference featured  eight concurrent education sessions, three service provider education sessions, one general session and a networking toast to close out the event. Key takeaways from the education include:

  • Artificial intelligence (AI) tools, such as Kira, have many uses for firms; however, it is important to be aware of your environment and conscious of ethics concerns that could result from implementation. (Session:  Contract Search, Research and Analysis (Kira))
  • Case studies were presented by two firms in order to show ways to implement LPM tool hubs on a firm’s website, as well as ensure adoption by attorneys. “You need to have buy-in and support from upper management at launch or else people won’t read or adopt it.” (Session: How LPM Directors Can Increase Their Impact With Just-in-Time Tools and Templates)
  • There is a tsunami of change coming and it is each law firm’s decision as to whether they are going to get ahead of it or get swept up by it. (Session: If You're Not Creating Value, What Are You Doing?)
  • Firms identify revenue growth as a top priority, yet many don’t acknowledge the bottom line profitability, client satisfaction, employee satisfaction and organic growth. This session touched on what law firms need to do in order to address this issue and stop the perpetuating the problem. (Session:  Managing Law Firm Growth: A Look into the Science Behind Personnel Analytics)
  • There are many different things you can do within your firm to find tools and technology to solve for problems without needing to build a program. The struggle is staying on top of the technology strategy, especially when you are dealing with 15 or more tools to solve for different functions. It is important to be checking in constantly and staying on top of what makes sense and what works. Not keeping up can lose clients in the long run. (Session: Building the Foundation: A Q&A Panel on PM and PI Programs)
  • Implementing an LPM system is important for assessing what work needs to be done and ensuring it happens on time within the firm. Following a particularly difficult and large M&A project, Dennis J. White, ESQ, of Verrill Dana LLP, said, "Project management wasn't an option, it was a necessity." (Session: Pricing Transactional Matters and Task Codes)
  • Partners often avoid pricing conversations with clients out of fear of damaging relationships. But the single biggest change partners can make to improve pricing is to talk to clients before putting in a proposal. These talks can be used to clarify value expectations and demonstrate that your firm will take a cost-conscious approach.  (Session: How Fear Drives Poor Pricing and What You Can Do About It)
  • "Does a firm really exist as a whole entity, or it just a collection of individuals? Do I perceive value from the firm, or from the individuals with whom I interact? What value does the 'firm' as an entity bring? Are you managing both the firm value and the value brought by the individuals?" (Session: Value This: The Client Perspective)
  • The legal industry is consolidating and becoming increasingly competitive. Law firms are being run more like businesses, making more use of financial data and other operational metrics. Utilize internal and external benchmarking to measure performance in terms of outcome. (Session: If You’re Not Thinking Segments, You’re Not Thinking)
  • “A law firm that understands where it’s trying to take itself leads to a very good value proposition along the way." (Session: Measuring Economic Value Delivered Through Legal Services)
  • Professionals with high emotional intelligence (EQ) have tracked $29,000 a year higher than those with low EQ. Focus on emotional regulation, conflict resolution and interpersonal skills to go from good to great. (Session: How Your EQ Could Outweigh Your IQ)

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Miss the conference? Visit the Learning Store to purchase the full 2018 P3 Conference recordings bundle, featuring video recordings of each session.

Topics: Business of Law

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