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That's a Wrap: 2016 P3 Conference - Day Two

Posted by LMA International on May 18, 2016 5:30:00 PM

6.jpgThe 2016 P3 – The Practice Innovation Conference has officially come to a close after another day of noteworthy education content. Thanks to our attendees, sponsors and expert speakers, this — our largest P3 yet — was definitely one to remember.

The second and final day of P3 featured 11 concurrent education sessions, eight service provider demos, and one closing session. Here are some highlights from what was covered:

  • When choosing your profitability model, define your profitability strategy in a way that motivates people. Pick things that your team can influence in the profitability model and make them accountable for it. (Session: Profitability and Compensation: The Circular Formula Dilemma)
  • One of the goals of data visualization is to improve attorney behavior. Historically, attorneys understood the health of the books of business using revenue, which is not always accurate. (Session: Data Visualization for Law Firms)
  • Legal operations executives bring the leadership, knowledge, and experience necessary to drive peak operational performance. They offer a deep understanding of the industry, expert knowledge of best practices, and enabling technologies, team development, implementation of policies, processes, and technologies to increase value to the company while driving down costs. (Session: The Evolving Role of Legal Operations Executives)
  • If your firm is not tracking client matter profitability, shame on you. If you want to get to win-win pricing, you have to know profitability. (Session: "Alternative Fee Arrangements in High Stakes Litigation"Win-Win" Pricing)
  • The most common AFA types are: Fixed-fee per matter, volume discounts, flat fee for all matters in area of work, flat fee by matter stage and contingency fees. (Session: Best Practices in Pricing & Process Improvement)

Share your most important takeaways or reaction to our takeaways in the comments section below or on social media by following the official conference hashtag, #LMAP3, on Twitterand Instagram.

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Miss out on P3 but interested in the education? Keep an eye on the Learning Store to purchase the full conference recordings bundle in June, featuring video recordings of each education session.

Topics: Business of Law

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