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Navigating a new reality in the client-empowered era

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Navigating a new reality in the client-empowered era

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John Hall debuted Intapp’s new point of view at the Business Leadership Summit in London on September 25th entitled: Navigating a New Reality in the Client-Empowered Era. Clients are demanding more from their law firms and, in some cases, are looking for alternatives. But research by The Lawyer and Intapp revealed that investment in technologies like intelligent automation and artificial intelligence can drive growth, improve profitability, and increase client satisfaction. New client expectations don’t have to be a burden. With intelligent technology, they can become your strategic advantage.

John Hall debuted Intapp’s new point of view at the Business Leadership Summit in London on September 25th entitled: Navigating a New Reality in the Client-Empowered Era. Clients are demanding more from their law firms and, in some cases, are looking for alternatives. But research by The Lawyer and Intapp revealed that investment in technologies like intelligent automation and artificial intelligence can drive growth, improve profitability, and increase client satisfaction. New client expectations don’t have to be a burden. With intelligent technology, they can become your strategic advantage.

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Navigating a new reality in the client-empowered era

  1. 1. Navigating a new reality in the client-empowered era
  2. 2. Leadingthe way in law firm innovation ©2018Intapp,Inc. AllRightsReserved.Varioustrademarksheldbytheirrespectiveowners. 2
  3. 3. 3© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners. • Develop Strategy • Win More Business • Operate Profitably • Manage Risk & Compliance • Deliver Client Success • Manage Talent and Culture • Lead a Partnership Running a law firm presents challenges and opportunities 3© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners.
  4. 4. 4 A unique business model © 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners. Requires managing a distributed governance model with multiple stakeholders, often with conflicting individual and practice objectives. Need a repeatable, efficient process to assemble teams to deliver a service, disperse the teams into the labor pool, and reassemble new teams as needed. Multi-faceted client relationships that require a revenue model centered on client satisfaction, loyalty and repeat business. Client-centric Project-Based Partnership- focused
  5. 5. 5© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners.© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners. • Revenue growth is more difficult • Hourly rate billing is facing increased resistance • Increased scrutiny about legal spend • Long-term relationships are being challenged • Full transparency is the new expectation • Clients are well informed about prices, value and alternatives The rules of the game have changed
  6. 6. Clients are setting the agenda in the client-empowered era 60% have changed firms in past year1 70% are demanding alternative fee arrangements2 43% want a modern digital experience3 6© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners. 1”60%of ClientsReplaceTheirPrimaryLawFirm.”BTI Consulting Group. https://www.bticonsulting.com/themadclientist/2015/3/18/60-of-clients-replace-their-primary-law-firm.html 2 Johnson,Chris.“YourClients Want AlternativeFees:Is Your FirmReady?”LegalIntelligencer.August 24,2015.http://www.law.com/americanlawyer/almID/1202735048162/ 3 Frederiksen,Lee.“Top5Business ChallengesforManagementConsultingFirms.” HingeMarketing.July25,2018.https://hingemarketing.com/blog/story/top-5-business-challenges-for-management-consulting-firms
  7. 7. 7© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners. The law firm of the future: a focus on client success 7© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners.
  8. 8. The Strategic Imperative A client success orientation FIRM SUCCESS the traditional focus • Market share • Revenue • Profit • Talent • Reputation and CLIENT SUCCESS the new focus • Outcome • Budget/price • Timeline • Experience • Security 8© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners.
  9. 9. The Strategic Imperative A client success orientation 9© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners. Will generatemore revenue, moreprofit, andprovidea better experience forclients andlawyers
  10. 10. © Intapp, 2017 page | 10 But this can be difficult 10© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners.
  11. 11. 11 £10tn manufacturing sector Professional services verticals vs. horizontal providers Legal Bulge Bracket Banks Mid-size & Boutiques Transaction Advisory Asset Management Accounting Consulting £4tn
  12. 12. Achieving client success from first touch to final outcome 12© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners.
  13. 13. Unified Client Lifecycle Client DeliveryBusiness AcceptanceClient Development Financial Management System Document Management System Human Capital Management Other IT Systems Lawyers & Other Service Providers Clients FRONT OFFICE BACK OFFICE Strategy & targeting Market development Opportunities & pursuits New business intake Conflicts of interest Client terms Budgeting & resourcing Time & project management Billing & collections 13© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners.
  14. 14. 14© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners.© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners. We surveyed 300 global law firms (100 from the UK) to learn the current state of technology in the legal industry. Do firms have the technology strategies in place to drive client success?
  15. 15. 15© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners. 16% use technology solutions for this purpose 90% of firms said intelligent automation for opportunity identification and cross-selling is important The Technology Gap is Wide Across All Areas of the Client Lifecycle STRATEGY & TARGETING MARKET DEVELOPMENT OPPORTUNITIES & PURSUITS NEW BUSINESS INTAKE CONFLICT S OF INTEREST S CLIENT TERMS BUDGETING & RESOURCING TIME & PROJECT MANAGEMEN T BILLING & COLLECTION S vs
  16. 16. 16© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners. Fewer than 2/10are taking advantage of data- driven insight in this area 9/10of firms believe automation is important for managing client commitments The Technology Gap is Wide Across All Areas of the Client Lifecycle STRATEGY & TARGETING MARKET DEVELOPMENT OPPORTUNITIES & PURSUITS NEW BUSINESS INTAKE CONFLICT S OF INTEREST S CLIENT TERMS BUDGETING & RESOURCING TIME & PROJECT MANAGEMEN T BILLING & COLLECTION S vs
  17. 17. 17© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners. 18% use technology solutions for this purpose 86% of firms feel automation is important for delivering insights and analytics to clients The Technology Gap is Wide Across All Areas of the Client Lifecycle STRATEGY & TARGETING MARKET DEVELOPMENT OPPORTUNITIES & PURSUITS NEW BUSINESS INTAKE CONFLICT S OF INTEREST S CLIENT TERMS BUDGETING & RESOURCING TIME & PROJECT MANAGEMEN T BILLING & COLLECTION S vs
  18. 18. 18© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners. 18© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners. Reductions in the number of hours spent on tasks from up to 25% to over 50% in the following areas: • Contact management • Opportunity identification and cross selling • Legal project management • Billing A little investment goes a long way
  19. 19. © 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners. 19© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners. £700M-1B firms are making the most significant technology investments and are seeing big performance improvements: Standout firms are investing heavily and performing better £700M-1B Firms Investment Levels Global Average Investment Levels Clientdevelopment Businessacceptance Clientdelivery 81% 74% 70% 27% 26% 28% £700M-1B Firms Revenue Growth UK 200 Revenue Growth Perfirm Perlawyer Perpartner Perequitypartner 14.5% 8.4% 8.8% 13% 9.5% 5.6% 5.2% 7.4%
  20. 20. 20© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners. 20© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners. If you do not move you will be left behind “Focus on the opportunities to feed the paradigm shift.” - Law Firm CIO
  21. 21. 21© 2018 Intapp, Inc. All Rights Reserved. Various trademarks held by their respective owners. Read the full study to learn how your firm can thrive in the client-empowered era. http://www.intapp.com/insights/global-report/ Intapp strategic consulting can help you develop a fit-for-purpose business operating model and roadmap to accelerate firm growth in the new client- empowered era. Contact consulting@intapp.com to start your journey today. Navigating a new reality in the client-empowered era

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