Legal operations excellence is about finding that right balance between supporting the day-to-day challenges of the practice of law and finding ways to harness the tools and experience of that practice to innovate for more effective legal and business outcomes. But that’s easier said than done!
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A year ago, in January 2017, Hyperion Research surveyed the legal community about their planned priorities for the year. Which operational objectives would they focus on in the new year to help drive success? And likewise, how will those objectives influence their budget and planning priorities? Now, as we get underway in 2018, we went back to assess how those plans panned out, and where did we as a community make the most progress. While the overall picture shows a general alignment between what was planned and what was done, there is definitely one standout that speaks to an important overarching market trend.
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Hyperion Research’s proprietary VPI InfographicTM plots current market sentiments regarding trending IPM disciplines and competencies for relative Value, Priority, and Investment to organizations. The VPI Infographic’s competency matrix demonstrates the comparative value and priority ascribed to the core IPM capabilities; each capability is plotted on value and priority axes, while the size of each bubble represents relative levels of investment for each.
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The decision to outsource, or to perhaps insource, discrete parts to the IPM lifecycle is one of reassessing the balance of resources within an IP organization, which is a core IPBM challenge. In particular, decisions on the use of IP services regard a company’s human-capital supply chain. This is not so much about reducing head count as it is about making better and more thoughtful use of available resources. The use of third-party IP services, whether via an LPO model or through more traditional fee-for-service models, is historically most closely associated with annuity payment services.
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Hyperion Research is preparing to release our MarketViewTM Report: Enterprise Legal Management for Corporations, updated for 2017. Incorporating over 500 hours of industry benchmarking, primary interviews, client references and vendor briefings, the report provides an invaluable resource for understanding the leading trends in legal operations. Our coverage focuses on the solution needs of corporate legal departments of all sizes that are seeking integrated solutions that include modern capabilities in spend management, collaboration, workflow and advanced analytics.
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Performance analysis, insight, stakeholder visibility and operational efficiency are the fundamental components that drive IPBM excellence. Performance management analytics comprise the tools, capture methods, data models and visualization technologies that help legal and IP organizations focus on the operational performance metrics they need, to help them understand both the business effect of their activities – causality, impacting processes and behavior – and the corrective steps, nee actionable intelligence, they need to optimize performance and outcomes.
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While emerging and innovative approaches to application design carry the promise of not only more intuitive user experiences but also of transforming ways of working, Hyperion's benchmarking has consistently demonstrated a significant divide between the value legal operations managers place on technology as a strategic capability versus the lackluster ROI they report from their technology vendors.
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Human trust in technology has grown exponentially in the last decade. We put our credit card numbers and personal information on the internet and depend on security encryption to keep it safe. We entrust our lives to planes that are often piloted by software. Even the possibility of self-driving cars moving throughout our cities is approaching reality; just so long, of course, as concerns about safety and reliability are fully assuaged.
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Almost a decade from the financial crisis of 2008, the so-called new economy has wrought fundamental shifts across the business spectrum, including challenging long-established norms for the legal profession. Intense new scrutiny driven by the pressures to reduce costs has created a new normal characterized by persistent pressures on rates, billing models and fee arrangements, quality and outcomes. As the profession struggles with the challenges to their 100-years-old model, the market has also introduced a broad base of new competitive players, models and approaches to fundamentally redefine legal work.
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Today’s advanced technologies are making waves as they create greater business potential for companies and their stakeholders. As they are developed and integrated into the modern workplace, they are not only impacting business in a collective sense (i.e., its ability to generate more revenue), but are also inevitably affecting business culture. We have seen how widespread consumer technologies have the potential to transform society on a number of fronts, but how do advanced business technologies affect professionals, their goals and work priorities?
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