As we mentioned recently, the 4th of July saw us return to London for the 5P conference. 5P – or “Profit, Pricing, Pitching, Products and Process” is dedicated to the business of law. Namely, how do law firms improve the way they build, manage and run themselves. Unsurprisingly, this is exactly the sort of task that Clocktimizer supports and for this reason we were excited to jump on board as a sponsor this year. After a hectic day, full of pitches, demos and exciting new ideas, we’ve put together a wrap up of our favourite bits. We also want to extend a big thank you to the amazing team at Briefing for organising such a brilliant event!
Law firms aren’t tech specialists
One of the reasons we love Briefing events is because they provide equal voice to lawyers, clients and legal tech providers. This year was no exception with an excellent client feedback session. We particularly enjoyed listening to Rob Booth, of The Crown Estates discuss the benefits of working with tech firms, instead of developing in-house.
“Firms should not build their own tech, it’s always a national activity and they often will not be able to attract the right talent. Better to use outside tech and work with the talent they hire”Rob Booth
Understandably, many firms wish to develop their own proprietary software. After all, they understand their needs best. However, it was interesting to hear a number of people from the legal industry recognise that this can also lead to complications. Not only is it harder to recruit the best developers and engineers. It may also be the case that a firms desire to solve every ‘problem’ at once can lead to bulky, badly working software. According to 5P, looking for external, best-of-breed technology is the way to go.
Clients want the right information, at the right time
We heard from a number of different corners about the importance of data. However, 5P saw a tipping point for us. The conference showed an equal push for data by clients and legal professionals. In our own session, Nicoline Evers of DLA Piper, spoke about how Clocktimizer supports efficiency. Importantly, she shared how data improves client relationships. It also increases firm wide profitability.
On the behalf of clients, we heard from Joel Cohen of Premier Model Management. He shared a desire for more data driven products from law firms. In an ideal world, Joel shared a desire to see the information on previous deals a firm has worked on. This information should then be fed into the products and services a firm offers. As such, clients would be able to select the correct firm for the correct job. Thus increasing repeat business and client satisfaction.
Digitise your workspace
We’ve long been a fan of agile working at Clocktimizer. So we were excited to hear a push towards agile by Shane Scott of Shoosmiths. Shane looked at some of the key ways law firms can embrace newer working models. By embracing a technology first approach, law firms can increase productivity and staff welfare and reduce stress, absenteeism and even real estate footprints. We couldn’t agree more!
Copies of Shane’s (and many other excellent 5P) presentations are available on the 5P website here. For more information about the event, and for their own wrap up we highly recommend you follow Briefing magazine, available digitally and in print. We hope to see you all next year!