Legal Technology Trends: The Impact on Law Firm Profitability

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1 Legal Technology Trends: The Impact on Law Firm Profitability Patrick Hurley Vice President, Global Expansion May 2013

2 Whatever enables us to achieve today s success, is no longer sufficient to sustain future success 2

3 One Point of View... Re-think the Business of Law 3

4 2012 Peer Monitor Scorecard Demand Criteria Recession 2012 Result Consistent Growth (3-5%) Lawyer FTE Growth Steady Growth Down Equity Partner Growth Slow Growth to Support PPEP Leverage Increasing Decreasing Negative to Flat Slightly Up 1.5% Flat to slightly up 2% Flat Flat to down Slightly Up 1.5% Flat to slightly up Productivity Steady to decline Decreasing Flat to down Down 1.5% Flat Rates Steady Increases (6%) Flat Slightly up (mix) Up ~2.5% Margins Peaking Compressing then Increasing Flat to down Flat Realization Improving Declining Flat to down Down PPP Growth Double Digit Variable Generally Flat to Slightly Up Flat to slightly up (by reducing partners) Slightly Up 2.45% 4

5 Peer Monitor Economic Index (PMI) Q1 PMI Score: Credit Crisis Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q

6 5-Year Pattern for Demand Growth 9% Y/Y % Change 6% Credit Crisis 3% 0% -3% -6% -9% Rough timeline of US Recession Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 '07 '08 '09 '10 '11 '12 '13 Q1 13 had 1 fewer working day than Q1 12 All timekeepers 6

7 Expense Growth 20% Rolling 12-month Y/Y % Change 15% 10% 5% 0% -5% -10% Q1 '07 Q2 Q3 Q4 Q1 '08 Q2 Q3 Q4 Q1 '09 Q2 Q3 Q4 Q1 '10 Q2 Q3 Q4 Q1 '11 Q2 Q3 Q4 Q1 '12 Q2 Q3 Q4 Direct Overhead 7

8 Hours per Month Hours per Lawyer Past Three Years Q4 '09 Q1 '10 Q2 Q3 Q4 Q1 '11 Q2 Q3 Q4 Q1 '12 Q2 Q3 Q4 Equity Part. Associate Other Lawyers Composite 8

9 Hours per Month Hours per Lawyer Erosion of 6 hours per lawyer, or 5% Q Q Q Q Composite Associate Equity Part. Other Lawyers 9

10 Hours per Month Déjà vu Erosion of 6 hours per lawyer, or 5% Q Q Q Q Composite Associate Equity Part. Other Lawyers 10

11 86% Collected Realization New Economy 85% 84% 83% Q4 '09 Q1 '10 Q2 Q3 Q4 Q1 '11 Q2 Q3 Q4 Q1 '12 Q2 Q3 Q4 Lawyers only 11

12 All Segments Rate Progression $500 $475 $450 $425 $400 $375 $350 $325 $300 Q1 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 Standard Worked Billed Collected Lawyers only 12

13 All Segments Rate Progression $500 $475 25% Gap $450 $425 $400 $375 11% Gap $350 $325 $300 Q1 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 Standard Collected Lawyers only 13

14 All Segments Realization against Standard 97% 96% 95% 94% 93% 92% 91% 90% 89% 88% 87% 86% 85% 84% 83% Q1 '04 '05 1.3% Gap '06 '07 '08 '09 '10 '11 5.6% Gap '12 '13 Billing Collection Lawyers only 14

15 Demand Growth by Practice 6% Y/Y % Change 3% 0% -3% -6% -9% -12% Labor/ Employment Real Estate Litigation Corporate (all) Tax IP- Litigation Bankruptcy Proportion 9% 6% 32% 23% 3% 5% 3% Q1'13 v Q1'12 All timekeepers. Note Q1 13 had 1 fewer working day than Q

16 2013 Projection Criteria Recession 2013 Outlook Demand Consistent Growth (3-5%) Negative to Flat Slightly Up Attorney FTE Growth Steady Growth Down Flat Equity Partner Growth Slow Growth to Support PPEP Flat Flat Leverage Increasing Decreasing Flat Productivity Steady to decline Decreasing Down Rates Steady Increases (6%) Flat Up slightly Margins Peaking Compressing then Increasing Flat to down Realization Improving Declining Flat to down PPEP Growth Double Digit Variable Generally Flat to Slightly Up Slightly up 16

17 Changed Basis of Competition Pre-2008 demand exceeds supply... Demand growth of 4.5% per year. Rate growth of 6-8% per year. Modest competitive pressures. Healthy growth rates even for firms lacking strategic focus. Post-2008 supply exceeds demand Organic growth dependent on stealing market share or finding market niches. Strategic focus becomes critically important. Client demands for efficiency and cost effectiveness in delivery of legal services expand Firms beginning to work in different ways New competitors in market. 17

18 The US Legal Market Paradox...two acute- and seemingly contradictory- problems: heavily indebted law graduates with no clients and a vast number of Americans unable to afford a lawyer. New York Times, 7 March

19 What is at stake for Law Firms Failing to meet basic criteria can result in damaged relationships and fewer opportunities for additional work Top Reasons Law Firms not Retained Communication / Personality Issues 43% Inefficiencies 51% Lack of Responsiveness 59% Poor Quality of Work 61% Fees / Costs Too High 73.5% 0% 10% 20% 30% 40% 50% 60% 70% 80% 19

20 Technology is Part of the Solution 79% of firms see technology as a client differentiator and 85% seek to upgrade their technology suite to increase firm efficiency 20

21

22 EMERGING MARKET TRENDS Business Development Better cross-selling and business development data, alerts Persistent focus on AFAs, benchmarking, and predictable budgets New means of demonstrating value to corporate counsel Risk & Compliance CFO/MP focus on risk Increased pressure for internal controls, transparency and exposure Data breach vulnerability Continuity, recovery, security and access to IT systems Limited funds for increasing risk Financial Pressure Increased profitability pressures do more with less Service quality measurement Increased billing complexities Increased competition among firms AFA & RFP pressure Practice Management Unified case and matter management Standardized workflow processes Integrated information sharing Legal project management Matter budgeting and profitability analysis 22

23 CHANGING TRENDS DRIVE NEW NEEDS Client-Facing Needs Management Needs AFAs & Budgets Financial Transparency Demonstrate Value Processing Efficiencies Collaboration Focus on Growth & Bottom Line Customer Satisfaction LAW FIRM Information Needs Compliance KPI Visibility Profitability Analysis Access To Information Practice Needs Integrated Workflows Best Practices & Eliminate Redundancies Reduce Maintenance Costs Configurable Software 23

24 Solution complexity The Number of Essential Software Systems That Law Firms Rely upon has Tripled since 2001 Law Firm 2001 Law Firm 2012 Groupware ( , calendar) Server Calendaring/ Docketing Electronic Records Contact Management/CRM Contact Management/CRM Conflicts Management Electronic Security Document Management Document Management Knowledge Management Document Assembly Intranet/Extranet Portals Extranet Portals Cost Recovery (Client Bill-Back) E-discovery Time & Billing Financial Management Business Intelligence Human Resources Source: ILTA Technology Survey 2012 Thomson Reuters capabilities Products not offered by Thomson Reuters 24 24

25 FIRM TECHNOLOGY CHALLENGES Technology management has become increasingly complex and inefficient Disparate Systems Lack of operational and performance visibility Slow adoption by non-power users Rising infrastructure costs System integration challenges and costs Increased cost of ownership No cross system reporting or workflow Security and risk exposure Contact Management/ CRM Document Management Financial Management Business Intelligence Intranet Portals (SharePoint) Conflicts Management Knowledge Management Risk Management Calendaring/ Docketing Document Assembly Resource Management 25

26 The vast majority of partners and firm leaders still focus on hours billed and realization to maintain profitability. Most firms did implement efforts to try to control costs [however] this approach is not sustainable as no business can cut its way to growth. Instead, investment in new methods and technologies is needed if firms expect to grow their markets and enhance their profitability. The Economics of Law and the Future of Legal KM 3 Geeks and Blog, October

27 Richard Susskind: Tomorrow s Lawyers* Three Drivers of Change: The More for Less Challenge Liberalization Information Technology There is something of a perfect storm here. Liberalization and information technology on their own would bring (and enable) reform but it is the more-for-less challenge, this imperative driven by grim economic conditions, that is and will continue to be the dominant force. *Oxford University Press, Richard Susskind,

28 $ Millions LAW FIRM EXPENSE TRENDS ARE CHANGING Spending has begun to recover in technology and client development where firms can no longer defer spending to remain competitive $1,069M $1,123M Technology CAGR: 6%; Y/Y: 7% $1,196M Firms can no longer defer spending on Technology and increased their spend in 2012 to pre-recession levels for mission critical hardware and software applications $527M $588M Mktg & Client Dev CAGR: 10%; Y/Y 8% $637M Firms are re-establishing Marketing and Client Development spending to pre-recession levels as differentiation becomes ever important 12/31/09 12/31/10 12/31/11 9/30/12 Source: Peer Monitor 28

29 IT TRENDS MOBILITY 2 HYBRID CLOUD SERVICES 3 THE NEW WORLD OF BIG DATA 4 A NEW WAY OF WORKING 5 IT COMPLEXITY 29

30 THOMSON REUTERS ELITE CORE CAPABILITIES BUSINESS DEVELOPMENT Customer Relationship Management (CRM) Enterprise Relationship Management (ERM) Experience Management Proposal Management Business Intelligence FINANCIAL MANAGEMENT Time Management General Ledger/Billing/Collections Accounts Payable/Purchasing/FA Billing/Collections/Fixed Assets Client Monies RISK MANAGEMENT Conflicts of Interest Records Legal Holds Ethical Walls CLIENT & MATTER MANAGEMENT New Business Intake Matter Budgeting & Profitability Legal Project Management Experience Management Unified Case Management 30

31 2013 focus experience mobility intelligence interoperability cloud collaboration 31

32 the future workplace 32

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