Issue link: http://read.uberflip.com/i/12204
information supporting business development efforts can also support the analysis of fees and costs for different types of work. AFA WORKFLOW CONSIDERATIONS Fee strategies are supported by numerous law firm workflows. Firms can align these workflows with their strategies by focusing on the way fees are crafted, managed and analyzed. • Crafting fee arrangements: How and when do lawyers craft a fee arrangement? Currently, there is no common workflow supporting the development of a fee arrangement. Law firms may consider fee options as they evaluate the potential profitability of a matter using a tool, such as Redwood Analytics Planning Application from LexisNexis. Separately, a lawyer may look to his or her recent matters for fee arrangements perhaps seeking examples from other lawyers. Lawyers may also review past business proposals containing fee information. From a timing perspective, these activities can take place in advance of a pitch, during final discussions with a client about pricing before work commences, or even later in the engagement as agreed to by the lawyer and client. Stepping back from the daily demands may suggest workflows that better connect with the way lawyers work while also supporting the firm’s AFA strategy. 28 Knowledge Management ILTA White Paper For example, if one goal is to help lawyers consider the profitability of a matter, could that exercise take place earlier in the business development cycle? If so, workflows and systems for managing proposals might be designed to coordinate with profitability analysis workflows. Connecting the two different workflows might lead “Project management workflows are critical components of an aligned AFA strategy.” to greater synergies and efficiencies. The coordinated approach can serve firm profitability goals and provide real-time analysis to lawyers as they pitch new business. Additionally, this approach can provide important context for future fee proposals. • Managing fee arrangements: “Project management” is the term du jour in current AFA articles, online discussions, legal software and legal training offerings. In this context, project management focuses on managing the business aspects of delivering legal services. Law firms may adopt a Lean Six Sigma or general project management approach, training all or groups of lawyers in project management skills. In addition, or instead, firms may develop dedicated project management resources to support lawyers as they create, manage and analyze their fee arrangements. Regardless of the approach taken and the business processes being considered, project management workflows are critical components of an aligned AFA strategy. After examining current workflows, those managing fee arrangements may suggest greater