The quarterly publication of the International Legal Technology Association
Issue link: http://read.uberflip.com/i/34686
ILTA Conference Session 2020: The Success of Being Truly Integrated Michael: Because we had an operational business model that could really take advantage of outside capital. We could always look to banks for annual working capital lines, but because we developed a growth model that delivered more “legal products” to our clients, an investment in “R&D,” if you will, allowed us to scale in several directions with great speed. And we were able to do this without the complexities of short-term financing or partner cash calls. Norm: How did you leverage outside investment? Michael: We redesigned our capital structure, which included returning the capital of partners who wanted it, investing in some of the platform items Natalie mentioned and hiring the talent we needed to execute on our plan. Norm: I am sensitive to the fact that we’re nearing the end of our allotted time. Regina, perhaps you could just touch on your NPS work and we can open the floor for a couple of audience questions. Regina: Sure. With all the work we did restructuring our business practices, we needed to not lose sight of the increased need to attract and retain clients. We adopted NPS, or Net Promoter Score, as a way to measure and track how likely our clients are to recommend us to their peers. It was a cornerstone of our customer service focus and our efforts to differentiate ourselves in the marketplace. In short, we realized that law firms have low barriers to entry and that much of what we do is replicable by others. We needed to stay ahead of the curve and honestly track how we rated. Norm: Great. With that, I’d like to thank you all for telling us about your LISTEN strategy and open the floor to audience questions. Audience Member: I read recently that LawFirm Inc. ranked highly among the best places to work. How did you pull that off, particularly with your measurement and efficiency- focused environment? Regina: There’s a long answer to this question, but I’ll summarize by saying that every element of our LISTEN strategy required the hiring of the right people, establishing the right culture, rewarding results and so forth. Norm: That seems to be working well for you. Regina: Winning’s fun. We built a challenging environment, and we seek team members who are on board with our philosophy and approach. Audience Member: Would you care to share a little about what you’re working on next? Regina: Today, many firms have adopted practices similar to ours. So the challenge is to keep on our toes and continue innovating. Our latest efforts are focused on creating even closer ties to clients and enhancing the ways in which we provide them with legal services and greater visibility and control over our activities. Norm: That sounds like the perfect opportunity for me to jump in and note that we’ve reached the end of our hour. I’d like to thank today’s panel for a very engaging discussion, and thanks to our audience for your participation. The future is always ahead of us, but it’s great to take a look back over the past decade to see how far we’ve come! ILTA Norm Mullock is Vice President of Product Marketing for IntApp, where he focuses on shaping product strategy in response to current and emerging industry trends. An active champion of innovation in the legal industry, he regularly presents at industry conferences and events. Prior to joining IntApp, Norm co- founded Redwood Analytics, a leading business intelligence software provider. He can be reached at norm.mullock@intapp.com. Unruly mail files frustrating eDiscovery? Stymied by email files or formats you can’t access or search? LEXBE eDISCOVERY services are the perfect solution. > OutlookPDF+ converts Outlook PSTs — and attachments — to searchable PDFs that are joined to original email, making page-level Bates stamping possible. > PDF OCR+ makes masses of PDFs searchable; TIFFs can be searchable too,with TIFF OCR+. > Native file extraction, conversion. Prep native MS Word, Excel and others for review in Concordance, iBlaze and other litigation support programs. > Quick completion of even the largest jobs with our highly- scalable, proprietary eDiscovery processing architecture. > GB pricing makes costs reasonable and predictable. LITIGATION UNLEASHED for details or a quote see MailStorm.lexbe.com Peer to Peer the quarterly magazine of ILTA 115