Since the start of the GFC, we've been hearing that the legal industry is changing irreversibly, with endless examples 'proving' that, from now on, law firms need to increase productivity to survive.
Is it true? I’ve got no idea. But that doesn't stop me marvelling at the stories I’ve been reading. Below is a summary of recent stuff.
Latham & Watkins is a large law firm with a significant outsourcing practice. They realized that, like most firms, they hadn't been preparing deal documents as efficiently as they could. In last month's issue of Metropolitan Corporate Counsel, partner, Alexander Hamilton, described the situation..
I love a good home cooked meal. Fresh ingredients and loosely followed recipes mean that no two meals are ever identical. Flavors, textures and intensities always vary. Fast food is the opposite - any Big Mac that you order anywhere in the world will be virtually identical. You always know exactly what you're going to get. And Hilton (Conrad rather than his great-granddaughter Paris) applied the same principal to his chain of hotels.
We've been getting asked one question with increasing regularity over the past couple of months. How is Exari affected by Microsoft Word's patent infringement?
A colleague recently shared this wordle of The Exari Blog and it got me thinking. As the de facto editor of the blog, it contained information that I found very interesting. For one thing, it reaffirmed to me that we are sticking to the issues we think most interest our readers – please correct me if I’m wrong.
The 2009 results of the AM LAW 100 describes a scenario of double digit revenue decreases for the majority of firms. The good news is that revenue per partner and profit per partner did not fall at the same precipitous rate. The bad news is that these measures were largely managed primarily through headcount reduction, compensation cuts, and fewer lawyers achieving partnership status. Adding to this bad news is the emergence of the alternative fee revenue model, the pressure on law departments to cut their external legal spend, and a general downturn in the economy.
At Exari we take Microsoft Word styling seriously. Your documents depend on styles not just to look good, but also to remain error-free. With templates, it's garbage in, garbage out. If templates aren't well styled, then the documents you create from them are at risk.
In today’s economy, companies are continually challenged by three major issues: Complexity, Dynamics and Speed. It is important to manage these challenges successfully in order to remain a top-performing company. Part of meeting the challenge includes the focus on long term success versus short term gains. It requires a way of thinking outside the box (executing against the trend) and a review of old habits-- how things have been done versus how things could be done.
And the Academy Award for the best Document Automation Technology (for the fifth year in a row) goes to …Exari
Thank you Gwyneth, thank you Brad - wow this is great. You dream of these moments but never really think its going to happen, but here we are and, well, I’m lost for words. I just want to thank some of the unsung heroes behind the scenes that have made this all possible……
Sales and legal teams are investing excessive time and money creating repetitive, mission-critical documents. Experts indicate that, depending upon the industry, sales people can spend up to 25% of their time creating repetitive documents such as NDAs and sales contracts.