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Is inefficient legal research taking a bite out of billable
hours at your firm?

Law firms usually write-off 16% of total time billed to clients and a main reason why is your firm doesn't have a streamlined way to conduct legal research that eliminates the need to constantly revise search terms.

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TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, Plaintiff, Opinion and order This action is brought by an institutional lender against a prospective borrower charging the borrower with breach of a commitment letter agreement for a 14-year $76 million loan yielding 15.25%. The exchange of ... Background The borrower is Tribune Company, a Chicago communications enterprise which owned the New York Daily News. The lender is Teachers Insurance and Annuity Association of America, a large non-profit tax exempt organization that provides pension annuities and insurance programs to educational institutions. The contemplated loan was an element of a three-cornered arrangement for the sale by Tribune of the Daily News Building at 220 E. 42nd Street in New York.
Teachers Insurance & Annuity Ass'n of America v. Tribune Co. It argues that these minor open terms did not render the contract illusory or unenforceable. Nor did they indicate an intention of the parties not to be bound when taken together with the express 
language of "binding agreement."
TM

5 Stages of Legal Research
Operations Excellence

1

Blueprint Creation

Prior to this stage, a partner or practice group was experiencing stagnant or declining utilization or realization rates. Client feedback informed them that  longer than expected turnaround times were negatively impacting client satisfaction. In this stage, those partners or practice groups have achieved  better utilization rates or higher billing realization rates for at least two consecutive quarters. Their achievement is based on making better use of search terms for different categories of research questions, workflow tools like alerts and folders, and matter management systems. Recognition grows throughout firm leadership that improving efficiency firmwide is a strategic imperative. The main obstacle to further progress is securing stakeholder buy-in around a common vision for the path forward.

2
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Level Setting

Firm has overcome inertia at the leadership level with strong buy-in to achieve relevant bottom line goals through greater legal research operational efficiency. However, certain partners, practice groups, or matters are either less likely to implement changes or less successful when implementing changes. Performance varies and leadership recognizes the need for a more comprehensive approach. Leadership decides to integrate agreed practices into performance management. The main obstacle to further improvement is standardizing processes given the high level of complexity from client-to-client and among practice areas.

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3

Skill Development

Prior to this stage, a partner or practice group was experiencing stagnant or declining utilization or realization rates. Client feedback informed them that  longer than expected turnaround times were negatively impacting client satisfaction. In this stage, those partners or practice groups have achieved  better utilization rates or higher billing realization rates for at least two consecutive quarters. Their achievement is based on making better use of search terms for different categories of research questions, workflow tools like alerts and folders, and matter management systems. Recognition grows throughout firm leadership that improving efficiency firmwide is a strategic imperative. The main obstacle to further progress is securing stakeholder buy-in around a common vision for the path forward.

4
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Cultural Circuitry

Firm solidifies its capability as a mainstay with resonant stories of operational resilience and adaptability that reinforce emergent cultural beliefs around legal research operational efficiency. Legal research operations are highly embedded into overall firm operations. The firm achieves this by establishing metrics for measuring the value added to clients across matters from improved legal research operations and internally, fostering a culture of knowledge sharing. Resources are dedicated to internal communications to champion success stories, instigating a virtuous circle. This allows the firm to lower overall operating costs while improving productivity, turnover, and engagement. The firm is well positioned to grow profits through long-term client relationships. The main obstacle to further success is the capacity to reliably set and achieve firmwide business goals based on improving discrete components of legal research operations.

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5

Key Facility

Prior to this stage, the firm is poised for growth and expansion and needs a reliable way to maintain and improve its capability amid rapid change. At this stage, the firm sustainably achieves legal research operational excellence and continues to raise the bar through innovation. People, processes, and technology are strategically positioned at the heart of the firm's operations. The firm is an innovator, leading clients through new approaches, quickly sharing lessons learned, developing rapid solutions to test hypotheses, and working internally and with vendors to create custom solutions at scale. Its capacity for legal research operational excellence serves as a core component of the firm’s business model, facilitating communication, collaboration, and coordination among different parts of the firm.

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7 Hidden Costs of Legal Research
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