Are
you a law firm looking for ways to drive out in-efficiency from your firm in
order to be more competitive and profitable?
Do
you as a firm find it difficult to measure the productivity of your firm?
Are
you losing out on your fortune setting up the compliances and then ensuring
that they have been adhered to by your employees?
If
the answer to the above questions is yes then probably the time has come to
look for the innovative ways in order to be the preferred choice of your
clients in today’s competitive world. Though, innovation has no end and there
can be umpteen numbers of things that a law firm can seriously consider to
achieve the desired results. Today as always I would like to talk about
outsourcing in this article.
Outsourcing
in today’s time is synonymous with the curbing of local jobs in order to
increase the profits of an organization.
However, the only reason why it has been so successful is because of the
model that it is based on rather than just the lucrative profits that come
along with it. The model that I want to highlight over here is the concept of
task based billing which means that now you pay once you get the desired output
from your vendor.
It
is no secret that the legal industry is going through drastic changes all
across the world. This is bringing in tougher times for legal professionals
especially in the US and the UK. The fact that the number of sole practitioner
law firms have suffered the steepest fall since the financial crisis, as the lack
of bank lending continues, tells the entire story. As a result, almost every
law firm today is looking for ways to increase their efficiency more than ever.
Usually the increase in efficiency means the increase in the productivity with
no compromise on the quality of the work. This can be done by identifying the
areas in which there’s scope of improvement and removing the wastage of time at
every level.
Since,
it’s the people who are doing work and are the moving force for any
organisation, it becomes imperative that a firm ensures that it’s getting the
optimum output from its resources and this is where task-based billing can just
be a ‘rabbit out of hat” kind of a thing for the struggling law practitioners.
The
best part over here is you’re paying for the final work that is being done and
not for the time consumed for doing that work. Even if you hire a fixed
resource from your vendor, usually the efficiency of that person is decided in the
contract itself which again gives you an assurance for the amount of work that
will be done for you no matter what. Also requirement for the supervision is at
its minimum as there’s a sense of ownership among people for whatever has been
assigned to them. And last but not the least, it leads to the promotion of
entrepreneurship among people who are associated with the organisation and
therefore can make vital contribution to the growth of the firm.
In
the end, I would say that not only law firms but companies should look at this
aspect very carefully as it is the way forward in the present scenario.
