Measure Twice, Cut Once – Solving Legal Profession Challenges Together

Key Points

  • We can improve the legal supply chain by rigorously measuring the value delivered at each step in the chain.
  • Practicing law is a mixture of art and science, but even actual art can be valued.
  • Lawyers help clients navigate complexity and manage enterprise risk.
  • Growing legal complexity has increased the demand for legal professionals.
  • Three types of lawyers: those who find problems, those who help distort problems, and those who solve problems.
  • Firms can either make or buy for legal services – corporate department vs. outside counsel – but peak vs. average utilization is the real problem.
  • Agency costs are a serious issue in the legal profession under hourly-plus, but can we better align incentives?

Key Topics

LexPredict is an enterprise legal technology and consulting firm, specializing in the application of best-in-class processes and technologies from the technology, financial services, and logistics industries to the practice of law, compliance, insurance, and risk management. In this deck, we outline our views on solving the legal professional’s biggest challenges together.