When it comes to what clients spend on legal services, there are savvy purchasers who look to manage their legal spin based on value and data-driven analytics. And there are those who simply just pay the invoice. Alex Kelly, co-founder, and COO of Brightflag talks with us about how they use AI and data analytics to help savvy corporate counsel and in-house legal teams make better decisions on how they purchase legal services. Brightflag recently announced a $28 million funding round from OnePeak, and Alex, along with co-founder Ian Nolan is looking to expand the team at Brightflag and help their customers with monitoring and controlling their legal spend and identify ways to focus on the value they get from their outside legal counsel, rather than just the hours of work.

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Information Inspirations

Coca-Cola is apparently tired of its outside law firms not improving their diversity numbers. Since the firms won’t do it on their own, Coke is laying down the law to force them to diversify their attorney ranks or lose out on Coke’s business altogether.

While many law firms are announcing record profits, that isn’t stopping some from using the pandemic as a reason to restructure their workforce and begin reducing salaries and cutting jobs. The restructuring wave looks like it will continue through 2021.

While we see some value in the new social media platform, Clubhouse, Brian Inkster from The Time Blawg gives 12 reasons why it really isn’t for lawyers.

Goodwin Proctor LLP is just the latest law firm to find itself exposed to a data hack. This time it was through a vendor, and we may not have heard the last of which other firms might be affected.

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Continue Reading The Geek in Review Ep. 104 – Brightflag’s Alex Kelly on Using Data and Analytics to Make Better Legal Spend Decisions

I recently attended a conference that included both law firms and clients. One of the clients had a slide showing his company’s savings by bringing work in-house. It was the classic approach of comparing billing rates for law firm lawyers to hourly compensation rates of equivalent level in-house lawyers. Even though this lawyer was not

Image [cc] Xtreme Xhibits

Whenever I try to explain to my friends and family what my job is as a pricing guy, they usually give me a blank stare. My kids have even comment they think I might actually work for the CIA since I can’t seem to explain it well. The reason is is

In Part One of this series, we talked about how pricing is pulling towards the compensation challenge for law firms, based on how pricing is interwoven with profitability. In this next section we put forth a “Straw Man” for how compensation might change to better motivate profitable behavior by law firm partners.
Part Two
A

In this two part series, we will look at how the legal pricing role has been drawn into the profitability role and is now being pulled towards the compensation side of law firms. From there we will apply the knowledge being gained from pricing and lay out a possible future compensation approach focused on motivating

Image [cc] Allen Sheffield

As an observer of the legal pricing market, I try to keep a keen eye on the underlying, economic forces driving changes. I have previously posted on the internal forces acting on in-house counsel to save money. And recently, I am seeing a stronger emergence of another aspect of this force.

Tomorrow is the deadline for early bird, discounted registration for the upcoming P3 Conference. The Conference, on Pricing, Practice Innovation and Project Management, will be a unique experience for those interested in these topics. 

The Conference was designed around the goals of the Client Value Shared Interest Group of the LMA. These goals are: