The Legal Technologist (May 2021) – A 2019 Legal Value Network survey revealed that one of the biggest challenges for law firms is meeting client demands for value while still meeting the firm’s profit targets. The two don’t have to be at odds, however. Having efficient business acceptance processes in place can greatly help firms with this problem, however numerous factors prevent these processes from successful operation. Perhaps the biggest factor complicating business acceptance is human error due to manual intake, pricing, and risk identification procedures.
The lack of visibility into matter arrangements early in the client lifecycle makes the business acceptance process murkier than it needs to be. Many firms are therefore investing in AI-powered technology and connected platforms, which allow teams to easily gain insight into potential risks and conflicts, manage client expectations, and determine whether it will be profitable for the firm to take on certain matters.