We can help firms manage and price their matters with the improvement of their legal processes, helping them find that sweet spot where they can meet clients’ budgetary needs and still make a profit.
New York, NY (PRWEB) August 31, 2015
Kraft Kennedy, a leading IT and strategy consulting company, has announced the launch of a Legal Process Management (LPM) practice. The new group specializes in maximizing profitability and streamlining workflows for law firms and corporate legal departments.
“We have been using the ‘three P’s’ to describe Legal Process Management: predictability, profitability, and pricing,” said Natalie Alesi, Senior Project Manager at Kraft Kennedy. “We can help firms manage and price their matters with the improvement of their legal processes, helping them find that sweet spot where they can meet clients’ budgetary needs and still make a profit.”
Accustomed to billing on the more traditional time-and-materials basis, law firms have had to contend with increasing pressure to offer alternative and flat fee arrangements for the last several years. Today clients are choosing law firms with pricing as a foremost concern, much more so than in the past, while demanding predicable costs and transparency into matters.
Without the proper legal processes in place to predict costs, however, firms have found it a challenge to name a price and meet it, resulting in a great deal of risk and write-offs for them. The mission of Kraft Kennedy’s LPM practice is to allow firms to confidently price matters and streamline legal processes in a way that achieves profitability.
“Kraft Kennedy is well poised to offer Legal Process Management to firms and legal departments,” said Michael Kraft, Co-Founder of Kraft Kennedy. “We have been working in the legal space for over 25 years and have a thorough understanding not only of the challenges it faces, but also of how they can be met. Our legal project managers are very experienced in mapping processes and managing resources, timelines, and budgets for large, multifaceted matters.”
The LPM group employs a methodology that consists of several distinct phases, including the detailed analysis of historical billing data and workflows. Kraft Kennedy works with clients to provide new and improved streamlined workflows and provides practice groups with formalized processes. Client statements of work and communication matrices set expectations for matters in order to prevent write-offs and out-of-scope work. Consultants also coach attorneys and staff on the new processes.
Firms who have already started implementing legal process management as well as those who have none in place will be able to participate.
About Kraft & Kennedy, Inc.
Kraft & Kennedy has been providing technology and strategic consulting services to law firms, professional service firms, and corporations for more than 25 years. We offer a wide range of services to add value to our clients’ organizations and have been recognized as thought leaders by the majority of AmLaw 100 law firms as well as the many leading legal departments and financial services firms that have chosen Kraft & Kennedy to advise them.