The concept of project management has been around for a long time in the global business world.
In a nutshell, it refers to the careful planning, organising, motivating and controlling of resources, human and financial, to achieve specific goals and success criteria.
And over the last few years, project management has become a key element of a new approach to working in legal services with a focus on solutions and creating customer value.
But what do law firms gain from incorporating the proven practice of project management?
Perhaps the most important benefit is a competitive advantage in an industry which has been forced to challenge its traditional business model over the last few years.
PROVIDING A COMPETITIVE EDGE
Clients are looking for alternative fee arrangements, greater predictability, improved accountability and transparency and, above all, cost-containment.
Excellent due diligence work on a deal is no longer enough. Clients require more services. The Spanish legal market has become increasingly competitive due to the easy access to and mobility of high quality professionals and the increasing rivalry from foreign law firms.
At the same time, clients are searching for professional services which offer them value. As it is clear that the legal market is often cost-inefficient, law firms are exploring how they can reduce costs without losing quality. Legal project management could provide part of the answer.
Others use project management to boost efficiency and effectiveness in specific sectors like real estate where the number of transactions is currently elevated and competition is fierce.
HEADING OFF SURPRISES
One of the pluses of legal project management is that it offers time-tested, proven tools to manage costs intelligently, to coordinate and organise people and tasks, and head off surprises before they happen instead of putting out fires as they arise.
But above all, the use of a disciplined project management approach will help a law firm to improve client satisfaction due to increased communication throughout the life of any case it is handling.
Enhancing client value is the ultimate objective for any law firm and the implementation of legal project management will ensure this goal is met.