Welcome to Acritas Quarterly
A collection of the latest Acritas insights and developments from November 2017
► Effectiveness of CI in law firms rated as 6.4 out of 10 on average
► 60% of companies allocate legal spend inefficiently
► Baker McKenzie is the world’s strongest law firm brand for the 8th consecutive year
► Thomson Reuters named as the most innovative alternative legal brand by GCs
► Driving high performance top of the agenda at Annual Legal Leadership meetings
► Acritas welcomes Steve Blundell as Head of new advisory service
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Effectiveness of CI in law firms rated as 6.4 out of 10 on average Data is the cornerstone of smart decisions. Yet law firm leaders do not rate their intelligence functions as effective – just 6.4 on a scale of 10 on average. Law firms are also thirsty for data that could make them more competitive, but few are using it for proactive, strategic planning. Our survey found 8 percent of firms believe their competitive intelligence functions are highly effective. Learn where law firms are in the evolution of CI, what challenges they’re facing and what it takes to bring the function to the next level in The Evolution of Law Firm Competitive Intelligence, produced in partnership with Marcie Shunk of The Tilt Institute.
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60% of companies allocate spend inefficiently We have analyzed how legal functions currently balance their external and internal resources, including typical numbers of in-house lawyers, to reveal how an optimal budget allocation can be achieved. Our analysis shows that organizations should allocate between 40 and 70% of their legal spend budget internally in order to maximize efficiency. Presently 60% of organizations globally report internal allocations of budget outside of this range.
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Baker McKenzie is the world’s strongest law firm brand for the 8th consecutive year Baker McKenzie continues to dominate on consideration for multi-jurisdictional deals and litigation aided by its vast footprint and widely admired approach to managing global client relationships.
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Thomson Reuters named as the most innovative alternative legal brand by GCs Thomson Reuters has been named the top brand in our exciting new Index. The Global Alternative Legal Brand Index reflects the increasing diversity of legal services providers that in-house departments can turn to today. The results are based on the views and opinions of 600+ senior legal professionals representing some of the world’s largest companies. Thomson Reuters Legal President Susan Taylor Martin sat down with our CEO, Lisa, to discuss the new Index, the role of technology in innovation, and the Thomson Reuters approach to customer-focused solutions.
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Driving high performance top of the agenda at Annual Legal Leadership meetings We would like to take this opportunity to thank everyone who attended our London and New York Advisory Board Dinner recently. Both evenings involved lively and thought-provoking discussions to drive higher performance on both sides of the client-law firm relationship. As always we were encouraged to hear how you are using Acritas data and we look forward to supporting you all going forwards.
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Acritas welcomes Steve Blundell as Head of new advisory service Based in Acritas’ London office, Steve joined our team in October as head of our new consulting service line, Acritas Advisors. Putting our teams together will enable Acritas to offer more holistic solutions to clients. This month Steve shared his view on the future of law firm management in his latest blog - Should Law Firms be Worrying About Judgement Day?
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As we approach December, the team here continue to encourage more data-driven decision making, with attention turning to the legal market trends tracked and measured in our Sharplegal study, comprising 2,000+ in-depth interviews with senior legal buyers across the world every year. |
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