In the latest edition of In Conversation, Pat Archbold, head of Intapp's risk practice group moderates a panel discussion with several industry experts, exploring current trends in new business intake and conflicts management.
- Curtis Russell, Aurora North Software
- Terry Coan, HBR Consulting
- Eric Mosca, InOutsource
- Meg Block, Intapp
- Pat: We've got a great panel today. I've got the easiest job — I just have smart people say smart things and guide the dialogue. The panel is going to talk about some of the drivers, the trends, things they're seeing to give you a sense of a broad spectrum of what's happening in this space. For one, things are getting riskier out there. We're going to talk about some of the risks and how people are responding.
- We are seeing an increase in malpractice suits, conflicts of interest malpractice suits.
Out of Am Law 200, in 2007, 92 cents out of every dollar was collected. By 2014, it went down about 8.5%. That's pretty significant. I don't want my income going down 9% over that time frame. You're seeing expenses rise, realization going down. On the demand side, things are relatively flat. And over the past four years pre-negotiated discounts and AFAs continue to climb significantly. The price pressure in most markets is very real.
- What we're really going to try to talk about today is not just the risk management issues, but the financial issues. How do we start to help the firm really improve financial performance as they look at the matter intake process in general?
- What do we do about that?