Tuesday, March 18, 2014

LSN Magazine Interviews Intapp's Pat Archbold on Turning Risk Into Revenue

Intapp Risk Practice leader Pat Archbold was interviewed by LSN Briefing Magazine on strategies for turning risk management into a revenue enabler. The article explains how firms are creating a shift to a more commercial focus for risk management in legal, and making compliance an integral part of doing better business: "Briefing Industry Interview : From Risk to Revenue" --
  • "Perception around risk is reaching a tipping point. Now far from its days as the ‘deal prevention department’, its increasingly commercial remit may prove the maker (or breaker) of tomorrow’s firm."
  • "Out of an optimised risk function built into the management team, advising both clients and lawyers, will emerge more visible revenue-growing opportunities, says Patrick Archbold, head of the risk practice at Intapp. But while business services people are arming their firms for a reliably uncertain future – one that promises competition on the fiercest terms– knowing how and with what tool is a question manyrisk leaders are pondering."
  • "What firms are now realising, says Archbold, is that risk needs not merely to be reactionary box-ticking but an outward-thinking, integral component of a firm’s strategy. 'To be successful today, risk teams must be recognised as resources that help lawyers figure out how they can or if they should take matters on.' This requires a redefinition of what risk means to law firms and their clients. 'Firms that have built professional staffs to get lawyers through this process prefer the term ‘business acceptance’ as opposed to compliance which, to a lawyer, has negative connotations.'"
  • "The shift to a more commercial outlook lies in how those people helping lawyers take on business look at their data, says Archbold. “A 360-degree view of the client or prospect will allow business acceptance teams to align the firm’s commercial strategy with their legal
See the complete article for more detail and discussion.

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