Wednesday, June 1, 2016

Effectively Coming to Terms with Client Terms (OCGs, Engagement Letters and Client Expectations)

"Intapp Transforms Terms of Business Management for Law Firms with Intapp Open" --
In April, Intapp announced the release of the Intapp Open terms of business management system. The terms management system helps law firms reduce risk by centralizing outside counsel guidelines, engagement letters and other client requirement documents, and making it easier for firms to access, view, analyze and take action on their most critical client commitments.

Orrick, Herrington & Sutcliffe LLP, a prominent global law firm with more than 1,100 lawyers across 25 offices, is implementing the complete Intapp Open business acceptance suite, including Intapp Open for terms management.
Said Mike Guernon, Director of New Business and Conflicts at Orrick:
  • “Law firms today are grappling with how to keep up with the growing volume and complexity of outside counsel guidelines we receive from clients. A seemingly simple question such as ‘Have we agreed to similar terms with other clients?’ could easily translate to hours of painstaking review,”
  •  “By moving to the Intapp Open terms management system, we’ve been able to centralize OCGs and provide deeper visibility into terms documents, making the review process more straightforward and efficient. The ability to send notifications to client teams and other key stakeholders and display relevant terms has tremendous potential to save time, reduce risk, and help the firm focus on closer collaboration with our clients.”
The Intapp Open terms management system brings structure and visibility to previously disorganized and siloed terms management processes. With a few keystrokes, a conflicts lawyer or staff member can find details about any specific term in place with a client, or retrieve information about a specific category of commitments across the firms’ clients. What used to take hours to research can now be done in minutes through the Intapp terms management system’s powerful search and filtering capabilities.

The terms management system provides a structured terms database to identify, capture and categorize terms information from multiple sources. Intapp also provides 65 terms templates – vetted by numerous law firms – to help firms quickly and consistently categorize clauses, while prioritizing the terms most important to the firm and to individual client teams. The system also enables users to flag exceptions to standard firm policies. Notifications can be sent to key stakeholders when terms have been updated or changed, with links to relevant sections of client documents to display terms in context.

Integration with other law firm systems helps to weave client requirements and compliance into key workflows. For example, a lawyer submitting a new matter intake request can be automatically shown relevant terms of business previously agreed with the client. When running a conflicts search, competitors identified in clients’ outside counsel guidelines can be automatically flagged as black book entries. When lawyers submit their time entries, the time recording system can enforce compliance with client billing guidelines.

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