Challenging economic times call for innovative thinking. This blog examines how law firms are mitigating the impact of current economic challenges, and how TransUnion TLOxp® can save firms time and money.
For the foreseeable future, many law firms will likely seek direction on how to weather the current new normal. Realistically, the impacts of efforts to reduce costs can be offset by optimizing all of the firm’s resource needs, including database searches for discovery.
The following chart provides a consolidated account of tactics being used based on a thorough sampling of leading law firms — as detailed in a Law.com news release.
|Partners contribute capital||2|
|Reduced partner profit distributions||30|
|Stop paying partners||6|
|Frozen associate pay||1|
|Frozen staff pay||1|
|Associate pay cuts||27|
|Staff pay cuts||24|
|Deferred bonuses due and payable||1|
|Lay off personnel||9|
|Cancelled special events||2|
|Reduce operational expenses||8|
As law firms make adjustments in personnel expenses, all must do more with less. That typically includes greater workloads for partners and associates who must now multitask while working from home, which precludes easy access to colleagues. In addition, this limits the ability to access legacy knowledge, direction and information from other members of the firm, requiring everyone to carry more responsibility and capability.
These reductions in personnel resources come at a time when (in many areas of practice) there are rumblings of new legal actions in all affected areas of daily life. These potential new clients, as well as their workplace and government action complaints, will need to be vetted, often by staff who may be working remotely or at reduced hours and pay. To this end, TLOxp from TransUnion has become an essential tool in mitigating the negative effects of cost-cutting measures for law firms practicing in all areas.
TLOxp was designed to be an optimal, intuitive application for ease of use and access to millions of records about people and businesses. Combined with an integrated, online visual training process for new and continued learning, users can quickly become productive without legacy training or direction from other personnel. This quick start is essential as new clients and cases — possibly from entirely new areas — come to the firm with atypical circumstances that must be researched.
Want a detailed review of how big data and analytics can support each phase of your case process?
Law firms can ill afford to invest in resources that are cumbersome or require extensive training with few benefits in return. For example, many legal applications offer data-record services as an add-on feature to their main services. Unfortunately, these paid and free data research applications oftentimes include complicated dashboards and databases that are incomplete, out-of-date or just plain incorrect. In contrast, Transunion TLOxp provides a quick and easy means of performing due diligence, conducting litigation support, locating witnesses and managing customized invoicing.
TLOxp delivers comprehensive data not otherwise readily available — in seconds. This type of database, often referred to as “big data,” provides a plethora of data types, including phone, address and emails. In addition, past and present workplace data is available, as well as consumer, court and criminal information.
As your firm manages through this new case load while navigating current economic challenges, TLOxp goes a step further to help ensure you also receive best-in-class insights suited to the unique needs of your firm. We make this happen by following these steps:
This sophisticated, leading edge process can be effortlessly completed within seconds — yet, it’s offered on a low-cost basis. Staying in legal compliance with local legislations, TransUnion provides identifiers on millions of consumers with digital identifiers from billions of consumer devices, including email addresses and phone numbers. These comprehensive baseline identifiers of online and offline identities provide the data resources to vet clients, case members and more.
The identifiers are then transformed into information by adding up-to-date, linked, proprietary and public data sources to provide you and your associates with a multidimensional picture of that person. Some examples of these data sources include the usage of their digital devices, personal events and relationships, as well as behaviors, financial assets and liabilities:
In the last step, TransUnion leverages analytics to create meaningful insights that form a comprehensive picture of the entire person, enabling you to identify and manage potential risks, case strategy and possible behaviors.
Leading-edge law firms have taken advantage of TransUnion’s database on both an individual and batch basis, as well as integrated it into existing applications via an API. Along with easily accessible training and support, these firms enjoyed a strong cost advantage in their case research and strategy planning. This allowed them to optimize the effectiveness of their partners, associates and staff while reducing personnel and operational expenses.