Legal Solutions | USA
Blue Hill Research conducted interviews with organizations who were early adopters of Practice Point to determine why they chose to invest in the solution, including what issues drove them to make the investment, the value provided to date, and any next steps these organizations plan on taking, whether contemplating the expansion of the use of the solution or a contraction.
Legal departments have found themselves under increasing pressure to be more efficient and reduce their overall legal spend. In response, legal departments have looked to adopt solutions that have allowed them to integrate previously disparate tasks, reducing the amount of time required to complete specific tasks and the number of overall solutions that organizations have had to adopt. Reflecting this trend, Thomson Reuters introduced Practice Point, which integrates Practical Law and its focus on providing legal practitioners with legal know-how with Thomson Reuters Westlaw and its access to primary and secondary sources and forms.
Practice Point was developed with the particular goal of providing transactional attorneys and in-house attorneys with a single resource to the legal materials that would be most important for their practices. For many in-house counsel, the research tools available may not provide sufficient functionality or hamper the ability of legal teams to conduct and complete their daily legal tasks.
Blue Hill Research observed three key motivating factors that drove organizations to invest in Practice Point:
As a group, these factors contributed to significant obstacles that organizations were having as they sought to develop a more efficient, cost-effective legal department. Previously available research tools did not provide access to the breadth of information necessary, requiring practitioners to engage with multiple tools, verify information through general, broad-based Internet searches, or contact outside counsel early in the process for general research knowledge.
Working within these limitations, the practitioners lacked effective control over legal spend, and faced significant roadblocks when attempting to conduct legal research that crossed from traditional case-based research to incorporating practical legal tips.
"I was switching from a litigation role to a general counsel role, which can be a big switch. I wanted something that would help with that transition. I wanted another layer to ensure that I'm getting everything done that the company needs me to get done. Practice Point has great checklists and broad overviews of different areas of law. I still have to go to outside counsel for certain things, but Practice Point is a great preparation tool to make sure we're all on the same page at the beginning."
Thomson Reuters developed the use of task-based menus to provide users with an alternate entry point when conducting legal research, understanding that in-house counsel frequently address issues in a wide array of subject areas preventing them from becoming a subject-matter expert in any one area. The menus allow counsel to begin their search either through an "In-House Counsel Projects" menu or by searching a menu dedicated to "Practice Areas."
Organizations found that the task-based organization of legal resources allowed them to quickly identify the different aspects of the legal matter they faced, and which ones were the most relevant, by drilling down into subtopics necessary to respond efficiently to the matter. Additionally, they reported the use of Practice Point provided them with the ability to conduct large research projects – such as the development of company policies – more effectively, allowing them to provide additional overall value to the organization.
The research participants reported that the flexibility offered by task-based menus provided them with the ability to delve into areas where they had little expertise and to quickly identify changes to the legal or regulatory environment that were important to their particular organization and properly provide guidance to their organizations.
Having a legal research tool dedicated to transactional tasks that also allows for easy access to both the Practical Law and Westlaw content is a driving factor into the decision to invest in Practice Point.
The efficiencies gained by having a starting point dedicated to transactional tasks provide Practice Point users with the opportunity to conduct additional value-adding tasks and to become a more cost-effective legal department.
Reducing the time to complete a given task allows a legal department to either reduce the amount of legal spend on outside counsel or free up time within the department to engage in additional tasks. Time-saving is closely associated with cost-saving, especially within the corporate legal department. Eighty percent of the research participants observed a noticeable improvement in the overall efficiency with which in-house lawyers are able to find the legal resources they need.
"In 2014, it took me four months to put together our organization's social media policy, cobbling it together from other research tools. Going into Practice Point, I can identify the task I am working on and it is right there. I can compare our current policies against the templates and easily make any changes we need to make. Instead of using a variety of resources, it's all right there. It saves me a lot of time and effort."
Jim Duffy is a research analyst at Blue Hill Research focusing on enterprise risk management, compliance and policy management, and legal technology. Duffy is interested in using his background as a legal practitioner to translate the potential of emerging, new technologies as tools to improve the efficiency of the provision of legal services.
Duffy is an attorney licensed to practice in the Commonwealth of Massachusetts. Previously he has held roles in the Solicitor's Office of the United States Department of the Interior; the chambers of the Honorable Timothy S. Hillman, a federal trial judge for the District of Massachusetts; the General Counsel's Office of BJ's Wholesale Club, Inc.; and the law office of Seth H. Salinger, a business litigation firm.
You can follow him on Twitter @jsduffy42 or connect on linkedin.com/in/jamessduffy
Practice Point is the first-of-its-kind tool that integrates task-based legal resources attorneys need to advise, negotiate and structure business dealings, all from a single solution. With Practical Law, Thomson Reuters Westlaw, and other tools in one place, organized by task and practice area, you can quickly surface the answers you need to deliver your best work faster.