Jessica L. Bilotta, Esq. & Emma Burnett-Balbier Interview Thomas Bielli about how they use Legal Decoder in their bankruptcy practice.
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Law firms have been hearing client outcries for change, innovation and re-imagining the legal services business delivery model even before the current health crisis. Over the past few years, some positive operational changes and innovative measures have been implemented by law firms, borne mostly out of necessity as opposed to self-initiation.
In the COVID-19 era, law firms must think expansively about strategic planning. Certainly, the transition from traditional-to-remote operations has posed practical issues for law firm leaders; however, the issues have required mostly tactical responses. Now, as business life transitions into the “new (ab)normal,” law firm leaders face a massive, unprecedented challenge to architect a strategic blueprint for the future. Obviously, no single blueprint applies to every law firm.
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The CEO’s organizational mandate is given “Revenues are down. Expenses must be cut.” The CFO’s natural reaction is to look for expense reductions in departments that are wide viewed as cost centers, like human resources, IT, accounting and, of course, the legal department. The Chief Legal Officer’s new mission critical initiative is savings. At a time when the risk profile and legal exposure of many organizations approaches extreme levels, the legal department must cut costs and drive savings while mitigating risk.
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Chapter 11 bankruptcy is easily the most expensive form of bankruptcy. In fact, professional fees in large Chapter 11 cases involving companies the size of the aforementioned retailers can run into the hundreds of millions of dollars in the blink of an eye. While it is true that the successful reorganization and rehabilitation of a distressed company is not a minor undertaking, it is vital to ensure that “professional fees and expenses paid by the estate are reasonable, actual, and necessary,” according to Section 330 of the Bankruptcy Code and guidelines set by the Office of the United States Trustee.
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Corporate legal departments want to talk about rates. They want to talk about standard rates and alternative rates. Then comes the hourly rate discount discussion because a discount means better value. Rates are part of the fee for service equation (Rate x Time = Fee) but the far less important component when it comes to driving value. rate negotiations are arguably just a red herring - a seemingly plausible, though ultimately irrelevant, diversionary tactic. The conversations should focus on the work itself. More specifically, who should be doing it, and how long should it take. Time efficiency is the red flag issue.
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In the face of the COVID-19 crisis, there are things that the legal industry can do not just to survive, but to adapt, evolve, and thrive.
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