I’m often asked this question by lawyers interested in using Corporate Focus to improve equity management and corporate compliance tracking for their clients: When is the right time to start? Are we too early? Are we too late? Are we right on time? To help answer these questions, I’d like to tell you about three very different law firms I met with just this past week.
The Small Firm: The first one is a sole practitioner who just left the largest law firm in the world a few months ago; he had used Corporate Focus for his client tracking for several years. This lawyer only has 5-10 clients to put in the system, but these clients represent the vast majority of his revenues. He wants to give them outstanding value for every dollar billed. And he knows that direct access to their data will impress them–and make them feel like they’re still getting the same top-notch service they enjoyed at the mega-firm where he previously worked.
The Big Firm: The second is the largest law firm in one Northeastern state where they have over 1,000 corporate minute books they’ve been tracking for their clients for years. This firm would love to be more efficient when they do their client work–and they’d like to provide clients with direct access to their information. However, with so many minute books (and about 5-10 people that would be forced to change the way they track their clients’ data), the project seems a bit overwhelming. They’re not quite sure how to get started. They had looked at getting Corporate Focus a few years ago, but decided to postpone it until a “better time” rolled around. At the same time, this prestigious firm wouldn’t like their clients to know that their paralegal goes through a mad scramble to calculate ownership information and even to locate minute book documents.
The Medium Firm: The third firm has about 50 attorneys, is the leading business law firm in an exciting region of the West coast, and tracks about 200 client minute books. One of the paralegals present at my meeting was working on a closing recently and the paralegal on the other side of the table asked her colleague how she printed the 45 stock certificates. After hearing the groan from the first paralegal, the other recommended Corporate Focus and said she can print 45 stock certificates in less than 15 minutes without any errors. The first paralegal brightened instantly and she got approval to get started with Corporate Focus in the next few weeks.
Should You Standardize Now?
Imagine if you were an attorney at any one of these law firms. Do you think you should get Corporate Focus now–or later? What if you were a paralegal working for one of these firms? Or a client?
I frequently talk with lawyers who clearly see the value of Corporate Focus for their work and their clients, but they’re just not sure if it’s the “right time” to get it up and running. There’s no question that moving to a consolidated online system for equity management and corporate compliance tracking will change the way you currently work. But change is often a good thing. Efficiency is critical when you are providing high-value services at high billing rates–and you don’t want to waste any time on low-value work.
Take a look at the real-life examples above. Maybe they will help you decide if it makes sense for your firm to use a streamlined, centralized online system to better manage your clients’ critical information.
If you’re still not sure, ask yourself the question:
What would our clients and staff want us to do?
Over the past 15 years, we’ve helped hundreds of law firms make the move to a more efficient, accurate and collaborative way of working. We’d love to help yours get there, too.
How Corporate Focus Can Make Your Life Easier: Check out this list of 10 key problems that are quickly solved by Corporate Focus: