In today’s demanding legal market, efficiency is everything. Whether you’re seasoned in-house counsel or a junior associate just starting out, chances are you’re always looking for ways to streamline your workload. There are lots of tools on the market that claim to do just that. Finding one that actually works, however, is the real challenge. The right product that addresses your needs in a cost-effective way can be a game changer.
Enter Practice Point. Designed to increase efficiency across the board, the latest product from Thomson Reuters alleviates some of the biggest pain points experienced by attorneys today.
For All Attorneys:
Stop Reinventing the Wheel
Whatever you’re working on, it’s likely someone before you has done something similar. Knowing the information is out there and being able to find it, however, are two very different things.
Attorneys spend countless hours searching through templates to find just the right one for the deal and subject matter at hand. With Practice Point, you can spend a fraction of that time locating what you need, and instead focus your energies on efficiently perfecting your work product. Practice Point does more than provide boilerplate legal documents. The content is curated by over 200 in-house attorney editors and organized in a way that mirrors how attorneys actually work. Documents are maintained and checked for accuracy, so you know you have current examples. Searchable by practice area or project type, Practice Point makes it easy to find exactly what you need without repeating the work that someone else has already done.
The Need For Speed
We live in a world of instant gratification. This sentiment has spilled over into the business realm, where, now more than ever, clients want to see results as quickly as possible. Associates no longer have days to spend working on a memo, running redundant searches on multiple platforms in hopes of finding an answer.
Practice Point eliminates redundant searches. Combining the legal authorities of Westlaw with the practical legal know-how of Practical Law, Practice Point seamlessly integrates all of the resources you need in a one platform. This means you get the right results when you need them, the first time.
The Rise of the Machines
With ever-increasing advances in technology, many have begun to fear that we’ll all soon lose our jobs to artificial intelligence. While we’re probably years from actually being replaced by robots, junior associates are at the risk of losing work to emerging technologies and software that can perform basic tasks more efficiently and more cheaply than they can.
The solution? Make technology work for you. Practice Point integrates everything you need in one convenient place, allowing you to create better work product in much less time. By leveraging the efficiency of the system, you can improve your contributions to the project and increase your worth to the associates and partners above you. Learning technology rather than fearing it will make you an invaluable resource to your team.
For Law Firm Attorneys:
Keeping Your Firm Relevant
If you’re a Biglaw attorney who is tired of seeing your clients take your work in-house, Practice Point has a solution for you, too. The best way to keep your clients happy is to know exactly what they want, and to figure that out efficiently and on your own time.
Thomson Reuters created Practice Point with extensive input from top corporate counsel. Developed with the pains of in-house counsel in mind, the resources available are curated and presented in a way that reflects the needs of corporate counsel. For an outside lawyer looking to compete with an in-house legal department, there’s no better place to find exactly the information you need in a way that works for you.
Minimizing Junior Associate Write-Offs
Junior associates are accustomed to seeing their hard-earned hours written off. Biglaw clients have become wise to the fact that junior associates, through no fault of their own, possess very limited practical legal skills. Some clients are altogether refusing to pay for first- and second-year billable hours.
The best way around this? Stop spending hours running repetitive searches and reformatting documents. Practice Point is the ideal tool to help junior associates find exactly what they need without wasting additional time, allowing them to work more efficiently. And more efficient work means fewer hours written off.
Standing Out from the Crowd
In the good old days of Biglaw, junior associates were taught the ropes by senior associates and partners. These days, they’re typically on their own. While you might be lucky enough to find someone to point you in the right direction when you finally have a chance to work on your first big deal, it’s more likely that everyone else will be too busy and you’ll be expected to figure it out on your own.
In a system that feels set up to make you fail, knowing where to look for answers will set you apart from the sea of junior associates vying to be noticed. Rather than stumbling through your firm’s antiquated document retrieval system to find an outdated agreement that is only vaguely on point, turn to Practice Point. Intuitively organized by practice area, state-of-the art sample agreements are at your fingertips. With some simple tailoring and editing, you’ll be well on your way to a finished product. Being resourceful and able to efficiently tackle new tasks is the best way to establish yourself as the go-to junior associate for the next big project.
For In-house Attorneys:
Moving Work In-House
In the face of rising fees and high billable hours from firms, many companies are choosing to take a significant amount of work in-house. Designed with the needs of in-house counsel in mind, Practice Point makes that more possible than ever. Practice Point is structured around the way a typical attorney approaches a task or project, with intuitive task-based and practice area menus that help you pinpoint resources to do your work.
Practice Point’s Business Law Center is another invaluable resource for in-house counsel. Here you will find everything you need on public and private companies, filings, and deals. You’ll have the most up-to-date, relevant information in hand for your next meeting without having to waste time slogging through a variety of public sources on the web.
Whatever your biggest pain point is, Practice Point is here to address it. The all-in-one resource will streamline your workflows so that you can focus on what really matters, producing impeccable results as efficiently as possible.
Want to learn more? Go to Legalsolutions.com/practice-point