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© CTS Inc. - 2013 Challenges Facing 21 st Century Paralegals 1 © CTS Inc. - 2013
Researched and produced by… 2
© CTS Inc. - 2013 Why we commissioned this study… We understand that recovering from the recent recession has been especially difficult for paralegals nationwide We wanted to help find solutions to the modern-day challenges that paralegals face 3
© CTS Inc. - 2013 The Paralegal Industry Today Following the recent recession, paralegals have started to take over many of the responsibilities once held by attorneys in large firms Paralegals are now expected to do more, with less time, in this highly competitive field where mistakes are unacceptable Source: The U.S. Bureau of labor Statistics. (2010). Occupational Outlook Handbook: Paralegals & Legal Assistants Retrieved from http://www.bls.gov/news.release/empsit.nr0.htm & The U.S. Bureau of Labor Statistics. 4
© CTS Inc. - 2013 Areas covered… 5 Increasing Competition & Decreasing Jobs Failing to Innovate with Technology Not Adapting to the Speed of Business Incorporating Technology Incorporating Outsourcing Choosing the Optimal Outsourcing Partner
© CTS Inc. - 2013 Challenge #1 Increasing Competition & Decreasing Jobs Challenge #1 Increasing Competition & Decreasing Jobs 6
© CTS Inc. - 2013 Increase in competition, decrease in jobs Although some paralegals are being added to the industry, not enough are being added to account for those lost due to the recession The effects of the recession have not diminished in the paralegal field The job market had an employment increase of 1.4% from 2011-2012, while the legal sector had just a 0.7% increase in jobs – only half the increase of the rest of the job market Although some paralegals are being added to the industry, not enough are being added to account for those loss due to the recession Source: Weiss, D. (2013, 01 22). A ‘mild uptick’ in 2012 legal hiring doesn’t keep pace with us job growth. ABA Journal. Retrieved from http://www.abajournal.com/news/article/a_mild_uptick_in_legal_hiring_doesnt_keep_pace_with_us_job_growth/ 7
© CTS Inc. - 2013 Increased competition The number of paralegals in the field is growing rapidly every year There will be an 18% increase in paralegals by 2020 However, with the recent recession, the number of jobs that will be available does not equal the number of jobs needed This will result in increased competition and fewer jobs 18% Increase 2000 2010 2020 Sources: The U.S. Bureau of labor Statistics. (2010). Occupational Outlook Handbook: Paralegals & Legal Assistants Retrieved from http://www.bls.gov/news.release/empsit.nr0.htm The U.S. Bureau of Labor Statistics. (2000) 2000 National Occupational Employment and Wage Estimates Legal Occupations. Retrieved from http://www.bls.gov/oes/2000/oes_23Le.htm 8
© CTS Inc. - 2013 Layoffs and salary reductions Some paralegals are being passed over for promotions, and others are being laid off, furloughed, or told that they need to find new jobs There is also a number of firms adopting a reduction in both salary and bonuses, and even abandoning traditional systems of compensation for new systems driven by the need to increase profits Source: (2012). The Legaco Express for Paralegals, 2(8), Retrieved from http://www.legaco.org/lex/12/08/24/2 9
© CTS Inc. - 2013 The bottom line With all of the increased competition in the field, jobs may be hard to come by in the near future If you are not actively trying to professionally represent your law firm and help them increase their profits, your job may be at risk 10
© CTS Inc. - 2013 11 Challenge #2 Failing to Innovate with Technology
© CTS Inc. - 2013 Failing to innovate with technology 12 v v In order to stay on the competitive edge, paralegals must continually evolve with the ever-changing world of technology Paralegals that fail to adjust with the transformation of technology will be left behind Source: Cox, J., Dinkins, S. L., Dozier, D., Ford, K., Hinton, A., McDavid, S., &... Mississippi Department of Education, O. (2010). 2010 Mississippi Curriculum Framework: Postsecondary Paralegal Technology. (Program CIP: 22.0302 - Legal Assistant/Paralegal). Research And Curriculum Unit.
© CTS Inc. - 2013 Benefits of technological innovations 13 v v Paralegals that are literate in the ever- changing world of computers and technology are more productive and efficient, can give their firm a competitive advantage, will simplify complicated tasks, and will stay competitive in the job market Source: Matthew S., C. J. D. (2011). Using computers in the law office 6th edition. New York: Delmar Cengage Learning.
© CTS Inc. - 2013 Time lost on paper documents 14 v v A recent study of law firms showed: That on average each employee wastes 8 hours per week on paper documents Source: Paperless Archiving and Document Management Solutions, Archive-CD, 2009
© CTS Inc. - 2013 Computer-aided review saves time 15 v v Computer-aided review of documents can save 75% to 90% of time over similar reviews done manually Proper utilization of technology can increase your billable hours and save you time Sources: The U.S. Bureau of labor Statistics. (2010). Occupational Outlook Handbook: Paralegals & Legal Assistants Retrieved from http://www.bls.gov/news.release/empsit.nr0.htm & The U.S. Bureau of Labor Statistics. Paperless Archiving and Document Management Solutions, Archive-CD, 2009
© CTS Inc. - 2013 16 Challenge #3 Not Adapting to the Speed of Business
© CTS Inc. - 2013 Speed of business has changed for paralegals 17 You have to do more and you have to be able to do it faster You can’t do it all by yourself anymore! You have more partners and vendors than ever to help you finish your work quickly and accurately
© CTS Inc. - 2013 Too many documents, too little time 18 Navigating and processing the overabundance of documentation in modern day law firms can be incredibly time- consuming without help This dramatically increases the amount of time it takes to process filed business documents Source: Business Information Modernization (BIM) Proposal Update, California Secretary of State Debra Bowen, December 1, 2010, http://www.sos.ca.gov/business/pdf/processing-times.pdf
© CTS Inc. - 2013 Too many documents, too little time 19 Today, some Secretary of State offices process over 1 million Statements of Information each year – that’s 3,846 documents every DAY! No one can afford delays, not you or the law firm you represent
© CTS Inc. - 2013 Time is valued by clients 20 The entire filing process for an LLC, merger or acquisition can take 10 to 60 business days depending on demand and staffing If a single item of the filing is incomplete or misfiled, the entire process must be repeated, doubling the filing time Long delays can severely hinder business transactions – especially in complex merger and acquisition cases
© CTS Inc. - 2013 Key points of the challenges facing paralegals 21 Paralegals are now expected to take on more responsibilities traditionally performed by attorneys The recession has caused a decrease in jobs and an increase in competition between paralegals Paralegals that fail to adjust with the transformation of technology will be left behind The speed of business is rapidly increasing
© CTS Inc. - 2013 22 Strategy #1 Incorporate Technology
© CTS Inc. - 2013 The ever-changing world of technology 23 v v As a paralegal, staying up to date with technology is critical Here are some strategies that you can use to help keep you up to date in this constantly-changing world of technology
© CTS Inc. - 2013 Cloud technology 24 Cloud computing is location- independent computing, where shared servers provide resources, software, and data to computers and other devices on demand The Cloud allows collaboration between you, lawyers, your clients, and your vendors anywhere in the world, at any time, as long as there is an internet connection Cloud Computing System Cloud Computing System Filing Company Paralegal Lawyer Client Source: Law2020™- What Will It Take for Law Firms to Thrive?, The National Law Review, December 24, 2010
© CTS Inc. - 2013 Cloud technology 25 Approximately 65% of law firms are currently implementing cloud technology Cloud technology can be used for document storage, team collaborations, email management, and more! Cloud Technology can cut costs, save time, and simplify support and maintenance Source: (2011). Law firm technology 2011: Head for the cloud? The American Lawyer, Retrieved from http://www.americanlawyer.com/PubArticleTAL.jsp?id=1202520215210&Law_Firm_Technology _2011_Head_for_the_Cloud&slreturn=20130101000750
© CTS Inc. - 2013 Social Media 26 In today’s world, if the firm you are working for is not implementing social media, it is far behind 83% of businesses indicate that social media is important for their business 85% of businesses said that social media marketing has increased their business But, social media can be a time-intensive project, taking some 6-11 hours a week Better exposure for your firm means more work for you and increased job security Source: Stelzner, M. (2012). 2012 social media marketing industry report how marketers are using social media to grow their businesses. Retrieved from http://www.socialmediaexaminer.com/SocialMediaMarketingIndustryReport2012.pdf
© CTS Inc. - 2013 27 Strategy #2 Incorporate Outsourcing
© CTS Inc. - 2013 Outsourcing can save time & increase billable hours 28 Outsourcing to companies that specialize in areas of legal administration will increase billable hours and save time and money for you and your firm
© CTS Inc. - 2013 Consider how outsourcing can help you succeed 29 Maria, a paralegal, knows that the more hours she spends on billable tasks, the more her firm will profit. The more her firm profits, the more money Maria gets in the form of bonuses. Here’s how outsourcing increases Maria’s billable hours and her firm’s profit in a typical work week. In-house Billing Rate $250/hourHoursCostBilled Average weekly hours worked54 Average weekly non-billable hours12 Actual hours worked54 Actual hours billed42$10,500 Source: Time vs. money. (n.d.). Retrieved from http://www.phoenixinitiatives.com/help/timevsmoney.php
© CTS Inc. - 2013 Consider how outsourcing can help you succeed 30 Source: Time vs. money. (n.d.). Retrieved from http://www.phoenixinitiatives.com/help/timevsmoney.php Outsourcing with a Reputable VendorHoursCostBilled Non-billable hours6$510$0 Billable hours13$1,105$3,250 Total outsourced/week19$1,615$3,250 Actual hours worked non-billable6 Actual hours worked billable44$11,000 Hours billed to vendor13$3,250 Actual hours worked50 Actual Hours Billed57$14,250 Revenue increase of $91/hr/47% when outsourced!
© CTS Inc. - 2013 Another example of the benefits of outsourcing 31 Phillip J. of Burnham and Associates had two clients merging their companies to form a new LLC This was a $12.3 million deal with a large loan, accruing approximately $3,000 per day in interest while the deal was waiting to be closed
© CTS Inc. - 2013 Consider the following firm’s experience 32 After due diligence had been completed by one staff member, Phillip assigned another to send the documents to a filing company to process the merger articles with the Secretary of State
© CTS Inc. - 2013 Small oversights lead to huge problems 33 After a three week delay the documents came back to Philip’s office via courier The documents had been rejected by the secretary of state due to a name duplication and a missing signature on one of the forms The filing company had experienced continual staff turnover forcing 3 different employees to handle the transaction Hence, no one caught the errors before the documents were sent
© CTS Inc. - 2013 The results… 34 Phillip had to notify his two clients of the delay He also billed his clients the cost of recreating and resubmitting the documents, along with duplicate payments of state fees Understandably, the client was livid Delays were costing him thousands in interest each day On top of this, the deal remained unfinished
© CTS Inc. - 2013 The solution… 35 Phillip instructed the paralegal to fix the mistakes and send the documents to a different filing company as soon as possible Because the new filing company operated through a cloud computing system, the paralegal simply uploaded or scanned the documents into their system This allowed the clients, Philip, all of the paralegals, and the filing company to have immediate, secure access to the documents
© CTS Inc. - 2013 Attention to detail 36 The account manager from the filing company notified the paralegal immediately that the print on one of the forms looked too illegible to be microfilmed and she was afraid it would be rejected However, parts of the document had to be filled out and signed by the client Even though he was on vacation, due to the cloud computing system, the client was able to access the document that evening and make the needed alterations
© CTS Inc. - 2013 Ultimate results 37 The account manager advised Burnham and Associates to upgrade to a 24 hour expedite filing service because she had checked with the Secretary of State and the filing turnaround was backed up to 3 weeks The filings were accepted and the merger completed within the next 2 days Both clients expressed their ultimate satisfaction in the transaction results due to the quick turnaround of events after initial mistakes had been made
© CTS Inc. - 2013 The benefits of outsourcing are substantial 38 You should hope to expect: Real time information and filing updates between all parties involved Response time can be reduced by 500% Notification of need for additional documents is instantaneous No lost files! Increase in billable hours
© CTS Inc. - 2013 39 Strategy #3 Choosing the Optimal Outsourcing Partner
© CTS Inc. - 2013 Vetting your vendors 40 Are you as careful when hiring a vendor as a new associate? Make sure the partner you entrust with confidential client materials is equipped to protect those materials Do not assume that all providers are fully capable of delivering Source: Easy mistakes to make when embracing LPO, Outsourcing Beta, 9/10/10
© CTS Inc. - 2013 State of the art technology systems 41 Consider vendors with technological capabilities that allow secure collaboration between the vendor, you, and your client We know clients want access to all processes and information... Consider how 24/7/365 access to important documents would increase your work speed, make your workload easier, and give clients what they want Make sure your vendor is staffed to accommodate the work you send their way
© CTS Inc. - 2013 Agility matters 42 In order for you to show innovation, vendors you partner with need to demonstrate agility Look for partners who have evolved their organization of people, processes, and systems for optimal responsiveness Expertly trained and dedicated account managers with years of experience will adapt their service to fit your needs An organization with tailored service is the kind of vendor you want to build a long term relationship with
© CTS Inc. - 2013 Who here has learned something of value today? 43 We hope you learned that despite being a difficult profession, there are ways that paralegals can increase their billable hours, increase their job security, and provide more value to their clients
© CTS Inc. - 2013 44 This study was sponsored by… Allow us a few minutes to tell you about our company...
© CTS Inc. - 2013 Who we are... 45 CTS is a nationally recognized public records, filing, and document retrieval company, with over 33 years of experience in the paralegal industry We are proud of our position as leaders in the industry, and take extra effort in serving our clients’ needs We understand speed and efficiency is critical to our clients, and we do everything in our power to make sure their document filing and retrieval needs are produced quickly and accurately
© CTS Inc. - 2013 What we do… 46 Tax Clearance Certificates Franchise Tax Board Documents Revivor Documents Apostille Certification Notices of Public Sale Trademarks & Servicemarks And more! Formations Amendments Mergers Statements of Information Conversions Dissolutions CTS offers a multitude of corporate documentation & filing needs, including:
© CTS Inc. - 2013 UCC Services 47 CTS will take care of all of your UCC services, including: UCC document searches, filings, and retrievals UCC filing fee calculations, jurisdictional requirement tracking and expirations, document processing, and submission of UCC filings
© CTS Inc. - 2013 Professional and experienced registered agents 48 CTS provides registered agents in all 50 states, as well as the District of Columbia Our registered agents take every step possible to ensure that you meet deadlines, avoid fees, and save time
© CTS Inc. - 2013 Technology is key 49 We use a state of the art cloud computing system unique to our company This allows you to share documents with your clients and in-house collaborators with a level of transparency that not only decreases risk of mistakes, but heightens service in both decreased time and increased quality
© CTS Inc. - 2013 Benefits we bring… 50 Cost Effective & Efficient Partnering with attorneys, banks, escrow, and CPA firms, we provide the most cost-effective and efficient filing and retrieval service in the industry We provide the highest quality service for the price Highly Skilled Staff Our staff has many years of experience and is highly trained Each account manager averages more than 8.5 years experience with our company A major portion of our on-going training program includes complete instruction on all Corporate and UCC law changes
© CTS Inc. - 2013 Making you look your best 51 Timely Turnaround At CTS your time is valuable If you need special or urgent attention, let us know and we will do everything we can to help you Outstanding Customer Support We take great pride in providing the highest quality service and customer support in the industry
© CTS Inc. - 2013 What our customers are saying… 52 Thank you Kristy!!!!! My stress level just dropped 100%. Thanks to you we can close. I will definitely let all parties know that CTS, you in particular are one of the reasons we will be able to close. - Larry We have been using CTS for the past ten years, and have found their customer service to be outstanding, knowledgeable, reliable and helpful. We have had a wonderful experience using their services from filing documents with the California Secretary of State and other states throughout the United States. We would highly recommend using their services. - Sherrie M. ““ “ “
© CTS Inc. - 2013 What our customers are saying… 53 Like an exceptional friend, CTS is always there. CTS has been Berliner Cohen’s “go-to” filing service and resource for over 12 years, and in all that time they have not failed in providing us with excellent customer service while going above and beyond. When we have questions or last minute filings, solutions arrive promptly and professionally. We wouldn’t go anywhere else. - Berliner C. “ “
© CTS Inc. - 2013 Our gift to you 54 Become a new client and receive a new iPad! Refer a new B2B client and our gift on your behalf to the new user will be a gift card for $250 CTS credit, or a new iPad! Valued clients who have not used our services in 3 months will qualify for one of the following: 6 month free UCC monitoring 10 free CA UCC search 5 free filings/formations 50% off your first weeks of filings
© CTS Inc. - 2013 Thank you 55 Thank you for listening to our presentation, we look forward to helping you with your documentation needs Questions?
© CTS Inc. - 2013 56 www.myctscorp.com (916) 448-1397 or (800) 482-1497 1005 12th St Ste.E, Sacramento, CA 95814
© CTS Inc Top Challenges Facing 21 st Century Law Firms 1 An informative study on how you can survive the legal ‘buyers’ market and thrive among.
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