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Cost recovery policy and plan

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Nina Platt Consulting
Nina Platt Consulting

The document discusses developing a cost recovery policy and plan for online legal research. It recommends firms quit wavering and decide on a clear policy based on financial goals and culture. The policy should outline what resources clients will be billed for and any exceptions. It also recommends developing a cost recovery strategy, defining roles and documenting procedures. Finally, it stresses the importance of internal and external communication and tracking metrics to measure the plan's success.

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Cost Recovery: Creating a Policy & Plan A NPCI Webinar September 30, 2009
Cost Recovery: Creating a Policy & Plan Todays Speaker Nina Platt Principal Consultant Nina Platt Consulting, Inc.
Cost Recovery: Creating a Policy & Plan Agenda Developing a policy that outlines the what, when and how of cost recovery Developing a cost recovery plan and procedures that detail how the policy will be implemented Creating and implementing a cost recovery communication plan
Cost Recovery: Creating a Policy & Plan First Course of Action Quit waffling Decide
Cost Recovery: Creating a Policy & Plan Cost Recovery Policy Based on Firms overall financial goals Cost of contracts or subscriptions in place Firm culture Client response
Cost Recovery: Creating a Policy & Plan Cost Recovery Policy Elements Firm will invoice clients for online research expense including ...[list resources could be a separate document] Exceptions to the policy must be approved by Engagement letters must include .[again, a separate document could be used]
Cost Recovery: Creating a Policy & Plan Cost Recovery Policy Elements Discounts will be applied as follows The following resources will be provided to the client at no cost ... Training will be required for the following resources including refresher courses on a [ ] basis
Cost Recovery: Creating a Policy & Plan Cost Recovery Policy Elements Certification will be provided for those who attend Individuals will be required to make corrections to disbursements that do not have a correctly formatted or incorrect client/matter numbers upon request.
Cost Recovery: Creating a Policy & Plan Policy Discussion Do any of you have a policy in place now? If so, can you briefly describe it? Other questions or comments?
Cost Recovery: Creating a Policy & Plan Cost Recovery Strategy/Plan What goals do you have for recovery? Who will participate and what roles will they play? What will your process be? How is disbursement done? How will you track your success? When will you review for the need to make changes?
Cost Recovery: Creating a Policy & Plan Cost Recovery Strategy/Plan Goal(s) What resources (contract vs. subscriptions) What % of cost will be disbursed to clients What will be discounted or made available without cost How the budget is created Communication will be transparent
Cost Recovery: Creating a Policy & Plan Roles List individual positions taking part in the process Describe each role Note any special task for each
Cost Recovery: Creating a Policy & Plan Process Documentation Document workflow between those involved Include specific tasks for each Be as detailed as possible when describing tasks Include process for creation of engagement letters
Cost Recovery: Creating a Policy & Plan What to Include in Procedures Title of procedure Whos involved Knowledge needed Supplies Time needed to complete Steps to take Conclusion
Cost Recovery: Creating a Policy & Plan Tips for Writing Procedures Create steps as numbered lists limit to 10 Limit each step to one task Put conditional info first Use action verbs Provide only the information needed to complete the task Provide workflow or play script Refer to related procedures if necessary
Cost Recovery: Creating a Policy & Plan Disbursements Weekly vs. Monthly vs. Quarterly Vendor usage statements Use of other cost recovery tools Client/Matter validation Exception management Usage reports
Cost Recovery: Creating a Policy & Plan Strategy/Plan/Procedures Discussion Have you documented your strategy, plan and procedures? What roles do partners, accounting and the library play with cost recovery of online legal research at your firms? Is it working? Other questions or comments?
Cost Recovery: Creating a Policy & Plan Communication Plan Use the 4 Ps of Communication Purpose - Why Picture - What Plan - How Part - Who
Cost Recovery: Creating a Policy & Plan Internal Communication Announcement of policy by management committee Explanation of plan by library director / accounting director / executive director Use various formats to introduce plan Email, meetings, individual visits, small groups, orientation Link plan to policy (handouts, intranet links, etc)
Cost Recovery: Creating a Policy & Plan External Communication Existing Clients Billing partner has responsibility Library/Accounting can provide materials Policy Talking points New Clients Engagement letters Additional materials
Cost Recovery: Creating a Policy & Plan External Communication Vendors Goal to provide cost effective research Provide copy of policy Tell them you expect them to act as partner in recovery Work with them to form their communication to researchers
Cost Recovery: Creating a Policy & Plan Talking Points One to two sentence description of policy Goal is to provide most cost effective research through training Value of online research Provides substantive research Saves time Includes sources directly related to matter
Cost Recovery: Creating a Policy & Plan Talking Points Discounts Free resources Exceptions
Cost Recovery: Creating a Policy & Plan Communications Discussion Do you have any communication experiences that worked well? Are there any recommendations you would like to make based on those experiences? Other questions or comments?
Cost Recovery: Creating a Policy & Plan Tracking Success Determine audience Management committee, administrators, group heads, individuals, etc. Define metrics Develop reports Create reporting schedule Build in feedback/response Adjust tracking and/or make change to policy and plan
Cost Recovery: Creating a Policy & Plan Conclusion Cost recovery requires a policy and plan to be successful for the long term Planning should include a strong communication component Tracking the results of putting a Cost Recovery Policy & Plan in place is essential to demonstrate ongoing benefits
Cost Recovery: Creating a Policy & Plan Contact Us for More Information Nina Platt Consulting, Inc. (NPCI) nplatt@ninaplatt.com Call us: 612-235-7485 Visit us on the web: www.ninaplatt.com Read our blogs: http://strategiclibrarian.com http://lawfirmintranet.com http://electronicresourcereview.wordpress.com

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Cost recovery policy and plan

  • 1. Cost Recovery: Creating a Policy & Plan A NPCI Webinar September 30, 2009
  • 2. Cost Recovery: Creating a Policy & Plan Todays Speaker Nina Platt Principal Consultant Nina Platt Consulting, Inc.
  • 3. Cost Recovery: Creating a Policy & Plan Agenda Developing a policy that outlines the what, when and how of cost recovery Developing a cost recovery plan and procedures that detail how the policy will be implemented Creating and implementing a cost recovery communication plan
  • 4. Cost Recovery: Creating a Policy & Plan First Course of Action Quit waffling Decide
  • 5. Cost Recovery: Creating a Policy & Plan Cost Recovery Policy Based on Firms overall financial goals Cost of contracts or subscriptions in place Firm culture Client response
  • 6. Cost Recovery: Creating a Policy & Plan Cost Recovery Policy Elements Firm will invoice clients for online research expense including ...[list resources could be a separate document] Exceptions to the policy must be approved by Engagement letters must include .[again, a separate document could be used]
  • 7. Cost Recovery: Creating a Policy & Plan Cost Recovery Policy Elements Discounts will be applied as follows The following resources will be provided to the client at no cost ... Training will be required for the following resources including refresher courses on a [ ] basis
  • 8. Cost Recovery: Creating a Policy & Plan Cost Recovery Policy Elements Certification will be provided for those who attend Individuals will be required to make corrections to disbursements that do not have a correctly formatted or incorrect client/matter numbers upon request.
  • 9. Cost Recovery: Creating a Policy & Plan Policy Discussion Do any of you have a policy in place now? If so, can you briefly describe it? Other questions or comments?
  • 10. Cost Recovery: Creating a Policy & Plan Cost Recovery Strategy/Plan What goals do you have for recovery? Who will participate and what roles will they play? What will your process be? How is disbursement done? How will you track your success? When will you review for the need to make changes?
  • 11. Cost Recovery: Creating a Policy & Plan Cost Recovery Strategy/Plan Goal(s) What resources (contract vs. subscriptions) What % of cost will be disbursed to clients What will be discounted or made available without cost How the budget is created Communication will be transparent
  • 12. Cost Recovery: Creating a Policy & Plan Roles List individual positions taking part in the process Describe each role Note any special task for each
  • 13. Cost Recovery: Creating a Policy & Plan Process Documentation Document workflow between those involved Include specific tasks for each Be as detailed as possible when describing tasks Include process for creation of engagement letters
  • 14. Cost Recovery: Creating a Policy & Plan What to Include in Procedures Title of procedure Whos involved Knowledge needed Supplies Time needed to complete Steps to take Conclusion
  • 15. Cost Recovery: Creating a Policy & Plan Tips for Writing Procedures Create steps as numbered lists limit to 10 Limit each step to one task Put conditional info first Use action verbs Provide only the information needed to complete the task Provide workflow or play script Refer to related procedures if necessary
  • 16. Cost Recovery: Creating a Policy & Plan Disbursements Weekly vs. Monthly vs. Quarterly Vendor usage statements Use of other cost recovery tools Client/Matter validation Exception management Usage reports
  • 17. Cost Recovery: Creating a Policy & Plan Strategy/Plan/Procedures Discussion Have you documented your strategy, plan and procedures? What roles do partners, accounting and the library play with cost recovery of online legal research at your firms? Is it working? Other questions or comments?
  • 18. Cost Recovery: Creating a Policy & Plan Communication Plan Use the 4 Ps of Communication Purpose - Why Picture - What Plan - How Part - Who
  • 19. Cost Recovery: Creating a Policy & Plan Internal Communication Announcement of policy by management committee Explanation of plan by library director / accounting director / executive director Use various formats to introduce plan Email, meetings, individual visits, small groups, orientation Link plan to policy (handouts, intranet links, etc)
  • 20. Cost Recovery: Creating a Policy & Plan External Communication Existing Clients Billing partner has responsibility Library/Accounting can provide materials Policy Talking points New Clients Engagement letters Additional materials
  • 21. Cost Recovery: Creating a Policy & Plan External Communication Vendors Goal to provide cost effective research Provide copy of policy Tell them you expect them to act as partner in recovery Work with them to form their communication to researchers
  • 22. Cost Recovery: Creating a Policy & Plan Talking Points One to two sentence description of policy Goal is to provide most cost effective research through training Value of online research Provides substantive research Saves time Includes sources directly related to matter
  • 23. Cost Recovery: Creating a Policy & Plan Talking Points Discounts Free resources Exceptions
  • 24. Cost Recovery: Creating a Policy & Plan Communications Discussion Do you have any communication experiences that worked well? Are there any recommendations you would like to make based on those experiences? Other questions or comments?
  • 25. Cost Recovery: Creating a Policy & Plan Tracking Success Determine audience Management committee, administrators, group heads, individuals, etc. Define metrics Develop reports Create reporting schedule Build in feedback/response Adjust tracking and/or make change to policy and plan
  • 26. Cost Recovery: Creating a Policy & Plan Conclusion Cost recovery requires a policy and plan to be successful for the long term Planning should include a strong communication component Tracking the results of putting a Cost Recovery Policy & Plan in place is essential to demonstrate ongoing benefits
  • 27. Cost Recovery: Creating a Policy & Plan Contact Us for More Information Nina Platt Consulting, Inc. (NPCI) nplatt@ninaplatt.com Call us: 612-235-7485 Visit us on the web: www.ninaplatt.com Read our blogs: http://strategiclibrarian.com http://lawfirmintranet.com http://electronicresourcereview.wordpress.com
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