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Behind every great law firm is a team of professionals working hard to keep operations running smoothly. With the challenges of staying on top of complex billing requirements, managing time reports, and navigating constantly shifting industry trends, it’s easy to see why most firms write off millions in uncollected revenue each year.
To help your firm stay in the green, we’re introducing Studio A, a new podcast from Aderant.
Studio A is purpose-built to help you run your firm like a well-oiled machine. In each episode, legal business leaders and industry experts will share problems firms face and the revolutionary approaches and cutting-edge software they use to solve them. Because ultimately, in the business of legal firms and the ever-evolving world of technology, you can’t afford to fall behind.
Aisling Fenelon (00:00):
It puts us in an excellent position, by the way, because we are stable, we are profitable, we have a long game. We have a very clear long-term vision that we've articulated very well in the market. I think that makes us a very attractive option.
Will Ayers (00:15):
Behind Evergreen Law Firm are bold leaders and powerful solutions that help them run a better business. Welcome to Studio A, the home of Legal Tech Innovation. Welcome to Studio A, powered by Aderant, your podcast for the latest conversations shaping legal tech.
I'm your host, Will Ayers. I have a special guest on the podcast today. She is doing amazing work at Aderant and we are going to talk revenue and innovation because there is a lot going on in legal tech. Today I have the one and only CRO at Aderant. Aisling Fenelon. How are you doing today? I
Aisling Fenelon (00:56):
Am so good.
Will Ayers (00:57):
How are you? I am excited about this interview because you are the most stylish person in the industry, not only at Aderant in the industry. Well,
Aisling Fenelon (01:04):
That's terrifying.
Will Ayers (01:07):
Are you ready to jump into these questions?
Aisling Fenelon (01:08):
Let's go.
Will Ayers (01:09):
All right. You've stepped into the CRO role at a pivotal moment for Aderant. You are the first woman to be CRO at Aderant. How would you describe what's changing most right now in how law firms think about buying and investing in technology?
Aisling Fenelon (01:26):
So it's changing dramatically. It's an industry that didn't move five inches for 50 years and all of a sudden it's like, bam, bam, bam. The biggest thing I think is not asking the question, are we buying software, but asking, are we investing in revenue performance? It's a whole mind ship that I see happening really quickly. So less about the system of record and more about take it up a level and say, okay, let's look at the platform. Is it predictable? Can I have realization? Can I get profitability out of this platform? Technology is a growth lever all of a sudden, not just overhead, which is what it was historically for law firms for many years.
Will Ayers (02:06):
Now, when firms evaluate solutions today, what are they really buying when they choose Aderant?
Aisling Fenelon (02:14):
We're quickly shifting from experimentation with technology into focusing on operational structure. But here's the thing. So we all know AI, everything's coming at us so fast and it's changing so fast that how do you double down on a decision? When you know two months from now, you might need something else. Knowing that and knowing that's inevitable. It is what it is. The firms are again, kind of taking it up and going, hold on a minute, let's look at our core systems and let's ask the question. Are they going to be here? Are they going to be investing? Are they going to be advancing 10 years from now? Let's start with those questions and make sure that our core systems and our core vendors can answer those questions and then just build around that and know that we'll change around that decision. It puts us in an excellent position, by the way, because we are stable and we are profitable and we have a long game.
(03:11):
We have a very clear long-term vision that we've articulated very well in the market. I think that makes us a very attractive option.
Will Ayers (03:20):
You talked about all of the amazing things that Aderant is providing to law firms around the world. Where are we seeing the most momentum and where does Aderant provide immediate value? Because I know law firms want to hear that.
Aisling Fenelon (03:33):
I would say the low hanging fruit for momentum is happening in the work to cash cycle because it's so inefficient. There's so much friction that any incremental change or improvement can see a massive return. And for us, we can provide value anywhere you need us to. By design, we're set up so that we can insert ourselves into wherever in that process makes the most sense for you. And so what I think is important for law firms is to really understand who you are and where you think you can have the most impact. For example, we can help you at the point of time entry and we can clean that up and make it accurate and make it compliant. So you really have to know your own culture and where you think you can have the impact, but we are there to help you wherever you need us to.
(04:21):
And it's so easy to see such a great return. Take a firm that applies rules at the point of time entry. You apply one rule, and this is real, real data from law firms. One rule, point of time entry, 23% increase in revenue. Nothing's easy, but it's there for the taking to see a return where I think our ultimate value to firms is, okay, the value is making sure that you have a platform in place that can continue to have those checkpoints, time, rebuild, wherever you need it to be, have the checkpoints, but also make sure that you're tightening the controls and the seams. So create a foundation so that you can consume agents that help you with workflows and outcomes. You're ready to do all the things, fill in the gaps over the next few years. That's where the real value is going to come in.
Will Ayers (05:15):
Let's talk AI and data. They continue to be two hot topics and they continue to evolve every day that we get up. AI is changing how law firms think about investment overall. How are those conversations different today compared to even a year ago? We've
Aisling Fenelon (05:32):
Shifted from curiosity to expectation in terms of this stuff. Everybody knows it is what it is. The other thing that I've seen and really only in the last six months or so is that law firms are conservative by nature. And so they are conservative and this shift that I've seen is looking at the AI and instead of just saying, "Does it work? Does it do this cool thing that we want it to do? " Really asking the deeper question of, okay, can I trust it? Is it auditable? Does it scale responsibly? And the biggie, is there a measurable outcome here for us? Those are the questions that everybody is asking where a year ago it was like, throw it up against the wall and see what sticks. I do think there's a return to a more conservative lens in all that.
Will Ayers (06:21):
What does it take to build a revenue organization that can keep pace with the level of innovation happening inside the company because things are moving very fast. So we would love to get your perspective or your approach or learn about your approach to that.
Aisling Fenelon (06:36):
The words are simple. To put it into practice is not as simple. It's about alignment and it is about clarity. So it is about a shared language across the organization in terms of what do our clients need, like client's perspective first and foremost always. And then there would be like value realization that we're all kind of singing to the same sheet of music about that. I got the best conversation yesterday with a prospective firm at this conference. They're not using Aderant. And he said, "Every person in your organization that I've spoken to has had the same positioning and the same vision, not a sales pitch, but everybody is super consistent on what your vision is. I mean, I'm not kidding you. I can die a happy woman." It made me so happy and that's how you do it. You get everybody aligned and really focused on the exact same thing.
Will Ayers (07:32):
Now I mentioned earlier opening the episode that you are the first woman to be CRO at Aderant. Since you are in that role, what does that mean to you personally and how do you think about leadership in this moment?
Aisling Fenelon (07:48):
I would be lying if I didn't say that I'm a little bummed that we're still having this conversation, but I'm also a realist. I know that it's still a thing, unfortunately. I'm super humbled that this organization that I've invested in for 12 years trusts me. I take that piece really seriously that these people have trusted me. On the female front, it's kind of not a deal for us. I understand it is in legal tech, but if you look at our organization, we are dominated by strong women throughout the organization. Half of our exec team is women. It's in every single department of our organization. So it's not quite a thing for us. I mean, I'm very honored by all of it. I'm focused on results, but I'm also really focused on creating pathways for women to see themselves as continuing to be successful in this organization.
(08:39):
It's very important to me that they clearly see that pathway.
Will Ayers (08:42):
Before we close, talking more about the role that you're in now, what advice would you give to women looking to grow into executive roles in tech and in revenue leadership?
Aisling Fenelon (08:53):
I would say own your perspective, have a unique voice. It's all you have, so you might as well be you. Do not ask permission to lead ever, ever, ever. I think my ultimate advice isn't just for women and it's not even my advice. I think it's Einstein. Don't strive to be successful. Strive to provide value. Figure out what it is about you that makes you do really, really well and then use that to serve others. That is how you win.
Will Ayers (09:20):
I love it. I love it. I love it. Well, we want you back on the show again so you have to promise to stop back by. I know that you are super busy, so we're going to let you go for it now, but we're going to get you back on the show. But Ashling, thank you so much for stopping by Studio A and I look forward to sitting down with you again.
Aisling Fenelon (09:37):
Anytime. It was fun. Thanks.
Will Ayers (09:39):
That was Aisling Fenelon, CRO at Aderant. If you enjoyed that conversation, you can check us out on YouTube. Be sure to subscribe to the Aderant YouTube channel for all of our episodes and more. Also, be sure to check out Studio A on all major streaming platforms. You've been tuned in to Studio A, Powered by Aderant. Thanks for listening to Studio A. For more from this episode, visit aderant.com. Be sure to subscribe so you never miss a beat and we'll see you next time in Studio A.