How to profit from your divorce by P.A. Ross

Author:P.A. Ross [Ross, P.A.]
Language: eng
Format: epub
ISBN: 9781911110644
Publisher: Clink Street Publishing
Published: 2016-11-15T00:00:00+00:00

Diagram 26

Source: Accenture

The research concludes that there are numerous positive benefits executives expect from digital’s use. The surprisingly high number of chief digital officers in place reflects considerable optimism that digital can help improve business performance across all functions, including back-office and customer-facing. The correlation found between digital platforms and profitability further underscores that relationship.

An interesting challenge has arisen in the US; how to calculate accurately, after divorce, what is needed to achieve living standard equality or a fair differential that both spouses agree is reasonable and acceptable. New software is now being introduced, which accurately calculates the post-divorce living standard requirements for both spouses, considering all relevant factors including income, taxes, government benefits, outgoings etc. As touched on earlier in the chapter, perhaps the software principle could be further developed to produce divorce cost vs. benefit analysis; helping each client better understand the cost of each stage of divorce and the likely financial outcome for them.

A further cautionary note; remember to be mindful of what is legal and what is illegal when it comes to using technology to obtain information. There was a case heard in 2010 in which a successful businessman claimed the brothers of his estranged wife obtained personal and private information without his authority from a shared computer. Selected information was used by his wife’s lawyers and given to the court after divorce proceedings had commenced.176.

Using best practice from other industries can travel well. McKinsey reports that a Chicago based law firm has been assessing its practices and processes, which has resulted in applying ‘lean management’ principles to improve client service and value.177. “Lean Management is a widely practiced and a successful strategy used in manufacturing, distribution and operations. The law firm has expanded the scope of its advice beyond the resolution of legal problems, and now includes improving workflows with clients, internal law departments and providing training for employees and partners.” Over the past four years, the firm’s revenues have grown more than 20%, and profits are up more than 25%. To continue the evolution within the law firm, new recruits combine the practice of law with the business of law; the firm hires law-school graduates into project management and technology roles, which provides and develops a much wider set of skills and capabilities. One of the firm’s clients says “that he doesn’t buy legal services so much as he buys business solutions delivered by lawyers”. To change the ‘mind set’ of the more traditional lawyers, the law firm asked the lawyers to ‘stand in the client’s shoes’ to better understand their needs and expectations.

The next generation of start up family law firms can quickly build scale by connecting with new clients, professional networks, knowledge and information, international markets, suppliers, mentors new skills and the list goes on. I really could write many more chapters about digital productivity and technology market opportunities in the family law sector.

As I see it, there are six strategic issues facing the family law market:

The total number of UK divorces is declining178.

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