Recent studies are proving that procurement is indeed involved in the purchasing of legal services and it’s swiftly becoming the ‘new normal.’
Larger corporations in particular engage procurement, not only for sourcing low-end, routine or commoditised legal services, but increasingly for higher-stakes legal work as well.
But that doesn’t mean that law firms or in-house legal and procurement teams are well equipped to deal with this new landscape and to make these new relationships successful.
Managing Partner’s new report - Buying Legal: Procurement Insights and Practice – addresses the key challenges and opportunities that buying and selling legal services creates – from relationship building and management, to financial and strategic decision- making.
Packed with original research, case studies, opinion pieces, practical approaches, and checklists the first half of the report looks at procurement from the law firm perspective, covering topics including:
- Benchmarking the procurement of legal services;
- Pricing and negotiation strategies;
- Bulk buying of legal services;
- Understanding the requirements of the procurement department;
- Successful complex tendering;
- Current trends in the procurement of international legal services;
- Building relationships with the CPO;
- Procurement departments sourcing strategies;
- Pricing evolution and interfacing with the sourcing processes; and
- The concept of supply management.
The second half of this report looks at the challenges faced by in-house lawyers and procurement professionals, including:
- Understanding procurement’s role in purchasing legal services;
- The positive and negative effects of discounts;
- Effective collaboration between sourcing and legal;
- Top tips for successfully procuring legal services;
- Trusted advisor relationships co-exist with legal procurement;
- The changing role of procurement and its relationship with senior management;
- Starting a legal procurement initiative;
- Trusted tactics to get the most from spending on outside services;
- Selecting and managing outside law firms;
- Demonstrating law department value through analytics; and
- Using technology to source legal services.
Featured contributors include: Riverview Law, Wragge & Co LLP, PwC, Dechert LLP, Kennedys Law LLP, Corporate Executive Board, Institute for Supply Management, Beaton Research & Consulting, Akin Gump Strauss Hauer & Feld LLP, Validatum, Vantage Partners LLC, Trusted Advisor Associates, WellPoint, Inc, de Forte Associates, Royal Mail, Bucerius Law School, Kestrel OPS GmbH, RFx Legal, LLC., BDO LLP, Sourcing Logistics LLC, and many more…
Buying Legal provides law firms and in-house legal and procurement teams with the necessary tools to understand and maximise the complex “procurement relationship.”
'No longer can folks on either side say that they don't have a roadmap to success. With this book, they do.' - Amar Sarwal, Vice President and Chief Legal Strategist, Association of Corporate Council (ACC).
Chapter 1: Research on the procurement of legal services
Chapter 2: I don’t give a tinker’s cuss about value – I just want the lowest price!
Chapter 3: Procurement: It’s a team game to be successful
Chapter 4: Why CEOs love procurement
Chapter 5: Getting the best results from tenders: Six winning moves
Chapter 6: Current trends in the procurement of legal services in Germany
Chapter 7: You’d better know the CPO’s name
Chapter 8: Procurement: The new sheriff in town
Chapter 9: The CFO’s observations and a case study
Chapter 10: Supply management and the role of purchasing
Chapter 11: Putting your best foot forward: Bidding to procurement
Chapter 12: Procurement’s role in purchasing legal services: A counterpoint… to a degree
Chapter 13: Dungeons and dragons
Chapter 14: Say no to discounts
Chapter 15: Sourcing legal process outsourcing services: A primer for collaboration between sourcing and legal
Chapter 16: Legal procurement: The new barbarians at the gate
Chapter 17: Can trusted advisor relationships co-exist with legal procurement?
Chapter 18: The role of procurement as trusted advisor to management
Chapter 19: Legal procurement: Sourcing is a team sport
Chapter 20: GSK legal procurement: Small steps aren’t enough
Chapter 21: Legal and procurement: A healthy relationship
Chapter 22: I bought the law: Professionally procuring legal and other professional services
Chapter 23: Partnering with procurement to select and manage outside law firms
Chapter 24: Demonstrating law department value through legal sourcing
Chapter 25: Practical legal sourcing methods
Chapter 26: Moneyball for law departments
Chapter 27: Using technology to source legal services
Chapter 28: Working with in-house lawyers
Chapter 29: Procurement and legal functions working in harmony
Chapter 30: You need to talk to our procurement departmentCheck our Executive Summary and full table of contents here