The current pressures on law departments, which are likely to intensify, rather than abate, are such that the law departments must explore new avenues to maximise the value that their companies realise from their investment in legal services.
Managing Partner’s report, The Value-Able Law Department begins by identifying the key challenges that legal departments currently face and the impact this has on the expectations of law firm clients.
It then looks to provide innovative, realistic and simple solutions that can be cost-effectively applied in a post-recessionary environment. The report considers numerous issues including:
- Defining and measuring the value of your legal department and external legal services;
- Effective planning to identify and apply the appropriate internal and external resources;
- The role and importance of metrics in demonstrating value;
- Overcoming the "make-or-buy" dilemma - the choice of hiring lawyers or relying on outside legal service providers;
- Increasing the in-house role – taking on some of the services formerly provided by external counsels;
- The importance of knowledge management, and the use of technology to provide quicker and more cost effective legal services;
- Maximizing value through department organization and structure;
- Controlling costs and compliance of an organizations of legal service;
- Re-evaluating value of outside counsel through expertise, resources and capabilities;
- Reducing costs and improving the product and service from external counsel; and
- An in-depth look at Alternative fee arrangements.
This report features expert contributions, case studies, and insight into how legal departments and law firms are addressing these key challenges to increase the value they bring to their clients.
These include: Wal-Mart, Hanna and Morton LLP, Sands, Anderson, Marks & Miller, Bracewell & Giuliani LLP, Aronberg Goldgehn, The Prudential Insurance Company of America, KONE, Inc, E. I. du Pont de Nemours and Company, United Technologies Corporation, Wyndham Worldwide Corporation, Raytheon Company, Nationwide Mutual Insurance Company, LiveNation, American Express, Motorola, FMC Technologies, Stock Equipment Company, and many more…
Chapter 1: Value - Some thoughts regarding a definition
Chapter 2: The measure of value
Chapter 3: Planning to identify and apply the appropriate resources
Chapter 4: Identifying the highest value of in-house counsel
Chapter 5: The role and importance of metrics
Chapter 6: The ‘make-or-buy’ dilemma
Chapter 7: Areas to consider for possible increased in-house role
Chapter 8: The knowledge management challenge
Chapter 9: Using technology to realise greater value
Chapter 10: Law department organisation and structure
Chapter 11: Cost control – Some possible approaches
Chapter 12: The value of outside counsel
Chapter 13: An overview of the identification and selection of outside counsel
Chapter 14: Unbundling the outside legal service to realise increased value
Chapter 15: The importance of consistent process
Chapter 16: Don’t select either the firm or the lawyer – Select ‘appropriate counsel’.
Chapter 17: Setting yourself up to succeed
Chapter 18: Prepare to defend your selection
Chapter 19: Managing outside legal resources to maximise their contribution to achieving business goals
Chapter 20: Fees and value
Chapter 21: Law firm structure and its impact on value
Chapter 22: Reporting by outside counsel
Chapter 23: Tracking your success and reporting about itCheck our Executive Summary and full table of contents here