TAG: Convergence: Lopsider content relating to in-house convergence of external law firms. Subscribe
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Some takeaways: 1) 2/3rds of firms report losing business to corporate law dept insourcing; 2) 19% firms report alternative providers taking business (40% see as threat) ; 3) 94% say an improved focus on practice efficiency is a permanent trend but only 49% chasing their approach; 4) LPM not yet generating convincing results BUT; 4) only 30% of firms say they link AFAs with the way work is staffed and delivered; 5) 49% using technology to replace human resources with 85% think it will be permanent trend; 6) 7.5% firms reporting using AI and 29% exploring their options.; 7) 50% report active innovation projects/efforts (e.g.,technology and data analytics; new business ventures, efficiency, pricing and staffing improvements; client engagement and retention.)
Recent LexisNexis CounselLink report takeaways: (1) 40% gap between billable rates of largest 50 firms compared to next tier, (2) law firm consolidation increased last year with 62% CounselLink users have 10 or fewer firms accounting for 80% of fees; (3) AFA use shows slight uptick.
A trend in which legal departments are cutting the number of law firms that handle outside legal work does not appear to be slowing, according to a new study. The LexisNexis CounselLink Electronic Legal Management Trends report—which assesses billing data—showed 62 percent of the companies included in the study had 10 firms or fewer account for 80 percent or more of their outside counsel fees in 2016. The number of companies consolidating their outside legal work increased from 2015, according to the report.
QBR templates used to prepare for annual discussions. This contains quantitative and qualitative data points to discuss to drive value and savings. Available to CLOC members.
Outside counsel cost management initiatives are only one part of a legal service delivery strategy. Who should do the work: law firms, LPOs, or internal legal professionals?
Reflections on value, purple people, (right)sourcing, change management, checklists, and Artificial Big Block Data Machines. The year comes to a close. Legal professionals in law firms and departments sprint [...]