Many General Counsels are seeking greater predictability surrounding the legal costs. A popular option within the wide range of alternative fees is paying for legal services by task (instead of by the hour).
Law Firm Panel Review
Law Firm Panel Review: Objectives
Many corporate legal departments have begun to understand the value law firm panel reviews can have for a department. A law firm panel review is designed to evaluate and review prospective outside counsel to match their services and capabilities to the legal department's requirements. Using a tested and established process, Argopoint objectively evaluates and tests various prospective outside counsel against similar market alternatives, allowing for the law firm panel review to realize substantial savings and tangible efficiency gains for corporate legal departments.
Law Firm Panel Review: Overview
Law firm panel reviews are often mistaken as random cost cutting. This misconception is one that we have encountered time and time again during our experience - in fact, law firm panel reviews are far more complicated, and thus hold far more potential. In addition to the notion of “blind cost-cutting”, some firms believe that the culmination of a law firm panel review is ultimately selecting the outside counsel that offers the lowest hourly rate. Instead, Argopoint works with our clients to offer a targeted, holistic approach that creates tangible results that not only include cost reduction, but also improved service and effectiveness.
Law Firm Panel Review: Solutions and Savings
The goal of implementing a law firm panel review is to increase the value of services provided by outside counsel. However, Argopoint’s experience has shown that in the majority of cases, law firm panel reviews result in the existing law firm remaining in its similar capacity, with no change of counsel.
Argopoint adds value in these situations through negotiating significantly more cost effective solutions for our clients with the existing outside counsel. The law firm panel review process aims to give existing outside counsel knowledge of outside market conditions and valuable insights garnered throughout the law firm panel review process. In doing so, Argopoint works with our clients to alert their current outside counsel services that there are other outside counsel that exist. By presenting this information generated through the law firm panel review process, Argopoint is able to make existing outside counsel aware of outside possibilities and that improved value must be offered in order to remain competitive.