In-house legal department strategies should bolster shareholder value by developing a proprietary set of actions that make the “whole” worth more than the sum of parts.
Law Firm Tender
Law Firm Tender: Objectives
Corporate legal departments have sought to increase the transparency of their costs, create a more predictable budget, and find ways to cut costs. However, continuing attention must also be paid to the quality of service provided by the outside counsel selected. Argopoint is able to assist corporate legal departments through the law firm tender process, allowing for apples-to-apples comparisons of outside legal counsel experience, as well as capabilities. Using our vast industry knowledge and experience, Argopoint enables corporate legal departments to make informed and knowledgeable decisions in selecting outside counsel through the law firm tender process.
Law Firm Tender: Overview
Law firm tenders offer corporate legal departments a means to thoroughly evaluate outside counsel in a data-driven manner. At Argopoint, we have learned through our extensive experience in the legal industry that no two firms are the same. Being able to directly compare strengths and weaknesses of potential outside counsel through the law firm tender process, while remaining mindful of cost-effectiveness, creates an efficient means to selecting the right law firms. Argopoint remains mindful of department-specific needs throughout the law firm tender process and tailors solutions to each legal department's unique structure.
Once the decision is made to begin the law firm tender process, Argopoint can assist in creating the law firm invitation to tender. More importantly, once the law firm tender has been established, Argopoint works closely with the corporate legal department to develop a scoring system customized to reflect the specific needs of the legal department. Our extensive experience in every aspect of the law firm tender process has given us a unique perspective into the need for objectivity in the evaluation criteria - especially in applying the same level of scrutiny to existing law firm relationships as to potential new ones. Only by establishing a system of objective, data-driven standards during the law firm tender process can meaningful long-term decisions be made.
Law Firm Tender: Solutions and Savings
Argopoint takes special care considering the unique needs of corporate legal departments in every step of the law firm tender process. In doing so, we are able to actively construct law firm tender criteria customized to our client’s situation. Argopoint’s due diligence throughout the law firm tender process has been noted by prospective outside counsel and has made them eager to work with our clients as a result. In addition to providing corporate legal departments with increased cost transparency and predictability, our law firm tender work has typically garnered a cost savings of 5-30% per engagement.
Key Questions for Corporate Legal Department Considering Law Firm Tenders
1. What is the current process used by your legal department in evaluating outside counsel?
2. When reviewing law firm tender offers, how does your department assign weights to different evaluative criteria?
3. How does your legal department weigh relevant industry experience when evaluating prospective outside counsel?
4. Does your legal department have an effective strategy in place for re-evaluating existing law firm relationships?